It outlines what the company would like to achieve or accomplish. It spells out your business vision and defines your business strategy for the future.
A company vision statement has at its core two major and complementary components: core ideology, which defines what you stand for and why you exist, and the envisioned future, which is what you aspire to become, to achieve, to create – goals that will require significant change and progress to attain.
A single unifying vision statement enables your company's employees to develop business strategies and initiatives to achieve these goals.
It’s important not to confuse a mission and vision statement. Mission statements are present-based and designed to convey a sense of why the company exists to emloyees and the external community. A business vision statement is future-based. It aims to inspire and give direction to your employees.
How to write your vision statement
There is no magic formula for creating such a vision but here are a few tips for success. When writing or revisiting your vision statement:
- Brainstorm with employees on your business plan. Visualise where you see the business in the midterm and long-term future.
- Identify some core values that have been brought to the business.
- Consider what you need to do right now to align with these values.
- Identify what you need to do to stay aligned with these values as you grow over the next five or 10 years.
Consider what problems your company hopes to solve in the next few years, your competitive strategy, and what you hope to achieve. Determine what success will look like if you accomplish those things and use it to shape your vision statement.