If you don't know where you've been, you have no idea where you're going. That adage works for our personal and professional lives, but in this case, we're talking about business growth and how to achieve it. Without a view to the future and what's behind us, there's no way we can grow our businesses successfully - and that's where vision statements come in. They take all of the plans for the future, as well as the business-related experiences of the past, and meld them together into a cohesive, self-explanatory paragraph for all to appreciate and move towards.
What Is A Vision Statement?
A vision statement takes a business owner's goals, dreams, and aspirations for their company, and puts them on paper for all to see. It's a well-rounded strategy, encompassing business processes, goals, profitability, and any other systemic needs for the business to grow. Not only does a vision statement offer a business owner a snapshot of what things will look like in the future, but it also explains the business identity, what matters to the organization as a whole, and how you'll turn those plans into a reality.
What Does A Vision Statement Cover?
There are two key aspects to every vision statement: an explanation of the niche the business fulfills, and how the business will meet its long term goals. From the vision statement, you'll create the mission statement, which details all of the mentionables in the vision statement, but breaks them down into concrete, step-by-step goals.
When reviewing your businesses' niche, ask yourself: how does your business differ from other, competing businesses in the same field, geographical location and/or price point? If you're struggling with an answer, perform a market analysis and competitor analysis to get a better idea as to what you're facing, and what niche(s) you can fill.
When you get to the point where it's time to detail the business goals, take a look at how you'll meet customer expectations and market demands - will they make you the go-to business in the area for product or service XYZ? If not, sit down and hash it out.
Sample Vision Statement Examples
Some vision statements are quite small:
- "Logan University will be recognized nationally as a community of learners inspired to lead a life of significance." ~ Logan University Vision Statement
- “Our vision is to be earth’s most customer centric company; to build a place where people can come to find and discover anything they might want to buy online.” Amazon.com Vision Statement
Whereas others, are lengthy and detailed:
- "To achieve our mission, we have developed a set of goals, which we will work with our bottlers to deliver. Profit: Maximising return to shareholders, while being mindful of our overall responsibilities. People: Being a great place to work, where people are inspired to be the best they can be. Portfolio: Bringing to the world a portfolio of beverage brands that anticipate and satisfy people's desires and needs. Partners: Nurturing a winning network of partners and building mutual loyalty. Planet: Being a responsible global citizen that makes a difference Productivity: Be a highly effective, lean and fast-moving organisation." ~Coca Cola UK Vision Statement
- "Build caring, life long relationships with customers, co-workers and the community. Develop enthusiastic advocates for our dealership. Based upon loyality, compassion, integrity and trust(team work). Demonstrate the "heart of a servant", the Journey together." ~Hastings Auto Vision Statement
Does it matter whether your vision statement is longer or short and sweet? Not really, just as long as it covers all of the bases mentioned, and that your staff, customers, and suppliers all understand it intuitively, without explanation.
Related: Free Sample Mission Statement Examples, Marketing Strategy - Differentiation, How To Write a Business Plan.
Bonny Albo - Bonny offers 20 years of writing experience to her readers. CNN, MSNBC, The LA Times and Macleans all reference her for expert advice.
