There is a saying that goes like this: “Failing to plan is planning to fail.” When running a business, many people skip developing a business vision, with intentions on getting back to it later. Whether it’s being distracted by social media, getting a logo just right, or chasing a dollar to pay the bills, the critical business building planning often goes ignored.
Again, you can have every intention of doing strategic planning when the time is right or when you make enough money to go on a retreat, but if you don’t make a point to stop you’ll never get the chance.
Here’s the thing: as an entrepreneur you don’t have a boss to tell you to go to lunch. A boss to make you take a legally mandated day off, vacation, etc. It’s just you. Without someone there telling you to stop working, you might find yourself working all times of the day and night in your business… and not on your business.
If you skip steps because you think they don’t matter (because you just have a “small” business or a sole proprietorship and it’s just you), then you’re going to kick yourself later.
What happens when you experience massive growth and become wildly successful? You may not be able to build a sustainable business that will provide the security and future that you want. A business vision allows you to not only think big about your dreams, but to also think big in terms of how you can reach those dreams. Without working yourself to death!
While your first goal is likely to turn a profit, there are other things that are important to care about too. Any successful project actually starts with the end in mind.
For example, if you build houses for a living, the thing you should concern yourself with is the end result of the livable house, not the first nail you hammer. Without a clear picture of the end result, you won’t even know where to put that first nail.
Therefore, starting with the end in mind will help you create a business that is successful because you’ll know where you’re going.
10 Reasons Why You Need a Business Vision
1. Helps You Create a Sustainable Business – If you have a vision, you can manage and sustain long-term success that grows and evolves as time moves forward.
2. Creates a Business Not a Job – If you really want a business that lasts longer than week to week and month to month, you need a plan. With a formal plan and structure in place, you are far more likely to grow your business, not create a stressful job for yourself, as so many entrepreneurs tend to do.
3. Helps You Develop a Growing Business – If you want your business to grow, you will need to know where you’re going so that you can create a plan to get there. Your vision will help you to plot out growth and significant milestones.
Photo Credit: Drew Coffman
4. Allows You to Live Your Passions and Do What You Love – While the first thing a business owner wants may be to earn a profit, the first thing most people want is to live a happy life doing what they love. By creating a business vision, you can do both.
5. Knowing Your Vision Helps You Choose Like-Minded Employees/Contractors – If you know what you stand for, you can tell those you interview for positions so that you can ensure that together your visions align.
6. Your Vision Signifies What You Stand For to Others – Your business vision will let customers, contractors and employees know what you stand for, above profit, well into the future.
7. Your Vision Helps You Define Your Exit Plan – A sustainable business always needs an exit plan. After all, someday you will want to retire, and having a business vision that includes future planning can help ensure that comes true.
8. Your Vision Helps You Create Systems – Knowing the end point in mind, you can work your way back to today and create a system to reach your goals.
9. Your Vision Helps You Effectively Market to Your Desired Audience – If you know where you’re going, and why you’re going there, and who your market is, you’ll be able to create more targeted marketing messages.
10. Helps Your Offerings Become More Unique – Your business vision enables you to create unique offerings throughout your product funnel, ultimately leading to the big dream vision you have for your business.
It should be clear that having a business vision is not optional if you want to be successful. Don’t fail to plan; instead, develop your business vision to align with your beliefs, values, and goals so that you can accomplish your dreams.