Having a vision statement, regardless of the nature of your organisation and wider industry is of high importance when it comes to motivating your customers and empowering your employees. In this piece, we’re going to explore the importance of a vision statement, expand on how they help facilitate growth and improvement of organisations, and how you can create your own vision statement with just a few simple steps.
“He who has a Why to live for can bear almost any How.” Friedrich Nietzsche
Why are Vision Statements Important?
The research is clear that organisations that take their vision statement seriously, and impart it on their employees can dramatically improve their organisation’s productivity and employee retention figures. Exact figures are difficult to gauge, but it’s undeniable that you’ll motivate your team more effectively, and retain your A-players for a longer period of time if you’re inspiring them with your vision for the future.
80 of the top Fortune 100 companies are said to display their values and their vision publicly, which inspires confidence from both stakeholders and employees. The problem is that, in spite of the fact that 94% of employees and 98% of employers say that their vision is an essential part of their aims, just 41% of employees say they feel personally aligned with their employer’s mission.
This is compounded by the fact that “71% of millennials ranked finding work that is meaningful as one of the top three factors determining their career success, and 30% of millennials ranked it as the most important factor.” This means that as you’re out looking for A-players for your team, younger prospects are more likely to join – and stay – in your organisation if you have a meaningful vision that inspires or aligns with them.
How To Create a Vision Statement
A vision statement doesn’t need to be lengthy, nor complicated. It’s an overview that mixes your organisation’s standing today, with where you want to be in the near and distant future. You’re asking yourself, and those around you in your team a set of questions designed to establish a clear purpose of your organisation, and inspire improvements with where you’d like to be.
Your vision statement should include:
- Financial information to identify areas of improvement to expand, or consolidate your core offering.
- Reputational information to establish where you sit in terms of your competitors and become more informed on your unique selling proposition (USP) and what your customers value in your organisation.
- Explore your quality standards, and whether your organisation is capitalising on the quality of your products or services, or your customer service in the customer journey process. Ensure the quality of your offerings and your customer service never deteriorate. Always ensure your customers are happy with your services, and remain likely to refer you to their friends and colleagues.
- Identify potential growth areas, and how you can introduce new products or services in your lineup to help find new customers and gain market share growth.
- Explore your organisation’s passions, and capitalise on them. If you’re passionate about one or more problem areas, you’re likely to inspire customer confidence in your ability to meet their needs.
- Determine both your financial and economic sustainability, which will help inform your plans for growth. Expanding might not be the right option if you’re lacking in economic sustainability, or perhaps you could capitalise on a new-found customer interest in environmental sustainability.
How To USE Your Vision Statement
Congratulations on putting in the time and effort to create your vision statement, but the process isn’t over just yet… you now need to use your vision statement. Ensure the management team is all over this, and at each of your strategic planning sessions or management review meetings, you’re referring to your vision as you plot out your future steps. Revisit and revise your vision statement as you expand or consolidate, and ensure the end benefit is passed onto your customers and your employees without any sacrifices to the overall quality of your products or services.
Post your vision statement around the office, and remind members of your team of how their efforts are contributing to the wider purpose of the organisation, and they’re likely to respond with more confidence in their job and inspiration toward the success of the organisation overall.
Thanks for your time, I’ll see you in the next piece, and don’t forget to check our News section for regular news articles, how-to guides and ISO-explainers.
Kobi Simmat, Director & CEO of the Best Practice Group.