A vision statement, business vision statement or company vision – all these terms refer to one thing. Having a vision that is strongly tied to your business is vital. Huge corporations and small businesses alike emphasize the need to have a company vision or vision statement because they understand why vision is important for their company.
Having a vision goes beyond being a traditional business practice. It can build a strong foundation for your company’s success.
However, many business owners create vision statements without a full understanding of why they need them. Why is vision so important and what does it mean to have a vision?
In this article, we’ll answer these questions and more, including:
What is a Company Vision?
A company vision is a clear statement of how an organization wants to create change in the world with what they do. This is commonly referred to as a vision statement and is ideally a short sentence or paragraph that is memorable to all who see it.
Having a vision for your company shows others what your values are. It will determine how you conduct business with your customers and how you treat your employees.
A company vision statement should describe how your company affects a community or the world. Gaining a complete understanding of what is a business vision? takes a few examples. Here are a couple of company vision statements from popular companies:
Microsoft: A computer on every desk in every home.
Nike: Bring inspiration and innovation to every athlete in the world.
Google: To provide access to the world’s information in one click.
Facebook: To give people the power to share and make the world more open and connected.
These examples of a business vision deliver a clear and concise message of what these brands want their organization to achieve.
Why is Vision Important?
What does it mean to have a vision, and why should you make a business vision statement? There are many reasons why vision is important for any business. Here are four significant points that raise the importance of vision and why you need a company vision statement:
1. Builds a Stronger Team
It can take some effort to educate your team on 1) what is a business vision? and 2) why they need to care. But when your employees understand your vision, they make an effort to embody this vision, and apply it not just to their work but their personal lives.
In a recent interview with Mixergy podcast,Thrive’s president, Matt Bowman, said:
“I have learned from great friends and leaders in business that having a vision and having a plan allows you to be proactive, allows you to work toward a goal instead of being reactive.”
In short, a vision helps motivate people and make them feel like they are part of something bigger than themselves – and that’s incredibly valuable for any team.
2. Defines Company Culture
Is your workplace a reflection of your vision? If not, it might be time to reassess your vision. If your staff believes in your company vision, then it will show in the workplace.
For companies that value creativity and innovation, a line of cubicles in the office might not be in line with this vision. Most modern workplaces have shifted to a more open space, which is a sign of a collaborative and dynamic work environment.
3. Guides Important Decisions
Another reason why vision is important is to have a moral compass in times of difficult decisions. Your company vision defines your values as an organization. It draws a line between what kind of organization you want to be and what you don’t want to be.
Having vision statements can help difficult decisions be less confusing and easier to make. Because you have clearly defined your values in your vision, you are more decisive in critical business decisions and you do it with conviction.
4. Strengthens Brand Identity
Customers love your company for a reason, and most of them probably have to do with your values. Having vision statements help you create a business that clearly defines your brand and its target market.
Even when your sales are on a decline, you won’t doubt your product or service because it has attracted the right people that believed in your vision. You’ll continue to stick to your brand’s identity and core values because it is in your vision.
How To Write a Vision Statement
Now that we’ve answered what is a vision statement? let’s move on to writing one.
One of the best things you can do for your business is craft a vision statement of your own. However, many business owners are not sure how to write a vision statement or haven’t even considered the possibility. Besides, it can be intimidating to write a short statement that everyone will read about your company, especially if you are not great with words.
Fortunately, you don’t have to be an expert writer to figure out what is a company vision that works for your brand.
Learn How to Write a Vision Statement With Confidence by Following These Four Steps
Step 1: Define Your “Why”
First, ask yourself why you started your company. What did you want to accomplish? Why are you selling what you are selling right now?
When you dig deep for answers, you’ll realize that it can be as simple as the need to help others. Most vision statements are service-oriented and always state making lives easier for people. Answer your “why” question and you should have a foundation of your vision statement.
Step 2: Put It Into Words
Now that you know your business’s “why,” it’s time to put it into words. Use simple yet clear language that accurately describes what you want to say. From the vision statement examples earlier, you’ll see that there is a pattern in the sentence structure. But what is a company vision that fits your particular business? Start figuring it out by analyzing simple examples like the one below.
Nike: Bring inspiration and innovation to every athlete in the world.
(What – product or service) (Who – target market) (Where – location)
This example can be a simple guide to creating your own vision statement. It includes what your company does (product or service), your target market and where you operate (global or local brand).
Step 3: Edit and Refine
Writing a vision statement should not be a one-man job. Get the insights of your team and staff members to revise and refine your business vision. Make a team effort to glean different perspectives and insights that you might not have considered.
Having a fresh set of eyes helps you step back and see things from a broader point of view. The last thing you want is a vision statement that is too general or too specific.
Also, be sure to check your grammar and spelling to eliminate any errors before finalizing the vision statement.
Step 4. Publish
Now that you have written your vision statement, the next step is to publish it. Most companies have their vision statements written on their website, on a prominent space in their office and even as a part of their company logos. This reinforces the importance of vision in your organization.
At times, entrepreneurs and business owners are so caught up in building their empire that they don’t bother with a business vision. The importance of vision may not be a popular topic right now, but it’s an age-old practice that stands the test of time.
Taking the time to determine exactly what is a vision statement that defines your company is worth the effort. While having vision statements may not boost revenue or ROI, it has a wealth of intangible benefits that extend not only to your business but to your employees and your customers, encouraging teamwork, positivity and inspiration. These things are valuable to any business because it helps sustain your growth no matter what challenges you may face in the future.