Do you have a dream for your business? Perhaps, you may want to put your dream in a script by way of a vision statement.
To set a vision statement is to deliver the objective of a business in a statement. Spelling out the objective of the plan is important. Every objective should outline the specific activities with their corresponding results. In this way, monitoring can be done smoothly and sorting out activities that provide the most impact and the less effective ones can be tracked more easily.
Though the financial report for a certain period is mostly assessed to determine the efficacy of the activities based on the objectives set, the results underlined in the report should not only be the indicator used exclusively.
Setting objectives for operational performance, customer satisfaction, marketing and industry trends are just among the key indicators that form part in drafting the vision statement.
The objective of for-profit entities is to gain profit. Most often than not, the inclusion of figures or the aspiration of being 100% profitable for a certain period is what usually constitutes the vision statement in a for-profit enterprise.
A vision statement is liken as a dream of a company, a picture of what a company will be in the future. It is drafted to serve as an inspiration. In the process, the statement makes it a framework in forming the strategic plan of a company.
Usually, the vision statement of a for-profit has these elements:
the direction--- what the company will attain in the future for the organization and its target market
the date --- the probable period in which a goal can be attained.
the figure -- setting the figure for the target sale or gain can be helpful in pursuing your drive to achieving profitability. Somehow, the figure can be used for benchmarking when business periods have lapsed and financial statements have been drafted and audited.
A vision is a statement of a dream, an aspiration of what a proposed business will be and what it will be in the future as directed by the entrepreneur who has the vision.
Very good article. A good vision statement is one of the most important parts of a Business Plan for sure. Keep writing on Business Plan tips! I would love to follow along with the series.
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