What is a Business Vision?
Your business vision will provide you with the foundation, meaning and purpose of your business. However, before we get started on crafting your business vision, we need to get back to basics…
Why Did You Start Your Business?
Maybe you had an idea of the success you wanted but maybe you didn’t really take the time to create a vision of success for your business.
Maybe you wanted to dramatically increase your income. Maybe you wanted to help transform the lives of others.
Maybe you wanted to set your own work schedule, rather than have a ‘boss’ set it for you.
Whatever the reason for starting your business, it began with an idea, a dream, an undeniable vision of a very possible future.
But…Are You 100% Happy With Your Business?
Maybe you are not making as much money as you would like. Maybe you are working with unmotivated, low-paying clients.
Maybe you have ended up working more hours than you did at your ‘regular’ job.
Whatever the reason for your dissatisfaction with your business, it is due to a lack of clarity about what you originally wanted to achieve.
No matter the stage of your business’ evolution, if you want to improve it, you need to start by getting very clear about what you do for your business, and what you want your business to do for you.
What Do You Really Want?
Saying “I need to make more money” is not enough. Saying “I wish I had more clients is not enough.
Saying “I wish I had more time for myself and my loved ones” (you guessed it) is not enough.
You need to be crystal clear about what you really want.
When I work with my coaching clients, I am ultimately trying to get them to answer the following question: What do you really want?
I don’t ask them outright. I put them in a frame of mind that exist (for a few moments) outside of what they believe is possible.
The 20K Question
I do this by getting them to imagine that on the last day of the month they are going to receive 20K in their bank account. I ask them to imagine that they know for certain that they will receive this amount in their account every single month – forever.
They really need to imagine login into their account and seeing that amount.
I then go a step further and ask them a single question:
At the end of this month, you will have absolutely no need to work another day in your life.
What would you do with your time?
The reason behind this exercise is to get them to think about what they really want. I don’t want them to think about what they are obliged to do, what they are currently doing or what they think they should be doing.
I want them to focus on what they ultimately want from their life, and how their business is going to help them achieve this goal.
“…if you’re writing and you don’t know how the movie ends, you’re writing the wrong beginning…”
– Craig Mazin, Screenwriter and Film Director
How Will Your Business Will Help Improve Your Life And The Lives Of The People You Serve?
A vision statement describes your big dream of where your business will be in the future.
It will also serve as way to articulate how your business will help improve your life and the lives of the people you serve.
Your vision statement will:
- Give you ongoing motivation and inspiration to work on your business
- Give focus and direction to all your decision-making and strategic planning
Let’s begin at the end.
Your Unique Business Vision
Try and imagine 5 years from today, on this exact date. You are feeling happy and accomplished. Your business is so successful that a local journalist plans to visit your place of business to interview you about your success.
- What would that journalist be writing about?
- How would you be describing your success?
- What would have to happy in your business for you to feel 100% successful?
Your Revenue and Profits
How much money do you need a month?
Seriously, get a pen and paper and work out how much money you need to pay your bills and other obligations.
What are the things you want? Use the Internet, do some virtual window-shopping and calculate the cost of the things you want.
Maybe you need (and want) to earn 5K per month (after tax and expenses).
How Much Is An Hour Worth?
How many hours do you want to work a day? Example answer: 5 hours
How many days do you want to work in a week? Example answer: 3 days.
This equals 15 hours per week. Let’s round that up to 20 hours a week; equalling 80 hours a month.
5000 divided by 80 = 62.50€ per hour
How Many Clients Do You Need?
Let’s imagine that you have a 600€ per month service. That would mean that you need around 10 clients to make 6000€ per month.
What Would You Do With Your Business If Money Were Not an Issue?
Maybe your mind is questioning whether or not 10 people out of the billions of people in the world, would happily pay you 600€ per month for your knowledge and expertise.
Well, I suppose that depends on what you are offering.
So, let’s define an ultimate vision of your business in terms of the value you could provide.
How would you serve your client if money were not an issue for them?
Create Your Business Vision Statement
At this point, I hope that you are starting to build a high-level, big dream for your business
Now, combine the answers from the questions I have asked you into a short paragraph or two.
This will give you a vision of where you want your business to be, what you will give it and what you will get from it.