A new business start with an idea and every idea is a vision of what it can be in the future with the use of the right structure, management plan, leadership, business plan, funding, and team members who believe in the same vision. A vision statement is a declaration that provides clarification on a business’s meaning and objectives for its stakeholders and employees. This statement provides a description of the long-term outcomes of a company’s efforts.
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What is a vision statement?
A vision statement is a formal document that contains the present and future business goals of a company or organization. The vision aligns with the company’s mission, strategic planning, customs, and core values. This document is not only used by business companies but also by nonprofit organizations and government agencies to set their own strategic goals. A vision statement is not permanent and can be reviewed and revised if the company deems it necessary or can be changed over a period of time as companies adapt to the changing environment of the business industry.
How to Create a Vision Statement?
When writing a vision statement, make sure that it reflects or aligns with the characteristics of the entire business company. To do this, you can work with key members of your team to brainstorm new ideas. The writing process of a vision statement takes a lot of planning, time, and consideration because it is one of the most critical steps when establishing a business. The vision statement defines the business’ purpose, what it strives to accomplish, and what it wants to attain in the future.
Step 1: Determine the Key Stakeholders
A company’s vision statement speaks in the name of the entire organization. Create a list of co-founders, executives, and high-level team members who can help you in writing and refining your vision statement to make sure that it represents the whole company. Create another list that represents your target market or audiences such as the investors, board members, partner organizations, employees, and shareholders.
Step 2: Draft a List of Keywords
Open a brainstorming session with your company’s internal stakeholders to think of a list of keywords by subdividing them into smaller categories and creating a list of keywords on each of them. You can gather keywords that are relevant to your company’s product or customer service, mission and values, goals and initiatives, long-term strategic plan, and more.
Step 3: Organize your Ideas
After the brainstorming session, you will be able to come up with a lot of ideas. Hold a meeting with your team, review your list, highlight the ideas and phrases with the most important to your business, and remove the unnecessary keywords.
Step 4: Compose your Official Vision Statement
After evaluating your vision paragraph and making the necessary changes, edit it down into a vision statement. You can do this by cutting the less impactful phrases or ideas, identifying synonyms, and editing each segment of your statement.
What are the characteristics of a vision statement?
A vision statement should encourage the team to achieve more, feasible action plans, should fit in the broadness of the company’s overall vision, and provides a description of the ideal future of the company.
What are the best practices when writing a vision statement?
The common structure of an effective vision statement includes simplicity and cuts to the important details so it can be easy to remember, a clear objective, timeframe, stable, and actionable, captures the company’s interest and encourages all involved to achieve the desired goal.
How do mission statements differ from vision statements?
A mission statement refers to the description of what a company currently does in its operation, how it performs it, and why it needs to do it while a vision statement is a written outline of the company’s business goals and objectives for its long-term development plan, growth, and improvement.
A vision statement is a pronouncement of a company’s goals and objectives for its future and encourages its team members to work on the growth and development of the organization. It is created to motivate employees, involves investors, and engage the imaginations of a company’s customers or audience. Instead of giving specifics on the business operation, a vision statement defines how a company aims to impact the industry and enhance its operations.
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