June 3, 2022

Alina Hasnaș

Determining the company’s vision

Vision is the de facto essence of business.

What is a vision?

  • idea
  • essence
  • philosophy
  • the nature of the business
  • forecasts
  • direction
  • compatibility.

Determining your company's vision

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, but 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 some financial goals but we are based on some very well-drawn values.

How does a laconic vision translate into practice? It has clear goals:

  1. Is no longer than 2 sentences.
  2. It does not deviate from the general purpose of the business.
  3. It 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?"

Determine the company's vision

Stage 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.

Stage 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.

Stage no. 5: We 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 the brand X." (X being the number one brand in your industry)

Stage no. 6: Describe a measurable goal

The measurable goal can be quantified and pursued, so the vision must motivate the 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 up to 20XX."

Determining the company's vision and mission

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 and decide where you want to go - and work towards it.

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