Business Mastery for Entrepreneurs – Part 1: What is the Importance of a Vision Statement?

What gives you a clear orientation when things go wrong or circumstances change dramatically in your business?

In today’s blog post, I will share the importance of a vision statement and why it is valuable to have a clear long-term vision.

I will illustrate the importance with a personal story and the insights I gained in my first business.

At the end I will summarize the main benefits and key points.

Overview

⇒ My story
- First Insight
- Second Insight
⇒ What is the great value of a vision statement?
⇒ Create a basic roadmap for your business success
⇒ What are the benefits of a vision statement?
⇒ Summary

My story

I started my first real estate business in my twenties. I was full of enthusiasm and for a while, my business was very successful. I made good money until the market started to change several years later and I didn´t have many sales.

After a year of struggling to keep the business afloat financially, I lost my enthusiasm and gave up. In addition, I had to file a lawsuit against the municipality where I was doing business. It was a very challenging time for me professionally, but I learned some valuable lessons that I was able to apply to my next business.

⇒ First Insight: You need to set up clear processes for your business

A few years later, I was offered a position as CEO of another real estate company. This company had a totally different business model and was quite successful. I realized that my first business had failed because I didn’t have clearly defined processes that I could repeat.

⇒ Second Insight: A clear short and long-term vision helps you to stay focus on your goals

In the process of familiarizing myself with this new company, I read and analyzed their long-term vision statement. I wondered about the purpose of having a vision statement and the company’s owner clarified that:

The main purpose of a vision statement is to describe the big vision, the ultimate goals the company wants to achieve. What does the company want to become?
A vision statement helps you to see the context and bigger picture of your business. For example, you will have clarity about where you want the business to be in one, three, five or even ten years.
Without this clear roadmap, you will likely give up when things start to become difficult.

What is the great value of a Vision Statement?

Two years later, I experienced the great value of this vision statement when business got tough. Everyone in the company was nervous about the future and potential job losses.

The business owner and I called a meeting and we started addressing the current challenges. After I had made a short introduction, the business owner made a very passionate speech about the mission of the company, its values, goals, and long-term vision.

That speech instantly changed the energy and anxiety in the room. It was very powerful to observe. This experience of shifting your mindset and gaining clarity is part of why I’m supporting other business owners as a coach.

Indeed, a few months later the company was profitable again. I’m still impressed and grateful that I could witness such a powerful shift firsthand.

Create a basic roadmap for your business success

Since then, I´ve created a roadmap for each of my new companies, which includes:

⇒ Drafting a clear vision and mission statement.
⇒ Defining the company’s values and goals.
⇒ Envisioning what the company’s future in one, three and five years.

Such a roadmap provides focus so I can master any challenge. It helps me to see the bigger picture of my business and its potential. In the past, it has also helped me to regain my enthusiasm to move on despite difficult circumstances.

What are the benefits of a vision statement?

⇒ Having a clear sense of direction.
⇒ Clarity about your long-term goals for your business.
⇒ Be able to handle challenging times with clarity and focus.

Summary

Key Point #1: It is important to set up clear processes for your business
Key Point #2: A clear short and long-term vision helps you to stay focus on your goals
Key Point #3: A roadmap provides focus so I can master any challenge.

Supporting you

If you would like support in creating your own vision statement, you can schedule a free initial consultation using the link below. I look forward to supporting you in your success.

Contact me for a complimentary 30-minute strategy session:

https://nextlevelcoach.as.me/schedule.php

Coming Up Next Month…

In my next blog post, I will show you how to create your own vision statement.

Stay tuned!

Keywords: # Vision # Statement # Goals # Change # Vision Statement