ABC’s Good Morning America host, Hoda Kotb, just published a book called 10 Years Later in which she tells the stories of six individuals and their personal challenges and victories. Reading about the difficulties her subjects face when each saga begins, it’s hard to see what the resolution might be.
Do you ever think about where you’ll be in 10 years? What your business will look like?
Are you willing to commit that to paper?
A Vision Statement is a “sky’s the limit” document – created for in-house consumption – that describes where your business will be in 1 year, 3 years, 5 years, 10 years. And how it will get there. It is an important component of any business’ strategic planning.
Here are some questions to help you form your Vision Statement (break it down by year markers):
- What businesses or services will you provide?
- Who is your ideal client?
- Do you have a staff? How many?
- How big is the physical location (and where is it?)
- How will you grow the business?
- What types of marketing and advertising will you do?
- Will the business be sold? When?
- Create some “What If” scenarios (these can relate to economic conditions, personnel changes, personal successes or crises, etc.) and imagine how your business might be affected. See what solutions you can discover.
BONUS TIP: Make your Vision Statement…visual. Create a “Vision Board” using images and notes that depict or talk about your future plans and dreams — both business and personal. Put them on a bulletin board, in a notebook or try posting them on Pinterest (you can make that board private).
Strategic decisions made in your business can affect business owners, staff and customers. Crafting a vision statement that includes everything from supplier evaluation rating to profit margins is the ultimate goal-setting exercise. It can evolve from year to year as the business changes. But it sets out a destination to shoot for and the path to get there.
A Vision Statement is not a Mission Statement.
It’s your future. Wouldn’t you like to know?
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About the author: Martha Spelman is a Los Angeles-based business branding and marketing specialist. She is the author of The Cure for Blogophobia: How to Easily Create, Publish & Promote Your Business Blog. Click to find out more about Martha Spelman and connect on LinkedIn, Twitter and Google+. Martha can be reached directly at: 310.266.6992 or email@example.com.