The Importance of a Vision

Been there. Done that. Got the T-shirt. Experience, it’s a great thing to have, isn’t it?

Unfortunately, not everyone (or every business) has “got the T-shirt”.

And more unfortunate, as well as lacking experience, many companies in the UK, especially SMEs, generally also lack a vision for their organisation.

Whether it is the terminology or the process that creates the barrier, the outcome is that far too little time is spent on defining the business and its direction.

This was brought home after reading this small business owner’s blog, 'Working all the time is not a business it’s a life sentence.

 
“Mum, do you know it is Saturday tomorrow?”

“Yes”

“Well why are you still working at midnight?”

Good question and one for which I did not have a fitting reply.

Starting up your own business is exciting.  Breaking away from the 9-5 rat race and dreaming of better things to come without a boss, fills many of us with enthusiasm and energy to conquer our piece of the world.

It starts out as a grand adventure, a project that fills your head with possibilities, challenges and wonder.

Then comes the wakeup call – the night your son asks you why you are still at your desk at midnight. A question that you should be able to answer easily, but you can’t because how you can admit you’re struggling to keep up, that you feel out of your depth, that you’ve bitten off more than you can chew and you can’t handle it all?

On reading this, two things struck home. Firstly, the words in the title relate the business to a prison; and secondly, and more concerning, the person was unable to explain why the effort was necessary.

Research states that 85% of businesses don’t survive four years. As a statistic, it sounds pretty bad, however, a large number of these are where the ‘boss’ is quite literally “the business”. In these instances, the business is often set up and based upon the individual’s area of expertise. The dream is quickly forgotten because of the challenge and energy needed to get beyond start-up. They win a few clients and survive. Income is not as consistent as the old monthly salary, the hours are longer and the dream becomes a nightmare.

So what went wrong?

A business doesn’t come to life until someone breathes life into it. The heartbeat of the business is its Mission, Vision and Values.

Mission or Purpose

‘Being my own boss’ may be the reason for starting a business, however, this is not the purpose of the business. ‘Purpose’, or ‘mission’, as it is often called, explains three things:

 1.       Why are you in business?

 2.       Who are your customers?

 3.       What can you do for them?

Unfortunately the failure to research whether the marketplace needs another one of this ‘type of business’ is a major cause of new business owners being separated from their redundancy money.

Vision or Goal

The second element is the ‘Vision’ and many people don’t like this aspect as it seems too vague or it’s just about ‘being the best’!

Having a vision is no guarantee of success but it does define the desired destination.  Knowing the destination provides the ability to build a road map from Mission to Vision. Knowing your destination allows you to do three things:

1.       Plot the waypoints on your journey

2.       Re-route if necessary

3.       Understand when a cost is actually an investment

Focusing on ‘Purpose’ and ‘Vision’ also has the added bonus of allowing you to begin to think strategically about the business.

This skill set is a requirement for success. Without it you can get swamped in the chaos of operational work.

The best time to focus on strategic planning is at the start of the business lifecycle – once the operation is up and running it can be a challenge to make time to focus on strategy as the tendency is to get bogged down in the ‘day to day’.

Many people actually think it is unnecessary. This is a mistake.  The ability to plan strategically is critical to business success.  The process is simple and is also transformational in bringing clarity to your dream and providing direction of travel.

Whether you begin at the start (mission) or at the end (vision) is rather immaterial. However, if this is being done retrospectively then it is recommended to start with ‘mission’ to gain clarity about what the business actually does!

So if you find yourself working late on a Friday night and being questioned by your child, you can say without any hesitation that it is important for all your futures. But, more importantly, it means that you have the freedom to spend all of Saturday with your child.

So, as we end consider this small point, adjust the story slightly; replace the child with an employee.  What will you say that will provide clarity of purpose and direction that will enthuse them to work willingly to help you get there?