Defining what your Vision is for your small Business
All businesses are born small (at least in revenue generation) but none are born without a vision.
It may seem intriguing when we say that no business is born without a vision, but this is true. Even the most ill planned or inherited business is run with some kind of objectives, let it be simple money making or future expansion. This forms the basis of a vision for any business. So by default, every business has a vision to start with, defined or undefined. But defining it gives it a formal shape which is vital for the future of any business.
So how do we go about formally defining a vision for our business and why do we need it when a small business can work without having one. Before we go onto to explore these queries, lets first understand what a business vision really is.
What is a business vision?
All businesses are set and run with some objectives that may be short or long term. Vision is the statement of a company plan about how to go about achieving those objectives in future. Another facet of vision is the declaration that what the company intends to be in distant and near future.
Why do small business needs a vision
It is important to understand that whether a business is bog or small, there are constants which are equally applicable in all kinds of businesses. Such constant may include capital, resources, assets, workforce and above all a vision.
Bigger businesses have bigger objectives, scope and range where all these factors are there in a small business but on smaller scale. Since vision is related to objectives hence it is equally applicable to any kind of business.
How a vision is important for your small business
Irrespective of your size, you would have some workforce to execute your business aims and objectives. A smartly designed and worded vision statement would form a communication channel between you and your workforce in defining what you should be looking at in future as a team. Such a clarity in teamwork would go a long way in business development, understanding short term goals and charting a path for the team to meet the desired vision. This results in workplace happiness.
How to create a vision for your small business
Defining a vision for your small business is a job which needs deliberation. Take the following path in creating your small business vision:
- Evaluate the position and strength of your company realistically.
- Be mentally clear of your business position in the industry you are competing in
- Chart your short, mid and long term goals logically
- Remember that vision is different from plans inherently. They are just the broad outlines of the key objectives
- Vision is not complicated or state any plans to achieve the desired objectives. They are meant to be a statement of your company’s ambitions that you want to be known to your employees, clients and competitors.
- It’s a loud and clear announcement of where your company intends to be in near and distant future and how you intend going about it