Vision is the de facto essence of business.
What is a vision?
Idea
Essence
Philosophy
The nature of the business
Forecasts
Direction
Compatibility.
Vision rules:
Laconicism – No one has time to listen to extended visions.
Connection with business – Of course, each of us can be moralistic and pathetic, but the vision must be simple and to the point.
Univocity – Unpretentious and unique.
Simplicity – Let everyone understand, especially your target customer.
Ambition and balance – Not in vain or together, because they complement each other.
Connecting with values – We certainly do not only create businesses to achieve financial goals, but we base them on well-defined values.
How does a laconic vision translate into practice?
It has clear goals:
It is no longer than two sentences.
Does not deviate from the general purpose of the business.
Corresponds to the essence of the brand.
What are the benefits of a well-planned vision?
It allows the efficient design of the strategic plan.
It sets lucrative goals.
It keeps some clear goals.
It increases brand awareness.
The 6 steps you need to take to set up a business vision:
Step no. 1: Drawing time limits
Imagine a future world in which your business competes well or dominates the market. Would you rather become a strategic partner with your customers than a third-party supplier? This "world" is the place where the vision of your business should live.
The vision must set a direction of 3 to 10 years, covering the growth and consolidation of a business.
Step no. 2: Determine the purpose and position of the organization
To develop a vision, you should consider the purpose, advantage, and scope of your business. Here's what you need to do at this stage:
Goal: "Why does your organization exist?"
Advantage: "How do we do things differently, better, or more efficiently?"
Domain: "What should we do or not do to achieve our goal?"
Step no. 3: Design the success
Properly define the success of the business so that it is predictable. We do not go to extremes; we go directly to what we want to achieve.
Step no. 4: Take into account the specifics of the company
Nonprofits tend to describe an ideal world, while for-profit organizations describe their place in an ideal world. Respectively, the vision must concretely reflect the specifics of the company and resonate with its values.
Step no. 5: Refer to competitors by analogy
If you represent a smaller organization that is turning into a new niche, it is a good idea to refer to an organization that your employees would quickly recognize. This will allow them to create an immediate picture of your vision. Here is an example of a hypothetical vision statement:
"We will grow faster than brand X" (X being the number one brand in your industry)
Step no. 6: Describe a measurable goal
A measurable goal can be quantified and pursued, so the vision must motivate achievement. For example, you can use this form:
"We will be number one in the industries in which we compete."
"We want to reach X $ in sales by 20XX."
Some final tips:
Communicate your vision relentlessly to employees. Vision will not help if no one knows what it is.
Implement a strategic framework – such as a Balanced Scorecard – to help track progress in achieving key aspects of the vision.
When you reach your vision, set a new one! Once the vision has been fulfilled, it's time to look to the future again, decide where you want to go, and work towards it.