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How to Create a Business Vision for Growth

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In our experience, businesses who have taken a step back to look at their environment, look at the future, and look at themselves in an honest and robust way set themselves up well for future growth. This allows you to review what's currently working in your business, and importantly - what isn't.

Without a clear vision of where are you want to be, it is very hard to align your sales and marketing efforts. For successful business growth, you need to have a clear picture of where you want to be in 5-10 years. This is where a Business Growth Vision is needed.

What is a business growth vision?

Your business' vision is a statement of the desired future state. It should provide a clear picture of what you want to achieve and the direction of travel.

A successful vision will help you achieve a number of things:

  • It will motivate your team

  • It will help create a sense of belonging and meaning (or purpose)

  • It will help establish a standard for excellence

  • It will be the bridge between the present and the future.

This is why it's worth taking the time to think through what your vision is. If you're serious about growing your business, you're going to need a motivated team who do amazing work, as well as believe in what you're trying to achieve.

HOW DO I CREATE A VISION?

 

So you're on board with why you need a vision, but just how do you go about creating one? There are several different ways to create a vision for your business. There's no right or wrong but the important thing is to start writing it down.

Over the years, we've found that using the Collins-Porras framework works really well. From their study of hundreds of companies, Jim Collins and Jerry Porras defined a vision in terms of a core ideology (or a guiding philosophy) and an envisioned future (or tangible image of the future)..

Core values 

Collins and Porras define “core value” as a value  'so fundamental and deeply held that they will change seldom, if ever.' Think of these as the things as your organisational DNA. It's the stuff you'd do even if you didn't get paid for it. For example, being eternally curious. 

Core purpose 

A core purpose should help employees understand what they are working towards and how their efforts contribute to the organisation as a whole. It should encapsulate the essence of why the business exists. For example, Nike's core purpose is 'to experience the emotion of competition, winning, and crushing competitors.'

Big hairy audacious goal

Collins and Porras found that visionary companies often have big hairy audacious goals. The goals should stretch and inspire, be concise and easy to understand. In 1954, Sony's BHAG was to

'become the company most known for changing the worldwide image of Japanese products as being of poor quality.'

It's  probably safe to say they've achieved this.

Vivid description

You business vision should paint a picture with words of what the business will look like in 10-20 years. It should convey feelings of passion, emotion, conviction that will accompany the achievement of the goal.

Collins Porras vision framework

OTHER THINGS TO THINK ABOUT 

There are loads of things to consider when you're growing your business. Here's a few key questions we ask our clients:

Team

  • How much capacity have you got to achieve the vision within the current team?

  • Do you have an idea of the skills you'll need on the team to enable growth?

  • Have you got the right team in place to help you grow?

  • Has everyone got clearly defined roles in the growth plan?

  • Does your company culture help or hinder growth?

Technology

  • Does your technology stack enable you to scale?

  • How do your customers want to interact with technology? If data is digital gold, how are you mining your CRM (assuming you've got one!)?

  • What type of investment do you need to make in technology?

  • How will technology influence / change/ disrupt your industry in the next five years?

  • Are there new entrants to the sector that are leveraging technology to change the game?

  • Is your board aware of technologies such as web 3.0, NFTs, blockchain and how these things could impact your business?

GOVERNANCE

  • Do you have good governance procedures in place?

  • Are you having board meetings to agree actions and make decisions?

  • Have you got the right/enough funding to finance the growth?

Conclusion

Creating a business vision will prioritise your goals to grow your business, as well as help create an effective strategy to attract, nurture and convert customers. 

To find about more about how to create a powerful business growth strategy, download our free ebook How to Build a Business Growth Engine.

Download the free e-book