The first section of your business plan after the executive summary is your business strategy. In this section, you will have to explain what our business is about, where you want to go and how you will get there. The first stage in developing your business strategy is defining what your business is and what it will be in the future, this is called your Vision Statement.
A carefully crafted vision statement is at the heart of every successful business. This statement clearly and concisely communicates your business‘s overall goals and can serve as a tool for strategic decision-making across the company. It must not be confused with your company’s mission statement. Your mission statement states why your business exists. Your vision statement should state where you want to take your business.
Your vision statement should represent your aspirations, it is the framework for all of your strategic planning. Your vision statement needs to be both obtainable and ambitious. As a business owner, your vision statement must embody the passion that you have for your business. A great vision statement can help you find the right employee’s and help attract investment in your business.
When thinking of your vision statement think where you want to take your business in the next 3,5 or even 10 years.
Things to consider:
How can you improve your product?
Can you increase your market share?
Can you become the leader in your market?
Can you expand your company into new markets?
How much will your business turnover?
The only constraint you have when you are writing your vision statement is that it falls within the remit of your mission statement.
Here are some tips to keep in mind:
- Project five to 10 years in the future.
- Dream big, and focus on success.
- Use the present tense.
- Use clear, concise language.
- Infuse your vision statement with passion and emotion.
- Paint a graphic mental picture of the business you want.
- Have a plan to communicate your vision statement to your employees.
- Be prepared to commit time and resources to the vision you establish.
Below are the vision statements from some of the most successful companies in the world.
To develop a perfect search engine.
Proctor & Gamble (P&G)
To provide branded products and services of superior quality and value that improve the lives of the world’s consumers.
Apple
Apple is committed to bringing the best personal computing experience to students, educators, creative professionals and consumers around the world through its innovative hardware, software and Internet offerings.
BMW
To become the most successful premium manufacturer in the car industry.
Microsoft
Create experiences that combine the magic of software with the power of Internet services across a world of devices
BBC
To be the most creative organisation in the world.
Your completed vision statement will give your employees a clear idea of your company’s path forward. Then, it’s up to you to nurture and support that vision and to inspire your employees to do the same.
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