Strategizing for your small business takes much time and consideration. Between all the responsibilities you have as a business owner, you have to prioritize which deem the most profitable. Yet when a vision statement comes across your to-do list, it’s a task that many entrepreneurs save as the last step toward success.
However, a vision statement is one of the most vital assets you can create for your brand. Here’s why you need one.
Why Your Brand Needs a Strong Vision Statement
You must create a strong vision statement for long-term success. This part of your brand brings value to your business as it is the foundation of your business growth.
A vision statement has your end goal in mind and helps you set out what you’d like to achieve with your company. Additionally, it plays a significant role in shaping your company’s culture. When you establish a company culture, you yield higher results.
According to Gallup, they saw an 85% net profit increase for clients who had a strong organizational culture.
Start with the end in mind if you want to have a great brand. Here’s how to write a vision statement.
How To Write a Vision Statement
While writing your vision statement, you must ensure it aligns with the businesses and people connected to your company. It would help if you also had it share your long-term goals and produce a narrative for your marketing.
While a vision statement should only be a few sentences, it should also capture meaning.
1. Define the Future of Your Business
What do you envision for your business five to ten years from now? What are the outcomes you want to accomplish? These are the things that should come into question when writing your vision statement.
When considering your company’s goals, you want to dream big. It should be big enough to set a challenge, while it should also be achievable and realistic.
So when someone asks you how you envision your company’s success, consider your greatest achievement — and what impact you’d like to leave on your community and the industry.
2. Determine the Purpose of Your Organization
Before you turn to write your vision statement, consider the overall purpose of your business. Follow the OAS (objective, advantage and scope) formula and answer the following questions:
- Objective: Why does your business exist?
- Advantage: How do you do things differently and more efficiently?
- Scope: What should you or shouldn’t do to achieve your objective?
By answering these questions, you understand the WHY behind your organization and how you serve others to whom.
3. Put It All Together
When writing out your vision statement, ensure you keep it concise and brief. Like your mission statement, it should be straightforward. And it should also communicate your highest goals.
Everyone’s vision statement will look slightly different, but here’s an example highlighting the OAS formula.
Dunkin Donut’s vision statement is “to be always the desired place for great coffee beverages and delicious complementary doughnuts & bakery products to enjoy with family and friends.”
Incorporating this into the OAS formula, you get:
- Objective: To be a desired place.
- Advantage: Provide great coffee, doughnuts and bakery products.
- Scope: Limited to “to enjoy with family and friends.”
4. Take Ownership of Your Vision Statement
After you complete your vision statement, it’s time to own it. When implementing strategies and goals into your business, ensure you keep your vision statement in mind to make it become a reality.
Additionally, you can employ it in strategy meetings or use it to kick off a new quarter.
It will also help if you encourage your employees to follow it by offering incentives or a reward system. When your employees believe in your vision statement, you’re embodying a culture throughout the company. In turn, that passion will pass on to your clients or customers.
Reflecting Your Big Vision
Keep in mind that your vision will change over time. Your company will grow before you know it, so your vision statement should evolve with it. Keep the above tips in mind for how to write a vision statement and be sure it reflects the future of your team and company.