2020 will likely be a challenging year for your small business. Recruiting is still a challenge for most small companies, along with competitive markets and fickle consumer spending habits. However, there is one document that small businesses need that will help guide their success in the New Year despite the challenges that we predict. That document is a vision statement, and it’s an essential part of a small business plan. Here’s how to create one and use it to your advantage.
Small Business Vision 101
The corporate vision statement is an addition to your business plan that defines why you do what you do every day. You may already be familiar with the concept of the vision statement, particularly if you’re seeking investor funding for your business. The vision statement is a good indicator of the passion that drives the company, and investors are usually just as intrigued by the mission in addition to the projected margins.
But the vision statement shouldn’t be too generic (“We want to be number one in our industry.”) Instead, see if you can come up with one clear statement projecting where you want the company to be in the next few years. Keep if realistic but also optimistic in its approach.
It might be an excellent team-building exercise that engages your staff if you take time over lunch or another gathering to work together on the vision. Here are some examples of vision statements that fueled the growth of some compelling companies:
- Boeing: “Become the dominant player in commercial aircraft and bring the world into the jet age.”
- Microsoft: “A personal computer in every home running Microsoft software.”
- Ford: “To become the world’s leading consumer company for automotive products and services.”
Notice how each statement is just one or two sentences? There are some mold-breakers, of course, like Ikea. Their vision statement says:
“The IKEA vision is to create a better everyday life for many people. We make this possible by offering a wide range of well-designed, functional home furnishing products at prices so low that as many people as possible will be able to afford them.”
We also lectured you not to be too generic, but Nike’s vision statement is, “To be the number one athletic company in the world.”
The point, though, is that these vision statements guided these companies on to great things. However, it’s important to note that a vision statement is a living document. You may find over time that your company’s original vision statement is no longer in line with your mission and values. In this case, it’s time to make a New Year’s resolution to revise the vision statement to make it more accurate.
Another New Year’s resolution to consider is working with a recruiting software and applicant tracking system like Exelare. Our next-gen software can help your company meet its vision by helping you find top talent. Talk to us today.