Visionary Leadership: How to Develop, Communicate, & Achieve Your Business Vision
Published On: May 24, 20234.1 min read
Have you ever wondered what sets successful small businesses apart from the rest? The answer lies in their ability to develop, communicate, and achieve a clear business vision.
Recently, business coach Jim Crisafulli led a webinar where he delved into the importance of an effective vision statement for micro and small to mid-sized businesses. In this blog post, we’ll highlight the valuable takeaways to help you shape your business vision.
What is a Vision Statement?
A business vision is your goal for what you want your business to become in the future. It serves as a formal means of communicating your business objectives and commitments to others. Your vision statement should act as a driving force, providing a target to aim for and a clear bullseye on that target.
It’s important to distinguish between a vision statement and a mission statement, as Jim says he has seen several leaders mistakenly use them interchangeably. While a mission statement describes the present state of your business, a vision statement paints a picture of the future.
A well-rounded business strategy consists of three essential components: vision, values, and mission. It’s crucial to consider your mission and values when developing and renewing your vision statement, as these elements should be in alignment with one another.
Developing a Vision Statement
Do Your Research
Before you start developing the vision, Jim recommends collecting feedback about your business through surveys. Surveying your customers, vendors, and employees can provide valuable insight that will guide your vision development process. Their input will help shape a vision statement that resonates with all stakeholders involved.
Identify Who is Responsible
In micro businesses, the owner is the one who creates the vision.
In slightly larger companies with 15-20 people, it is usually the responsibility of the leadership team. Remember, the vision statement should be focused on the company’s growth and success, not the aspirations of the individuals responsible for creating it.
Set a Timeframe
It’s critical to set a timeframe to achieve your vision statement. Jim says that there is no right or wrong answer and the timeframe is up to you, but he advocates for a 3-5 year vision statement to strike the right balance between ambition and achievability.
Balance is a crucial aspect of a well-crafted vision statement. Jim highlights that many first drafts of vision statements he sees as a coach tend to be based only on a financial goal, neglecting other key areas that should be included.
Your vision statement should reflect three other assets of your organization in addition to financials: internal processes, learning and growth, and customers.
These four elements are interconnected. When they work together harmoniously, meeting goals becomes much easier.
Pick a Format
Traditionally, businesses use a straightforward narrative format for their vision statement. However, there may be instances where it is beneficial to create two versions of your vision statement: a management version and a team version. The management version, especially in smaller companies, may contain confidential financial information not meant to be shared with the entire team. The team version will be more general in terms of its financial goals.
Additionally, when picking a format, it’s important to consider who will see your vision statement. Will it be communicated only internally to your team, or also externally to the public? Knowing your audience will help guide the development process.
Your vision will only be effective if communicated properly. Consider using visual elements to help communicate your vision statement. Visual aids, such as infographics, can be distributed to employees and serve as creative reminders of the vision they are working toward.
Consider experimenting with different formats to find what works best for your business.
Measuring The Vision’s Effectiveness
Having a vision statement is only the first step; executing it and measuring progress is where the real challenge lies. It’s essential to determine how you will measure progress during the initial development of your vision statement.
Implementing a visual dashboard to track progress can be incredibly helpful. Consider utilizing goal tracking tools, such as Align, to keep tabs on your progress and make necessary adjustments along the way.
In conclusion, the failure to execute a vision is a common pitfall for many business owners and leaders. Jim stresses that the reason for this failure often lies in the lack of a proper measuring system and the absence of regular reviews.
Several leaders make the mistake of failing to revisit their vision statement periodically. To ensure your vision remains relevant and achievable, it is critical to keep it at the forefront of your internal business functions and conversations.
By developing a well-crafted vision statement, communicating it effectively, and implementing a system to measure progress, you’ll be on the path to achieving your business goals.
To learn how Align’s goal tracking software can help you bring your vision to life, book your demo today.