Building a sustainable business is by no means an easy feat. Significant research and planning is required to achieve success and one of the most important pillars is the vision. The vision of a business is a critical component that needs to be established prior to the setting up of operations. The vision will dictate the company’s future together with its subsequent actions to the different issues that will arise. In this Blog entry, we shall discuss key concepts to keep in mind when determining your vision.
What do you want to achieve?
A business must determine from the offset, the objectives that it needs to achieve. Without clear objectives, the business cannot determine whether it has succeeded or failed in its mission. Objectives need to be quantifiable and time-bound, to ensure little leeway for misunderstanding. An example would be that the business is aiming for thirty clients within one year. This establishes the quantity required within a specific timeframe.
What does your company stand for?
As part of the initial undertaking, a business needs to establish what it stands for as this is an integral component of its identity. Does the business wish to establish itself as a leading provider of high quality? Or would the business prefer to create more financially accessible products to target a mass audience? In today’s era of specialisation, a company must stick to its key unique selling propositions and communicate them to their target audience.
The purpose of the business must also be made clear to all employees. If members of staff are unsure as to what the company stands for, the identity of the business is not communicated clearly and hence employees cannot truly represent what the organisation should represent to an external audience. In this regard, a mission statement representing what the company stands for is normally communicated to all employees and may feature in a business’ website or other collateral.
Who do you want to serve?
A focused business with clear objectives needs to understand the different audiences that it should target. In today’s business environment, an organisation must understand which type of customer it is likely to appeal to and target such profiles accordingly. Trying to adopt a one size fits all approach is likely to be less fruitful, with several efforts being invested for minimal return. Such customer profiles may be selected and refined even following years of running the business, as an organisation needs to evolve and adapt to its surroundings.