Why Does Your Firm Need a Business Vision Statement?

Every business starts with a founder who has a vision—a mental image of hopes and dreams—for the company’s success.  If the vision is not written down and used, over time, it gets lost in daily routines, life’s emergencies, and 60-hour-plus work weeks.

A Business Vision Statement (BVS) answers these questions:  What are you building?  Where do you want to go?

A BVS is the foundation of a business plan, just like a client’s personal vision is the foundation of their financial and life plans.

Without a clear vision, your business might not grow, or perhaps it will grow into something you don’t like or even recognize!  OR your business might grow to a certain point, then flatline or become unsustainable considering the number of “awake hours” available in a day.

A firm’s vision clearly describes its long-term goals.  A vision sets the direction for business planning and focuses on marketing strategies.  A business owner uses a vision statement to guild them through business decisions.  A Business Vision Statement is a declaration for the future of the firm.

It will influence your decisions, how you market, who you hire, how you allocate resources, and how much technology you use.  It will influence your enjoyment of being a small firm and dictate how much you want to scale your business.

Your vision trickles down into every aspect of your business, so it must be thorough, balanced, and memorable.  A BVS is inspirational, but it’s not only for you; your team members and family also need to know about it!

Overview of why a BVS is important to the growth of a business:

• Used to improve strategic direction.
• A motivational tool to inspire your team to achieve more success.
• Fulfills the hopes and dreams of its business owner.
• Used as a simple yet highly productive and efficient business success tool.
• Bridges the present with the future and establish a standard for excellence.
• Drives an organization to new heights.
• Provide a clear, effective, and aligned guide for making better and quicker decisions.

How Many Business Vision Statements Does a Business Owner Need?

Over the past 24 years, I’ve helped clients and students create nearly 1000 Business Vision Statements.  I’ve found that clients do well when they have all the information they need to make well-rounded decisions.  That involves creating three vision statements, including a short-term vision, mid-term vision, and long-term exit vision and using the three statements to make better and quicker business decisions.

Things will change as you grow and learn, and so will your visions.

A 12-month vision keeps you super-focused on what’s most important now and in the short-term, 12 months.  It’s the “here and now” daily vision.

A mid-term vision of 3, 5, or 10 years (or an anniversary year) is motivating and helps you keep a different set of goals in mind as you make business decisions.

An exit strategy vision statement helps you keep your long-term goals in mind as you make decisions that affect your business.

©2022 Elevating Your Business

Create your BVS today during a free Masterclass.  Sign up now.