When you started your company did you create a Vision Statement reflecting why you started the company and where you see it going in the future?
Did you incorporate your core business values and make it inspiring? Will it help to align and inspire your team to reach company goals?
Why does it matter? Paula Fernandes, writing in the Business News Daily, states that “research shows that employees who find their company's vision meaningful have engagement levels of 68 percent, which is 19 points above average. More engaged employees are often more productive, and they are more effective corporate ambassadors in the larger community.”
One definition of a vision statement according to Business Dictionary is "An aspirational description of what an organization would like to achieve or accomplish in the mid-term or long-term future. It is intended to serve as a clear guide for choosing current and future courses of action."
Regardless of various definitions, a vision statement should serve as a description of the company’s overarching aspirations and should clearly and concisely communicate your business goals and values.
Writing a Vision Statement is a process that takes time and creative thought. Like a business plan, it should evolve with the test of time and be tempered by your uniqueness. So, what are some key components of an effective Vision Statement? Here are a few:
- Short and concise – ideally one sentence but no more than two sentences
- Specific to your uniqueness in the market
- Simple and easy to understand
- Ambitious and exciting – reflecting a 4 to 10-year goal
- Aligned to your core values
- Inspiring to employees, customers and suppliers
Your Vision Statement should be on your website, marketing materials, company walls and any media that employees, customers and suppliers read. To be effective, all these people need to understand it, be inspired by it and resonate with it. Below are a few examples of effective Vision Statements:
IKEA: "To create a better everyday life for the many people."
ALZHEIMER’S ASSOCIATION: "Our Vision is a world without Alzheimer’s disease."