Having a strategic vision is vital for the future of a company, as it highlights its important goals, purposes and values. As Richard Ghilarducci mentions, developing and applying the strategic vision of a company can be vital for its success, and requires a good deal of time, effort and research. In many ways, the vision statement is the foundation of the business values of a company. It is often vital to the first impression the company makes on its potential investors and employees, and hence should be crafted carefully.
Richard Ghilarducci lists a few pointers that can help in developing the strategic vision of a company
The strategic vision is a straightforward statement that typically outlines what a company wants to accomplish in broad terms. It is commonly used as a part of strategic planning within a company. A strategic vision statement looks beyond the current position of a company and puts emphasis on its future,
Here are a few tips that can help in competently crafting the strategic vision of a company:
- Establish tangible goals: The business goals must be clear enough that it is well understood when they have been accomplished. Having premise, tangible goals as a part of the strategic vision makes sure that each person within the company knows what they are working towards. Any kind of confusion or vagueness in the vision statement, on the other hand, can trickle down into operational misunderstandings that hamper the success and growth of the company.
- Be realistic: The strategic vision of a company should be both ambitious and grounded in reality. It’s essential to assess whether the desired goals are realistically achievable with the available resources. For instance, aspiring to become the top player in the industry is a commendable ambition, but if the current market leader boasts ten times the annual revenue of the enterprise, overcoming such a substantial disparity presents a huge challenge. The effort and resources required to surpass them within a short timeframe might be impractical. Hence, it is better to adjust the goals and focus on improving the market share of the company.
- Keep the mission in mind: The mission statement of the company should always act as a guide for both its operational and strategic efforts. When formulating its vision statement, it is crucial to ensure that the chosen goal and language align with the mission. Inconsistencies between these statements can lead to conflicting actions within the organization, potentially causing adverse effects on company culture and even financial performance.
- Focus on guiding and inspiring the workforce: A shared characteristic between a vision statement and a mission statement is their capacity to provide guidance and inspiration to individuals within the organization. However, the distinction lies in the manner in which each statement achieves these objectives. The mission statement influences overall decision-making among employees, whereas the vision statement assists leaders in formulating specific actions to attain the envisioned goals.
As Richard Ghilarducci says, depending on the type of business one operates, they may have to change and update their vision statement with time. After all, it is vital to consider evolving market conditions in the strategic planning of the business.
