What will the business look like in 5 years? 10 ? Is the goal of the business to create legacy or will you sell the business if the opportunity arises?
These are questions that should help inform your business vision. A business vision is a mental image of what your business will look like in the future. Your business vision should be more than just goals, it should reflect your hopes and dreams for what you personally desire and what you desire for your team.
Your business vision will guide your business decisions and help create a guiding “north star” for your team. Having a clear, and transparent vision is not only important at the start of your business but later down the road too.
To many entrepreneurs’ surprise, the business vision plays an instrumental role in Change Management processes. Read on to discover the three reasons having a translatable vision may be incredibly crucial to your next change management activity such as implementing an ERP.
3 Reasons your Business vision is important to change management
- A clear, transparent, and agreed upon vision will help guide the team to make the right decisions in uncertain or high stake situations making you a better leader for your team.
There is nothing more detrimental than a business that fails to prepare and equip their team with the right tools and skills to handle massive digital transformation initiatives like implementing an inventory management system. Even outside of digital transformation , your team should be capable and confident in the event your business faces challenges.
- Can help your team feel more empowered to make critical business decisions faster, and prioritize development initiatives appropriately.
When your team can iterate on their ideas and decisions alone, they are able to free up your team as a CEO to tackle higher value tasks.
- Can help inform your business development strategy in regards to technology choices, long term resource planning, and potentially even location of your business.
A vision statement shows a holistic picture of what the businesses main goal is while in operation. A vision statement can help a business evaluate which business development initiatives are most aligned with the values of its stakeholders, aligned with market predictions, and ultimately aligned with your personal life trajectory.
Key Take Aways
Creating a vision is not “set it and forget it.” A vision should not just be a one year plan. It should take into consideration all factors in the next 3 to 10 years. Additionally, a good vision should be revisited every few months to help clarify, refine, and help align your team.
Your business vision will have lots of emotion intertwined with logic. Visioning your business periodically helps clarify and refine what are surface emotions versus what are deep callings. Honing your vision can take a lot of work.
We recommend breaking it down into bite size pieces. Starting with reading from business authors such as Jim Collins and Simon Sinek, who help call into focus how your personal value sets and driving motivators impact your deepest professional callings. We also recommend reaching out to consultants and advisors like ourselves who can help give critical insights to market predictability and other factors that may modify any future plans.
Ultimately, once you have a guiding north star vision, an entrepreneur can and should be able to build a sustainable and scalable business model. This results in more confidence from the team, more time for you as the CEO, and more empowered business development decisions.