A Vision Statement, the Core of Every Business

As a self proclaimed “vision statement” addict, I believe one of the most essential components of every small business should be its ‘vision statement.” Here are some examples of the most notable:

Amazon-"To be the 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"

Harley Davidson- "To fulfill dreams through the experience of motorcycling"

Starbucks- "To share great coffee with our friends and help make the world a little better"

Hilton- "To fill the earth with the light and warmth of hospitality"

A vision statement should be the core of every company. While many people feel a vision statement is irrelevant to a successful company and nothing more than a tagline, I couldn’t disagree more. When properly implemented and utilized, a vision statement can become an essential core of the success of any business. By establishing its purpose for being, its values, and its destination, a vision statement becomes the centric guide to all things for which that company is, does, and will become.

Facts “in writing”

An interesting study conducted in 1979 by the Harvard MBA program shows the importance of having a vision and writing it down. The study surveyed its MBA graduates and asked the following question regarding the vision of their future; Have you set clear goals for your future and made plans to accomplish them? The results of the survey identified that 3% of the graduates had written goals and plans, while 13% had specific goals, but did not put them in writing. That means 84% of the graduates did not have specific, identifiable goals upon graduating. Ten years later, when this same group was surveyed, it was determined that the 13% with unwritten goals, were making twice as much as the 84% who did not graduate with specific future goals in mind. Incredibly, the 3% of graduates who had implemented a written vision and plan for their future, were making 10x as much income as all 97% of the remaining graduates.

Without a Written Vision Statement

When I consult with companies which lack a clear vision statement, I almost always find that the ownership views drastically differ from the views of management and employees. Different areas of a single company have different views on the purpose and priorities of the company, where the company is headed or what the goals are. If you are a business owner or executive, I would hope that you understand how detrimental this could be to the potential of your company. Business can be challenging even when everyone is on the same page, but when your team is on different pages, it can be incredibly challenging.

Many executives get so caught up in the day to day processes of the business, they fail to take the time to establish a Vision statement within their company. As a result, the company runs day to day, makes decisions based on short term solutions instead of a long term vision and is far less efficient.

It Just Makes Sense

There is no disputing the positive results when individuals and companies put their visions and goals in writing. A clear vision statement will help keep everyone in your organization on the same page working together in harmony. When you hire, do it with your vision statement in mind; will this person help us reach our vision? When you buy equipment, will it help you reach your vision? When you have management meetings, employee meetings, or company get-togethers, make the company vision a part of it. Your vision statement should be the core of your business, your heartbeat, and something that everyone in your organizations knows, understands, and believes in. With an established vision statement, your company will be more efficient and more focused. The company as a whole will make better decisions, have more potential, and ultimately become more successful.

I am regularly discussing business life, strategies, and decisions with other entrepreneurs. Whether you facing an existing obstacle, or perhaps an ongoing concern, sometimes an outside viewpoint that otherwise may not have been considered, may be the difference of where your company will be headed tomorrow. The approaches to making decisions and strategizing your business is almost unlimited. If you would like further ideas or guidance, feel free to contact Jim Schmitz for additional information by submitting this contact form. jim will be in contact with you promptly.

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