Why Your Small Business Needs a Vision Statement
To be successful, an entrepreneur must have a clear vision for their business. The vision is what defines the overriding purpose for the business and if done right, should inspire employees to help the business be successful. The company vision doesn’t have to be long; in fact, it should be succinct and seen as achievable by all company stakeholders.
Creating a vision statement is a way to share the organization’s purpose with investors and then customers and employees as the business grows. Your business’ purpose should be clearly communicated in the vision statement. It should be used as a tool to motivate employees to keep your company on the forward-moving path you have envisioned.
What is a vision statement?
Not to be confused with a mission statement that outlines the “who, what, and why” of a business, a vision statement is a short, written statement that explains the meaning and purpose of the business along with the impact it hopes to have over time. A vision statement should be like a guiding light for employees and for business owners who make decisions that will affect the direction of the company.
It’s time to write your vision statement
Even if you’re in the start-up phase, it’s important to have a vision statement. What better way for investors to understand your purpose and for you to figure out what you want your business to achieve? The first thing to do is ask yourself one simple question: why are you in business? Or put another way: why does my business exist? Next, think about where you want your business to be and what you want it to accomplish in the next five and 10 years. Third, answer who and what area your business aims to serve.
Start by jotting down notes to answer these questions. Next turn the notes into a draft sentence or two. Over time, you can create a compelling, memorable sentence that captures your purpose and goals.
You may be able to find inspiration from the vision statements of other companies that you admire.
Think about the words your clients use when they talk about your products or services.
Don’t stress about making the statement perfect on day one. You can edit it over time.
Examples of vision statements:
Kaiser Permanente Hawaii: We are trusted partners in total health, collaborating with people to help them thrive and creating communities that are among the healthiest in the nation.
IKEA: To create a better everyday life for the many people.
Google: To organize the world’s information and make it universally accessible and useful.
Hawaiian Airlines: To be the #1 destination carrier in the world.
Share your vision
When your employees understand and believe in your vision, they are more likely to be motivated to work to help you achieve it. This is why it’s important to share your vision with employees. Explain your vision clearly and answer any questions. It’s also why you should always live by your vision. Employees will know you are sincere when they see company decisions being made that line up with your vision. Your words and actions should be an example of how to work to fulfill your vision.
Partnering with Makai HR
While creating a clear vision statement is very important, you also have the practical tasks of running a small business to consider. We’ve got your HR needs covered through HR outsourcing! When you partner with Makai HR you can get on with the business you are trying to grow while we take care of your employee needs from payroll to taxes, health insurance/benefits and worker’s compensation. You also gain peace of
mind that you are compliant with all of Hawaii’s employer laws (if you’ve ever looked you know that the list is very long). When choosing a PEO to partner with, there are many things to consider including cost, services and technology solutions.
With the cost of doing business in Hawaii at record highs, we know how important it is to keep labor costs in line with revenue. Our plans are priced competitively and include value-added services like time-in/time-out systems. Our three tiers of PEO service plans are tailored to the size of your business and specific needs. We offer a 100% paperless solution which means that your employees can manage their needs through a computer, tablet or phone. We can truly improve your employees work benefits while freeing you up to run your business.
What are you waiting for? Companies that partner with a PEO benefit from 7-9% faster growth, 10-14% lower employee turnover; and they are 50% less likely to go out of business. Contact us today to get started!