If you have more than 1 person owning the business then it is very possible that both of you might have different views on what the vision is.
For example: 1 owner might want to grow the business so that they can build it up and exit out of it, whilst another might want to pass it down to their children. The point is that there needs to be discussion to align on what the vision will be so that everyone's needs are considered.
Each owner can craft their own vision independently and then each one can be discussed, and decisions taken to craft a combined vision. Ones that all owners align on. This is important as the next stage will be craft a vision statement that can be communicated to all stakeholders. It will also be referenced time and time again when you do work on your strategy.
Even if you are the sole owner, crafting your vision is a crucial step to take. Having a trusted friend or coach to talk these through would be a good idea.
The vision for your business should align with your personal aspirations and give you what you want in the long run. As owners you deploy capital based on the vision for your business and the risk you are willing to take.
At adapt, we use our 4 zone model to help you consider all parts of your business. We believe it gives you a simple framework that you can use in many aspects of your strategic planning.
Economic Engine
- What are our customers saying about you?
- What markets are you operating in? And what services or products are you taking to those markets?
- What impact are you having on the world? Your community? Your customer’s world?
- Do you want to grow the business?
- What do you want the business to contribute to the world?
Leadership & Culture
- What does it feel like to work here?
- What are the people who work here saying about the business?
- What is the culture like in the business?
- How big is the business? Revenue/ employee numbers/ profit
- What are the opportunities for people to grow and develop here?
- How involved do you want to be in business - now, short term, long term?
- In what roles do you think you best serve the business?
Financial Security
- What capital will be necessary and how will you access that capital?
- What is your appetite for risk?
- What are your thoughts on future ownership? sale, float, or handover?
- What sort of financial return do you want? Annual draw/ future return on investment?
- Do you want to hold some ownership in the future when you are no longer working in the business?
- What is the state of your finances?
Organisation Design
- What do your business systems and processes look like?
- How is this impacting your business?
Vision