8 Key Steps to creating a Business Vision that Wins

Metathinq Leverage Business Vision Destination

Can you close your eyes and see where you want your business to be in one year? Three years? Five years? Too many businesses cannot see where they’re heading, and as a result, they drift year over year never really gaining traction.

When I refer to business vision, I’m really referring to creating the destination. The target you are setting for your business which could be financial, social, or deliverable goals. Once defined, we step back and incorporate that into a business plan which serves as the roadmap to get there.

When you create your business vision it differs a little bit from your personal vision.

In the case of your personal vision, you’re really determining what you want out of life and how your business can support those goals. When we sit down to define your business vision, unless you’re a solopreneur or an owner or a very small company, we’re really talking about a collaborative effort that includes the owner and their management team.

In sitting down and engaging one another, the team can create a business vision that works for the collective’s professional interests. and aims at a single destination. This makes the vision easy to communicate and share throughout the company and our customers.

In collaborating on this effort, it gives us the chance to assign responsibility and make the entire team accountable to the long-term plan.

Once the vision is complete, the owner should step back and confirm that the newly formed business vision is in line with his or her personal vision.

 

What are the steps for constructing a good corporate vision?

The first thing we want to do in building your vision is a SWOT analysis of the current state of the business. For those unfamiliar with the SWOT analysis process. It incorporates your strengths, weaknesses, opportunities, and threats.

An example of a strength is what your company is famous for. The product or service that you provide that your customers know best. Additional strengths can be the key skills that your company possesses. How can you maximize those skills to get the greatest return or expand market share?

Now let's turn to weaknesses. Where do you have gaps in your skills, staffing, or products? What are the shortfalls within your business? Are these shortfalls process driven? Do you have aging technology? Is client feedback as strong as you would like or are they frustrated? We want to identify as many weaknesses as we can in the SWOT process.

Opportunities are where we can gain market share from our competitors. Do we know who those competitors are? What will we have to do within our business If we wanted to double in size and revenues over the next 24 months? Can we make quick adjustments and adapt to a changing business climate? Can we penetrate new markets? These are some considerations when you evaluate the current opportunities for your company.

Finally, we have threats. What are our competitors doing that is better than what you do today? How are they creating raving fans? Are our fans raving about us? If not, what can we do to improve the customer experience?

Are there innovations within the industry that are putting us at risk? Are we at risk of becoming obsolete? Use the process to document as many risks as possible. In business plan development, these play a key role in steps we will have to take to reach the business vision.

Once the SWOT is complete, we can create the business vision as we now have a baseline to serve as the jumping off point. We then take this information and we create the destination for our company. That vision of where we want to be in 3-5 years.

8 Key Values of the Business Vision

There are eight key values to be included in the business vision.

  • Reputation.
  • Location and Premise.
  • Customer Base.
  • Business Relationships.
  • Products and Services.
  • Financial Results and Projections.
  • Business Systems.
  • Employees.

Once we have finalized our Business Vision it will serve as the building block for your overall business plan. Remember the vision is the destination, the business plan serves as the roadmap to get there. Each of these need to be treated as living breathing strategies that need to be reviewed for progress and adapted when necessary.

Question: Do you have a clearly defined business vision? Share with us a brief statement summarizing your vision. don't have one? Let us know your thoughts as well.

Leave A Response

* Denotes Required Field