Business Vision
ABOUT
Your vision, quite simply, is a picture of what success will be at a particular time in the future. It’s about what you want to become, and along with your purpose, it is the overarching driver for your business.
Running a business is a big job, and the biggest challenge is to succeed. So what can you do to move forward, create positive change, reinvigorate yourself and your staff, and where should you start?
If you define your future, you will be able to see the path more clearly. That’s the role of your business vision.
1. We have a Business Vision which describes our long term goals for our business.
Why is this item important?
Clarity on your end objective – means that you are able to align your business, and future business decisions to their achievement. The more specific the Vision, the more specific plans can be formed to achieve it. The more defined the timeline, the easier it is to identify the critical milestones which are required. Equally, without a clear forward Vision for your business, you rob yourself of identifing positive progress – as you don’t have the reference point to measure by. For wider business teams (and sometimes; clients, investors and business communities), a clear Business Vision enables the communication of a “single purpose” for everyone to support.
How can I tell if I meet this item in my business?
- You will have a well-defined Vision for your business, which encompasses performance, culture, uniqueness and purpose.
- Your team and clients are aware of your forward Vision and are engaged in its delivery.
- Your Vision is congruent with your current operations and aligns to your Strategic Plan and actions.
What do I need to do to meet this item?
- To meet this item, you need to have the time, process and desire to formulate a Vision for your business for the future. This is typically not a 2 minute activity.
- A robust process to evaluate your current business and then work through to define your Vision for the business – perhaps with buy-in from your staff and some external resources.
- Commitment and belief from the business owners, its management team and then its staff that the Vision is correct and is worthy of achievement/support.
2. Our Business Vision is consistent with why we are in business and our core values.
Why is this item important?
Alignment of your Business Vision and your core values are important for sustainability. In the non-corporate market, the Business Vision will normally be aligned to the values of the owners who have capital invested in the business. The business is essentially an extension of them, regardless of what corporate shell may be used. Clarity around the values of the business (owner) can be used to attract staff and clients with similar values, and in some cases – can prove to be an important point of difference in an otherwise congested market. When the Business Vision and values are not aligned, you will often see confusion in marketing – as the value/objective proposition may lack congruence. You may also see owners stepping back and becoming less interested in their business operation, which ultimately spreads through to the staff and ultimately service quality.
How can I tell if I meet this item in my business?
- You will have created a Business Vision and have defined your core values – and, they are in alignment.
- You values are definable in your day to day business actions/products – with these actions capable of delivering the Vision of the business over time.
What do I need to do to meet this item?
- Start with the basics and ensure that you have clarity around your personal values and business values – know what it is that you stand for and why you are in business. Be honest about this, and don’t try to be too smart – honesty is generally the best approach.
- Create a Vision for your business for the future – building it in line with reference to your values. Alignment is important for sustainability.
- Craft your business operations, products and conduct around your values, so that they are capable of delivering your Business Vision in time.
3. The achievement of our Business Vision is directly connected to the day to day operations of our business, so our people can see on a daily basis how they are contributing to the Vision.
Why is this item important?
A business vision is more than just a statement on a page or a plaque on a wall, it is the embodiment of what your business is seeking to achieve. The clarity of this Vision – and it’s use within your business operations – are important so that actions can be related to it and are aligned. Staff members should be clear on what the Business Vision is and where possible, have a hand in its creation. With your staff/team being able to see the alignment in their day to day activities with the Business Vision (which they co-created), you have a greater opportunity for efficiency and success.
How can I tell if I meet this item in my business?
- You have a clearly defined Vision for the Business – which is documented.
- The Vision of the Business is widely known and understood within the business, with it used as a source of inspiration as well as a target to achieve.
- There is a clear correlation between the daily actions of your team and the achievement of the Business Vision. This has been mapped across the business, so actions are seen as being part of the achievement of the Vision.
What do I need to do to meet this item?
- You need to have a clearly defined Vision for the Business – which is documented and well understood by staff.
- Team actions and business achievements have been mapped to align with the achievement of the Business Vision, so that the completion of an action is equated to the achievement (or part achievement) of the Vision.
- Transparent and frequent reporting will aid in your teams understanding of their action equating to the achievement of the Vision.
4. We regularly (at least annually) report on our progress towards our Business Vision to our people, clients and other stakeholders.
Why is this item important?
The regular reporting of your progress adds formality and accountability. The results may in fact only be reported by the owner to themselves, but it is the act of objectively assessing performance against the stated Business Vision which is important. If this is done correctly and on a consistent basis, then you are able to adjust business activities for optimum alignment. At the same time, this provides a review point for the continued endorsement or variation of the Business Vision, as over time – this may move with either the changing requirements of the business or owner, or perhaps the market in which they operate. In business, there is no such thing as “set and forget”.
How can I tell if I meet this item in my business?
- You have a clearly defined Vision for the Business – which is documented.
- You are formerly and objectively reviewing your progress toward your Business Vision on a regular (minimum annually) basis.
- You are reporting your progress to the relevant parties (staff, clients, stakeholders etc).
What do I need to do to meet this item?
- You need to have a clearly defined Vision for the Business – which is documented and well understood by staff.
- You need to have an objective review process to test/measure your progress toward the achievement of your Vision.
- You require a mechanism to distribute this performance information to the relevant audience.