Did you know that approximately 60% of Australian businesses fail within their first three years. As a business owner, this statistic is likely to be incredibly anxiety- inducing. A business vision is a critical step to ensuring that your business does not become part of that unfortunate statistic.
What is a business vision?
A business vision defines a company’s reason for existence and the direction the business is heading. The vision that you create should be based on the goals, objectives and aspirations that you have for your company.
Take, for example, Instagram’s business vision, which is ‘to capture and share the world’s moments’. This vision statement defines the company’s ultimate goal and provides a clear measurement for success.
Nike’s vision is: ‘To bring inspiration and innovation to every athlete in the world’
Google’s vision is: ‘To organize the world’s information and make it universally accessible and useful’
All these companies have clearly defined visions that are focussed and inspirational.
It is imperative that you keep true to your vision even in the current turbulent business climate. You need to remain nimble, adaptable, and flexible in order to reach your long term vision. You also need to be courageous in looking for new ways to attain your vision during these times.
Why is it important to have a business vision?
Not having a business vision is the business equivalent of being a ship without a rudder – directionless.
A business vision statement should be a powerful defined statement, which allows growth towards achieving specific goals. Therefore, having a vision is essential from the outset because it keeps you focused, driven, and goal-orientated.
A vision will also help to motivate and engage your employees, which is imperative if you wish to achieve long term goals. A business vision will empower the team and result in loyal, happy and productive teams.
A really effective vision should have the following characteristics so that it can be used as a management tool and provide the business with a true sense of purpose:
- Directional:It must provide clear direction as to what the business is striving to become.
- Focused:It should help guide managers in decision making and importantly in the allocation of resources.
- Inspirational: It must be engaging and thought provoking so that everybody in the business are aligned and motivated towards helping the business achieve it.
- Nimble:It must be flexible enough so that it can accommodate changes in the products, technology or the market itself.
- Achievable:It should portray the future expectation of the business in a believable and achievable manner.
- Engaging:It should show why the chosen path makes excellent business sense.
- Simple:The vision must be worded in such a way that it can be communicated easily to the stakeholders.
How to achieve your vision: A 3-Step Guide
Before you can begin down the path toward achieving your business vision, you might find it beneficial to engage the services of a professional business coach in Sydney. This will help you remain accountable, stay on track and also help you develop the skills that you need to run a successful business.
To get started, there are 3 main steps towards setting you on the right path to success, especially after the very turbulent year that 2020 has proven to be.
The first step to achieving your vision is to make your business stable in the present. You need to have the knowledge necessary to succeed.
You need to understand your business finances. A business coach can help you map out the sales, cash flow, and tax information. This activity will give you an idea of how much of your gross profit you are spending and whether or not your net profit makes your business sustainable.
Optimising your business for sustainability means mapping the workflow of your company. It also means looking for potential savings and ways to make your business more efficient. You can then reallocate your business resources to align with your business vision.
Once you have stabilised your business, you can then start to think about the future and make plans.
Once your business is stable, your focus needs to be on growth.
Setting monthly goals for what needs to be done gives you short-term targets to work towards. Setting and meeting short-term goals will help you stay focussed and help you achieve your long-term vision. Each short-term goal helps you stay focussed, feel rewarded, proving you with a sense of achievement and provides you with a clear direction to head towards.
Additionally, you can improve workplace systems and offer employee incentives to motivate employees to meet targets. Externally, you’ll want to enhance your marketing and sales plans. Invest in some high-quality content marketing, create a solid digital presence across all platforms, plan for some strategic marketing such as electronic communications and make sure your website is the hub of all digital activity and optimised with professional SEO.
Also, don’t forget the importance of database segmentation and management.
All of these are critical steps towards owning your customers, which is incredibly important for a growing business!
- Expand to new frontiers
The last step towards attaining your vision is to brainstorm opportunities for expanding into new frontiers. Come up with new and innovative products and services that retain your current customers and attract new ones.
You also want to streamline delivery methods when shipping items out and increase efficiencies around the workplace for service delivery and internal processing systems.
Expand your network. Reach out to new businesses and connect with new clients through digital platforms and networking events. The goal here is to expand your network.
Get started with a professional business coach today!
Now that you know the importance of having a business vision and how to execute a business vision, it’s time to get started.
If you need a hand with the above steps, then contact me today to find out how my business coaching expertise and first-hand experience can help your company to grow and flourish!
Read what one of our happy clients had to say:
“Having James on board during this crisis in 2020 has been absolutely critical for the safeguard of the business. He has ensured that we are in control, helped me make the right decisions, and supported me through this very stressful time. As a result, I am totally confident that the business will come through this ready to grow in terms of revenue and achieve our long-term goals.” Phil Dawson Owner Ruby Lane Manly and Mona Vale