Are you a newly set up? Do you wish to provide clarity to your target audience and potential customers about your business, including what it deals in and the value it offers? Where you currently stand calls for exploring the vision statement aspect of a business.
To support you through this process, this guide explains the basics of a vision statement, including its purpose and 5 key elements. Read on to learn all about the vision statement and implement it in your business to reap its benefits.
All you need to know about a business’ vision statement
What is a vision statement?
Before we get into the details of the purpose of a vision statement, it is vital for you to learn the basics of what a vision statement is. A vision statement is a description or an inspirational statement that describes the idealistic future of a company or a business through a few words or a paragraph.
Whenever someone comes up with a business, no matter how big or small, they should formulate a vision statement. It acts as a goal or a target that they need to achieve within a certain timeframe.
Just to be clear, a vision statement and mission statement differ from each other. A mission statement describes the objectives of a business, whereas a vision statement acts as a guiding light for the business.
What is the purpose of a vision statement?
Businesses or companies set up a vision statement so that they can create a unique image of the business and fully exhibit what it has to offer. It informs others about the goals that a business wants to achieve.
Additionally, it is an inspiration and motivation for employees to look up to while working for the business. Further, it also provides guidance to the employees for the long run and encourages the business to adapt according to the vision that has been set.
For example, one of the vision statement examples that we discussed previously – Amazon’s, states, “Our Vision is to be earth’s most customer-centric company, to build a place where people can come to find and discover anything they might want to buy online.”
This vision statement defines the crucial things a customer looks for and what the company must work towards in the long term. It also delivers the idea that a business or an organization should be visionary and think big if they want to bring meaning to people’s lives.
A vision statement can always be changed and modified from time to time depending on the current and future objectives. To make it simpler, if the present purpose of a vision statement has been met, an organization can review and revise it as necessary.
Why is a vision statement important?
Instead of being a paragraph or just a few words, a vision statement holds the utmost importance as it defines the core reason for the existence of a business or an organization.
When you think about the purpose of a vision statement, it is not just to motivate employees. Still, it helps strengthen relationships between partners, suppliers, distributors, and the whole organizational culture.
A vision statement also makes work more meaningful, gives clarity around the big picture, and improves decision-making at all levels of the business.
A vision statement is present to remind the organization about the goals and targets they must work towards and achieve for the company’s betterment. It holds together everyone in the work culture and encourages like-minded people to work together.
What can a vision statement offer to your business?
Now that you have understood the purpose of a vision statement, here are a few reasons why a business or an organization needs to have one.
1. Attracts talent
When you have a vision statement that is meaningful and attractive, it will attract young professionals who are looking for growth, responsibilities, and opportunities. It will also be inspiring for you and for them to learn and grow with each other.
This way, you will be able to get the right kind of employees who are motivated enough and ready to take up the roles and challenges that come their way.
2. Helps maintain focus
In an organization or a business, it is significant for all the employees and top-level management to stay focused on what their goals are. Every little decision counts, which is why you will have to ensure that all the proper discussions are done and decisions are taken on time.
When time gets tough or a few obstacles come in between, the vision statement will remind you not to give up and keep focused on your goals and targets.
3. Creates a legacy
While every business or organization starts small, you never know when you might end up creating a legacy through your vision statement.
Once your business grows rapidly and you soon have enough branches and offices all over, people will look up to your vision statement and might even give examples of it to others. This will help you achieve the purpose of a vision statement and even inspire others to do something similar.
5 key elements of a vision statement
Key Elements are the Key Points or the must-haves in the purpose of a vision statement as they all combine to make up a vision statement. Key elements help create value within the statement and give it a sense of purpose.
The very first key element when thinking of the purpose of a vision statement is that it should be future-oriented, meaning it should give a clear insight into what the future will be like.
This includes what the organization will look like, feel like, as well as think and say in the future. Also, it will include where the organization will be headed in the future and what the full potential of the company or business looks like.
Keep in mind that as the company evolves, the future orientation can be changed and revised.
A vision statement should clearly describe and portray all the details about the purpose of the existence of a company or a business. It will capture where your business wants to go in the future and will be aspirational.
It will also describe how your business stands apart from others and how its only focus isn’t about ensuring that the products and services sell at any cost, no matter the results. When you add in the element of purpose in a vision statement, it will give the organization something to look at and work towards.
3. Inspiring and challenging
A vision statement should be inspiring enough and challenging for whoever is part of the organization, including employees and the management.
It should include what kind of company image you want to present in front of the people, what are the desired outcomes/goals/dreams, and how the organization will move forward keeping the goals in mind.
An inspirational and challenging vision statement will also drive talent to the company as potential employees will think they will get a lot of learning and experience when they join the organization.
If the vision statement of a company lacks motivation, then the chances are that most people won’t be interested in working with them. The motivational element will include how the organization and the employees will keep on moving forward and how they will push themselves to work harder and become even better at the work they have already been doing.
Also, this will include the work purpose, guidance, and what things motivate you and your team together.
Copying a vision statement from Google isn’t much of a challenge these days, but that is exactly what you don’t have to end up doing. Yes, you can take inspiration from other organizations, but your vision statement should come within and stand out among all the other organizations.
If you want a unique vision statement, you will have to work on it through research to ensure that you end up with something that describes you as a business and is your voice instead of being too similar to your competitors or other organizations.
Develop a strong vision statement for your business now
If you want to build a successful business empire and give people a better and clear idea of what your organization works towards and stands for, then a vision statement should help you do that. The purpose of a vision statement is to create a bigger and better future for the organization by following the goals and targets that have been set.
This can be done by incorporating the key elements that include being unique, motivational, future-oriented, inspiring, challenging, and purpose-driven. Suppose you want to engage your employees, customers, managers, owners, suppliers, and all stakeholders together.
In that case, creating a clear and compelling vision statement can help you to achieve all of that.
If you are looking for help to create and find the purpose of a vision statement for your business, get in touch with us. We can help you develop your branding, Marketing strategy, and everything else you need to give your company the visibility it needs. Find all the vision statement benefits in this article.
Anything important we missed when it comes to the purpose of a vision statement?