Entrepreneurs are classic risk-takers. But one risk they cannot afford is rushing into business without establishing a long-term vision.
Many well-intentioned entrepreneurs launch an innovative business based on their passion, only to find themselves unable to turn that passion into a sustainably profitable business. Lay a strong foundation for a new business by building and maintaining a long-term vision.
We found a great article from Business News Daily on how to write a vision statement for your business right here, but below are some ways to make sure that vision becomes part of the identity of your company.
3 tips to commit to a long-term vision for your business:
1. Your vision plan should be aspirational, so dream big and use your vision statement as a reference as the business grows: Does this expansion help us reach our vision? Does this hire believe in our vision? Does this decision move us toward our goal?
2. Make sure everyone in the business knows the vision. Leaders cast the vision for their businesses and create a plan for where the business is going, but need to share that vision with the organization. These guidelines help employees navigate the external environment on a day-to-day basis and make decisions both large and small. You may even want to make sure every employee has a hard copy of your mission, vision and value statements!
3. Accept that you are responsible for the continuation of the business after you leave. Businesses have life beyond their founders and original shareholders, and a long-term vision allows entrepreneurs, founders and owners to see beyond their involvement to the point where they can hand off the organization to the next generation of owners. Having a clear and shared long-term vision plan helps guide the evolution of the business regardless of who is at the helm.
Need help addressing a hurdle for your business or getting started? We offer education and counseling to businesses of all shapes, sizes and stages through Pathway WBC.
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