icatalystEstablishing a vision statement is one of the most important steps you’ll take when starting a business.
In fact, your mission and your vision statements serve to define your company’s professional purpose, as well as your identity, and who you aspire to be in the future. When either of these is neglected during your startup phase, it leaves you wide open for scrutiny and criticism in the years to come.
The good news is that you can avoid this type of public humiliation and set a goal for all that you hope your company will achieve by simply structuring a solid vision statement.
Read on to learn more about the importance of a vision statement for your business!
The Importance of a Vision Statement
Although it may not seem like a priority when you’re just starting out, your vision statement will potentially be read by hundreds of thousands of people in the years ahead.
Along with your company’s employees and stakeholders, customers, investors, colleagues, and even competitors may one day be reading the vision you set for your business right now.
So, you better make it count.
Your Vision Will Inspire Your Employees
As most veteran business owners will tell you, your employees are the glue that holds your company together.
Research shows that employees who find their company’s vision meaningful have a 68% level of engagement. That’s almost 20% greater than average employees. Engaged workers tend to have higher satisfaction rates, work harder, perform better, and stay longer at their job longer than typical employees.
By creating a vision that inspires your employees, you are building the success of your employees, yourself, and your company. And, you are helping to secure the future of your business, as well.
A Vision Statement Provides a Clear Course of Action
A vision statement defines where you want your company to go and what you want to achieve professionally. It provides you, as a business owner, with clear direction.
When you define your vision, you define who you are and what you expect. Then, you can determine how the actions necessary to get you there.
Your Company’s Vision is a Point of Reference
Similarly to providing direction, your vision statement also provides a point of reference for yourself and your employees, along with other stakeholders in the company.
You can look to your vision statement and determine how close you are to making or missing the mark. Your workers, investors, and even your customers can do the same.
A Vision Statement Tells Your Customers What You Value
At times throughout your professional career, you will have customers that will read your vision statement. As a result, they will come to know more about who you are and what you value.
If your vision statement exudes integrity, grit, honesty, commitment, or other honorable qualities, then it will inspire loyalty from those who read it.
Start Your Business the Right Way
Realizing the importance of a vision statement is a crucial step in the right direction for any new business owner.
But, there are more critical first steps that ensure your business’s future success.
Check out our kickoff kit for your new business to make sure you have the tools you need to create success right from the start!
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