Over 627,000 businesses start every year!
BUT very few become household names.
The ones that seem to break the mold are companies with strong visions.
Let’s talk about how to create a vision for your biz!
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Your vision statement is different from your mission statement. Your mission statement is based on the short-term goals of your company and why your business is starting in the first place.
In a nutshell, a business vision is your idea of what you want your business to be in the future.
This could be 10 years from now, 20 years from now, or generations from now, and it can be whatever you want it to be!
Many things make up a vision. What do you want your company to achieve within that time? How big do you want the company to be? Do you want to be a household name? These questions are all important aspects of the vision you are creating.
Every business plan includes a vision statement!
For example, Tesla has a well-known vision statement: “to create the most compelling car company of the 21st century by driving the world’s transition to electric vehicles.”
It all starts with an idea, then becomes the company statement, and works its way into the day to day!
You should have a super clear vision for a few reasons:
If you are trying to build a brand identity, it is very difficult to achieve without a clear vision.
Your vision of the company should include marketing objectives, how you want your target audience to perceive your company, and your goals.
Then you just need to figure out how to achieve them!
Benefits of a Clear Business Vision
There are tons of reasons why you need to have a vision!
It helps you establish a brand identity, promote brand recognition and loyalty, and provides you with a clear outline to follow for growing your biz.
65% of company revenue comes from repeat customers, and customers tend to identify as loyal to brands that match their core values.
You can spend all the money that you want on getting new customers (marketing), but keeping your customers once you have them is WAY better when it comes to business sustainability.
You’ll eventually run out of customers if you don’t focus on retention.
Not only that, but it will also help with word-of-mouth advertising, which many marketers believe is still the most effective form of marketing today.
This makes sense when you think about it.
Are you more likely to listen to one of the 5,000 ads you’ve seen today or your favourite coworker telling you why they only use their favourite brands.
Also, having a vision of the future of your company will make an outline easier to work with and adapt over time.
Having clear goals in mind to follow will only help you with your marketing and product strategies years down the road!
How to Create a Vision for Your Business
There’s a reason Elon Musk and Steve Jobs are called “visionaries”. They both had clear ideas of where they wanted their businesses to go and outlines of how to get there.
Unfortunately, there is no one-size-fits-all method to creating a business vision as there are too many creative factors involved.
If you’re stuck trying to figure out your core values, ask yourself these questions!
- What do you want out of the company?
- Is there an “end goal”?
- Are you willing to raise prices or lower profits to achieve your goals?
- Are you driven by your customers, employees, community, etc.?
- Where do you see your company in 5, 10, or 30 years?
Did you do it? Good.
Now I want you to write these down and incorporate them into your business plan.
The best part is that this can be anything that you want it to be!
It’s YOUR business, YOUR goals, and YOUR vision.
Try your best to stay down to earth and realistic with your expectations, and once you have one in mind, it’s time to work out the details.
How to Implement Your Vision
Now you’re ready to implement your vision!
It’s important to remember that the sooner you start, the better. You want customers to see one brand and one vision that doesn’t stray from its ideals.
There really is only one way to implement a company vision and that is CONSISTENCY.
You should be following your vision statement in everything you do.
There are plenty of ways to implement your vision, be creative!
Here are a few suggestions to get the ball rolling!
Niching down allows you to focus on quality, reduce waste, and build recognition among your audience.
Having fewer products and services will help you minimize expenses and let these products stick in the minds of your target audience.
Start with market research and customer feedback. That way you can see which products are going to be popular.
From there, stick with what you’re good at and try to expand upon them over time to maximize their results!
Once this is achieved and revenue is flowing, you will already have a working model to build upon.
Demonstrate Your Vision
Show your customers what sets your brand apart from the competition by constantly reminding them of your vision.
Do this on your website, your fliers, on your social media, and throughout all of your marketing efforts.
Your entire marketing strategy should be based on the brand you build from your vision.
Building a brand consists of utilizing your vision and shaping your practices around that. You can demonstrate this in your logo, flyers, business cards, website design, ads, social media presence, and visual imagery.
If people see a similar aesthetic, tone of voice, and mission across the board, they will eventually learn to associate these with your brand.
Brands lose recognition when they lose sight of their vision!
Turn Your Vision Into Reality
Once you have a clear vision for your business, the only thing left to do is to start building upon that vision in your everyday activities!
If you’re interested in working together to build a vision for your biz, you’ve come to the right place! We’d love to hear from you.