Today I want to focus on corporate vision statement. Before we go any further, lets clarify the difference between a mission and vision statement. A mission is a statement of why an organization exists. It should be short and clear. A vision statement is a set of ideas that describe a future state.
Vision statement should provide a sense of aspiration and they should stretch your imagination.
A vision statement will help you establish direction and set priorities. However, visions should be flexible as organizations develop and learn. They need to adjust and adapt through the different stages of your enterprise. Therefore, if your vision statement has been fixed for the last 10 years, most likely it has failed as a vision. The vision statement does not provide you how to achieve it today, but it will help you in prioritizing your resources so you do achieve the vision in the future. Your vision statement should be used every time an investment decision is made. As your business changes and visions are no longer valid then the vision should be updated.
Corporate vision statement helps you avoid the “shooting in the dark” feeling many businesses experience.
They go on in their business cycle shooting in the dark until they run out of ammo. Others seem to just float on an ocean with no direction, thus missing the opportunities since they do not know where they are and/or do not know how to harness their resources to get them.
What is a Vision Statement?
Defines the optimal desired future state – the mental picture – of what an organization wants to achieve over time; Provides guidance and inspiration as to what an organization is focused on achieving in five, ten, or more years; Is written succinctly in an inspirational manner that makes it easy for all employees to repeat it at any given time.
Simply put, your vision statement should state what you ultimately envision the business to be, in terms of growth, values, employees, contributions to society, and the like; therefore, self-reflection by you is a vital activity if a meaningful vision statement is to be developed. As a founder, once you have defined your vision, you can begin to develop strategies for moving the organization toward that vision.