What are some of the biggest vision statement benefits that your organization can take advantage of? Find out in this article!
Consider a scenario where you want to reach a destination but don’t know the route to reach it. In this case, Google Maps, which shows you the exact pathway to reach your destination, becomes your guiding light.
A vision statement plays a similar role as a guiding light in the corporate sphere in the life of a company. It shows the management and the team where the company is headed and what they want to achieve in the future with this firm.
A company then sets goals and aims, represented in the form of a mission statement, to carve out a pathway to finally achieve the vision statement. As the name suggests, it is about the vision for the company’s future.
If the authorities and the employees don’t know where the company is headed in the future, the corporate culture will be one of demotivation and slacking employees. People are more likely to work enthusiastically for a firm with a strong and clear purpose.
As such, you must build a vision statement with a purpose and a vivid aim. Here are 10 vision statement benefits to make you work on one right away. Keep reading!
10 benefits of a vision statement
1. Exhibits undivided focus
One of the vision statement benefits is that it allows the employees and the management to be focused. As the company achieves its goals and grows by gaining more customers, it is easy to lose sight of why you started the brand and why customers stay loyal to it.
New technologies are going to be introduced with time, more competitors with unique perspectives will pop up, and there will be changes in profit and revenue sharing.
This will prompt you to strive to adopt new pathways, and the company focus as a whole will become divided in several directions. This can not only steer you onto the wrong lane but also take a hit on your company’s brand identity. The company can end up losing its loyal customers.
A vision statement will work as an anchor to keep the focus of employees rooted in its true identity. The members of the firm know what they have to work for, and this will keep them motivated to work in the right direction.
2. Provides direction and clarity
Another one of vision statement benefits is that it guides your goal setting and short-term missions. When you have a vision statement guiding where to take the company, you can set the direction clearly.
With an undivided focus on the future comes the ability to reach there via solid and vivid goals – no confusion.
3. Gives the ability to run on limited resources
Unless and until you are one of the corporate giants, it is not likely that you have a stream of unlimited resources. Your company is probably operating on limited resources that need to be put in the right and used to accomplish the correct goal.
If you keep scattering your tools and resources towards stuff without an end goal in mind, the company is going to go into reserve mode very soon.
A vision statement helps you prioritize the goals where you should put your money. This way, you can utilize your company’s limited resources on the right target, which will help you achieve the vision in the long term.
If you know what the company needs to achieve in a given time period, you can maximize the utilization of current technologies instead of investing in the new ones, and the employees will be motivated to use the resources at hand to solve the current problems of the company.
4. Defines the culture of the company
In the previous years, corporate culture was collectively hated by the employees. The representative image of working in a corporate environment was an employee tied to the desk, slurping down mugs of coffee, and mocking the workplace with a passion.
This image is changing in the contemporary corporate world. Firms know that it is not efficient or responsible to have employees working in the company only because they need to pay the bills.
Instead, people should want to come to work because of their passion for their work. And so, the company cultures around the world are changing.
But how do you define a company culture where employees are excited about work and don’t see it as a burden? The company’s vision statement will help set the tone for the goals of the day and how people should come together to work on those goals.
If your company has a solid vision from the start, it will be easier to set up a company culture where employees love to come to work.
5. Supports different teams to collaborate
A company’s culture often sees a lot of internal conflicts over KPIs, revenue, budgeting, shared goals, and more. This can sometimes make it hard for different teams working on various projects to collaborate when the need arises.
One of the vision statement benefits is that it can help soothe the rift and move over the internal politics to create teams that can collaborate to achieve the company goals. Teams can come together over a common vision.
And not just the internal teams; the other stakeholders, like customers and suppliers, will feel motivated to work with you over a shared vision statement.
6. Helps attract the right talent
In the contemporary job market, the employees are not fully satisfied with their income potential and social status. They need to feel like they are a part of something bigger and beyond themselves with a purpose.
So, different people will look for various kinds of company legacies to become a part of. The youngsters today need to feel connected to the company via a shared vision to feel excited to come to work.
The company also needs people who are willing to work passionately for it. As such, not every person will be a good fit for your company. Another one of the vision statement benefits is that it helps filter out the talent and choose the ones that align well with it.
Some people might rule themselves out as they might not deem your company the right fit. This way, the vision statement provides a framework for hiring new talent.
7. Assists in taking the correct decisions
Guiding decision-making is another key element of the vision statement benefits. Several decisions need to be taken instantaneously without much thought, and others require long deliberation. Whatever the case is, a vision statement will help guide that decision.
The employees and the management will have a framework to stick to and refer to based on the vision statement when faced with dilemmas and complex decisions. The ultimate decisions will be made keeping in mind the company’s vision and where the decision will lead the firm in the future.
8. Creates a stable framework against organization restructuring
One thing constant about a company is the rampant change it will go through. As it grows or moves from one time period to another, there will be several changes in the structure of the firm. The top management may change, and the bosses may leave to be replaced by new ones.
The hierarchy might see a shift, and even the rules may change.
Maintaining stability amidst the chaos in the company is another central one of the vision statement benefits. It remains solid and helps the employees navigate the time of newness.
They can hold on to the fact that whatever changes the company is going through are happening to keep it in line with the shared vision statement.
9. Aids in building a strong PR brand image
One of the central vision statement benefits is that it connects you to the outside world. It is what your brand identity will be built on.
When you have to communicate to the outside world what your company is about and what it stands for or during your marketing campaigns, the vision statement is the best way to define yourself.
In terms of defining the brand, one of the best vision statement examples is this one by Samsung:
“Inspire the world with our innovative technologies, products and design that enrich people’s lives and contribute to social prosperity by creating a new future.”
“To make the best products on earth, and to leave the world better than we found it.”
When introducing yourself to the customers, people would want to know why they should choose your company and how it differs from others in the market.
The answer to all these questions lies mainly in the vision statement. It will tell the people what you stand for, why you are different from the market competition, and in fact, in some cases, it can be the central distinguishing factor for the firm from the competition.
A large portion of the customer pool might want to invest in your company based only on the fact that they resonate with your brand’s vision for the future. Consider Apple in this regard.
They have a vision to provide the best computers for every person, from students and teachers to corporate employees and scientists. And they steered their company to make one of the best computers of their time.
10. Inspires all the stakeholders
When people know they are just working for another company, it might not motivate them to perform at their best. However, a common vision statement gives all stakeholders a shared purpose, which inspires them to work on their peak performance and be productive on their shifts.
People need purpose in their life to be productive and inspired. And a vision statement can provide just that.
Get the most out of these vision statement benefits
Considering all the vision statement benefits, it should be on your top priority list to set one up. In fact, a vision statement should be one of the first things to be decided upon before the start of the company, as it will derive everything else.
Create a culture of teamwork and collaboration by setting up a solid vision statement.
Thank you for taking the time to read our article on the biggest vision statement benefits. Are there are any vision statement benefits that we might have missed? Let us know in the comments below! If you want to learn how to write a vision statement, check out this article. Or get in touch with us so we can do that for you!