How to Write a Vision Statement for Your Business
Thursday, 28 April 2022
We certainly don’t recommend driving while only looking in your rear-view mirror. For starters, it’s dangerous, but it’s also difficult to navigate if you aren’t looking to where you are headed. This isn’t only true of driving; it also applies to how you lead your business.
As you start a new business or experience business growth, you need a vision of where your company is headed. You need a vision statement. In this blog, we will share how to write a vision statement for your business so that, as a business owner, you can make better business decisions, and provide clear direction for your teams, customers, and stakeholders.
Company Vision Statement Definition
A vision statement is a declaration of your company’s long-term aspirations. As a blueprint for your business, this vision statement should describe what you want to achieve in the future and how you will get there. Vision statements are not intended to be fluffy, feel-good statements, but they should still be inspirational and aspirational. It could include meeting a specific consumer need, making an impact on a local community, or revolutionizing your particular industry. Here are a couple of examples of a vision statement:
Google’s vision is, “To organize the world’s information and make it universally accessible and useful.”
Tesla’s vision is, “To create the most compelling car company of the 21st century by driving the world’s transition to electric vehicles.”
Why does Your Business Need a Vision Statement?
A company vision statement is a critical component of any business plan. The careful process of writing a vision statement will help you identify what's important and help you stay focused on your goals. It also accomplishes the very important task of unifying and motivating your teams to work towards a common purpose.
Before we talk about how to write a vision statement, keep in mind that your company vision statement shapes the direction of a company and governs business goals and strategic decisions, while also building unity in your team.
How to write a vision statement for your business
Now that you understand the importance of having a vision statement, now we will talk about how to write a vision statement for your business. Follow these seven steps to begin crafting a compelling vision statement:
- Decide who will be involved in the vision statement writing process.
Maybe you’re a one-person operation, but if you have a business partner or key people in your organization who influence your business goals, plans, direction, and culture, consider including them in the process to get their valuable input.
- Review your short-term and long-term business goals for inspiration.
Your company vision statement should be broader than any one of your business goals, but reviewing your goals can help you hone your focus and discover overarching themes of what your business hopes to achieve.
- Choose a template/formula.
Example 1: "[Company name] helps [target market] by providing [product or service] so that [impact]."
Example 2: "Our company wants to [action] so that [how that action benefits people]"
- Start brainstorming your vision statement using your template/formula.
Brainstorm as many ideas as possible before narrowing down which ones to include in your statement. Write them out, organize them into sections, and then read them aloud to get a sense of what feels right.
- Write out your vision statement and get feedback.
The next step is to write out one draft of your full, final vision statement. Share it with key members of your company and get feedback to see if it resonates. Edit and re-word as needed until you find the right phrasing that aligns with your goals and ethos.
- Share it with your teams, customers, and stakeholders.
Once you’ve solidified your company vision statement, it’s time to share where you’re headed to unify your team, boost the confidence of your stakeholders, and establish trust with customers. This might include revamping your branding or website, conducting a media campaign, and updating office spaces to reflect your vision.
- Update it as you evolve as a company.
As your company grows and adapts to market and consumer trends, your goals and vision may change over time. Revisit your vision statement periodically to ensure it still projects your future. Make changes to it if needed.
Tips for Crafting a Vision Statement
Now that you know to steps of how to write a vision statement, here are a few additional tips to keep in mind:
- Make it concise but complete.
Avoid jargon or flowery language—stick to simple phrases that can be understood by everyone.
- Make it inspirational.
Convey a sense of excitement, optimism, and growth. It should motivate employees to reach their goals while also inspiring them to contribute positively to the company's culture.
- Make it specific.
Create a picture of what you want the future to look like, but avoid vague or generic statements. Adding qualifying and measurable aspects will help your team visualize what you’re working towards.
- Make it realistic and achievable. Yes, you are painting an idealized picture of business success, but it shouldn't be dismissible as a pipe dream or fantasy. Before you finalize anything, ensure your vision statement is practical and achievable with good planning and hard work and aligns with market analyses and financial projections.
How to Use Your Vision Statement
After you have followed the steps on how to write a vision statement and you have finalized your wording, it's time to start putting it into practice. Here are a few ways you can incorporate your vision statement as your business moves forward:
- Clarify the big picture by sharing your company’s core values and beliefs.
- Educate employees on the “why” behind the work they’re doing every day. Keep them engaged by giving them something BIG to align with and embrace through initiatives like employee volunteer programs or ongoing training sessions to help them reach their full potential.
- Use it as a tool for making future business decisions about company growth, product offerings, investments, partnerships, and other opportunities.
- Create a marketing strategy that extends beyond simply selling products or services by communicating the positive impact you hope to make in the world.
Whether you’re a new business start-up, or you’re an established entrepreneur, you need the right insurance coverage to protect your future and accomplish your vision. At BIG, we are proud to serve businesses of all sizes. Our team provides a customized risk assessment and recommends the best coverage options to suit your business needs. Protect your business and move forward with your vision. Contact us today for a quote.
Author: Amy Legault