You’ve probably heard the term ‘vision statement’ before, but it’s easy for them to be the domain of the bigger companies and not something solo entrepreneurs spend much time thinking about. Actually though, spending time thinking about their vision can be hugely important for any business. Taking that thought process a step further, taking time to craft compelling vision statements is not just a strategic move; it’s a powerful declaration of ambition and purpose. In this blog, we will explore what vision statements are and why they’re so significant, including how they can be instrumental in shaping and achieving their business aspirations.
Before we get into why they are so important, let’s start with a definition of a vision statement. To use one from the Harvard Business Review:
An effective statement of vision provides an inspiring portrait of what it will look like and feel like to achieve the organization’s mission and goals.
Harvard Business Review
You can find some examples from a range of well-known brands, including Tesco, McDonalds, Costa Coffee and Harrods here. But why is having a vision statement so important? Here are five reasons:
With Vision Comes Purpose:
A vision statement is more than just a collection of words. It encapsulates the core purpose and values of a business. A well-crafted vision statement can serve as a way of bringing people together, inspiring both the entrepreneur and her team to push boundaries and overcome obstacles. It becomes a declaration of intent, a testament to the driving force behind the business, and an representation of the positive change the entrepreneur wants to bring into the world.
Setting the Tone for Success:
A vision statement acts as a powerful tool to set the tone for success, signaling to stakeholders, customers, and competitors that this business is not just here to simply exist and survive, but to thrive. By articulating a clear and compelling vision, business owners can establish themselves as leaders with a purpose, carving out their niche in the market and creating a lasting impact.
Building Confidence and Resilience:
Owning and operating a small business requires a significant amount of resilience and confidence, especially for women who may be navigating uncharted territories. A well-defined vision statement becomes a source of motivation during tough times. It serves as a reminder of the ultimate goal, instilling confidence in the entrepreneur’s ability to overcome challenges and to keep going. This sense of purpose becomes a powerful force, propelling the business forward.
Inspiring Others:
A compelling vision statement has the potential to inspire not only the business owner themselves but also they come into contact with, including customers, suppliers and collaborators. Essentially, it becomes a way of drawing people together in support of a common goal. As a result, vision statements also contribute to a larger narrative of empowerment, breaking down barriers and encouraging others to pursue their entrepreneurial dreams.
Strategic Decision-Making:
As well as your vision statement being a source of inspiration, it is also a strategic tool that provides a framework for decision-making. Put simply, it’s a way of ensuring that everything that the business does is a deliberate move toward the envisioned future, minimising the risk of diversion from the planned course.
Conclusion
In a nutshell, vision statements are hugely powerful tools that can be used to help you to transform your ideas and dreams for your business into reality. Once you craft your vision statement, don’t allow it to remain just words on paper. Use yours to embody your ambitions and your goals, your resilience, and your reason for being. In turn, staying true to your vision statement will help you to build your business with confidence, make smart, justified decisions, and draw people in to join you on your journey. Use your vision statement to make your mark on the world.