Let’s begin by asking:
- What gives you a clear orientation for finding a solution when things go wrong in your business?
- How do you handle changes in your business?
To answer these questions, we will discuss:
- Why it is important and valuable to have a clear vision statement for your business
- What can happen if you don’t have a clear long-term vision statement, and
- How I failed in my business because of this mistake and what I’ve learned.
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 a few 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 vision statement 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.
- 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.
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 Clear Roadmap
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 the right 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.
In summary, the benefits of having a vision statement for your business are:
- Have a clear sense of the direction and long-term goals for your business.
- Be able to handle challenging times with clarity and focus.
Supporting Your Vision
If you would like support for creating your own vision statement, please contact me for a free 30-minute initial consultation and let’s see if we might be a good fit.
I look forward to helping you to create your own powerful vision statement for your business.
Coming Up Next Month…
In my next blog post, I will show you how to create your own vision statement.
Hashtags: # Vision # Statement # Vision Statement # Goals # Change # Leadership