How Your Company Vision Impacts Your Bottom Line

Your company vision is often mistaken for company values and the “mission”. These terms get confused because they’re similar, but when it comes to the company vision, we’re talking about your future prospects. Your vision statement and overall vision for the future should focus on where you want your company to be in a specified amount of time; be it a month, a year, a decade, etc.

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Since vision is focused on tomorrow, it affects your company’s bottom line in a number of ways. Your mission statement says what you do today, and while it’s connected to your vision, the two aren’t the same and will affect your bottom line in completely different ways. How does the company vision affect the bottom line? Let’s look closer and learn how planning for the future can impact today.

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What Is Your Company Vision?

Do you know what your company vision is? Perhaps you’ve never actually considered it. Many businesses get caught up in the here and now and tomorrow falls to the back of the mind; an inevitability, but not a prime concern. Planning for the future here and now can ensure you’re staying on track with progress and planning for expansion, innovation, and new industry standards or market trends.

Crafting a vision is quite simple. Stay clear about what you want, pick your timeframe, and get started. Writing a vision statement can be a team-building exercise. That way, you’re getting input from everyone who will be involved with helping the business to thrive in the future. You might just brainstorm some excellent ideas for your company’s future!

Customers Seek Out Brands with a Purpose

Ultimately, a brand is made up of and run by people, but sometimes, there’s a disconnect. Some businesses feel like soulless entities out to get your money, and that’s certainly not what you want your business to look like. Most customers prefer a brand that has a purpose; a brand with some kind of goal or vision that lends itself to a greater good or the improvement of the industry/customer experience.

In fact, purpose is so important to consumers that nearly 63% of consumers prefer a brand that stands by one. A company that stands by its values, lives its mission statement, and actively works towards its vision statement appears more honest and trustworthy. It gives a more human element to the business.

Contrary to popular belief, consumers also want their favorite brands to take sides on important issues like environmentalism, social justice, corruption, and more. Businesses have incredible influence in the world, and customers like to see their favorite brands standing up for what’s right. If your business stands for something bigger than itself, you’re more likely to attract loyal customers.

At the end of the day, we all want to be heard and understood. Sometimes, it’s not enough to only be heard by friends and family. A brand that understands our beliefs supports them, and will stand up for them on the open market is something we can relate to and find solace in as consumers.

A Good Vision Keeps and Attracts Good Employees

Building success and influence in the business world requires the right team. An effective team can take your business to new heights, but in order to attract great employees, you’ll need a vision; a larger purpose. Employees want to work for an organization that is serving a purpose that is larger than just conducting business. We often forget that our work becomes such a large part of our identity; it only makes sense that we’d want a company that aligns with our own vision as well.

Employees that agree with the company vision are more likely to be happy with their work, and the benefits of happy workers are multitudinous. Creating a happy workplace with higher purpose can lead to greater productivity, lower turnover rates, healthier company culture, greater progress and creativity, less burnout, and a general sense of well-being for the company.

A good workplace also ensures that employees remain engaged with and interested in their work. After all, employees that don’t like what they’re doing or the company they’re working for will often underperform; costing the company money in the long run.

Brands With a Purpose Outshine Their Competitors

Consumers and potential employees alike are more attracted to a brand with purpose, so it’s no surprise that these companies are a step or two ahead of the competition. Your business can pull ahead of your competitors simply by solidifying your vision statement and company values. It’s that simple.

Even the simplest vision statements can be profound. Take, for example, Microsoft’s vision statement. The multi-billion dollar company employs around 156,000 people around the world and generates nearly $125 billion in revenue each year. The simple yet effective vision statement says everything the company wants to say in just a few words:

“Empower every person and every organization on the planet to achieve more.”

Short, to the point, yet impactful; that’s the true measure of a great vision statement. The company’s vision is reflected in its products and actions, as well; giving it an honest reputation that customers and employees alike can appreciate.

Defining Your Company Vision

Creating the perfect vision and vision statement takes a few simple steps. First, identify your bottom line goals. What is it that your company wants to achieve? Where do you see yourself in the future? Don’t forget to consider your company values as well. These can help guide you toward a better future and a more rooted vision statement.

Hosting a vision meeting can help you gather insight from the team as a whole, rather than brainstorming alone. Some of the best ideas come from a good old-fashioned team brainstorming session!

Remember that a good vision statement is simple but not vague. Take a stand for something; whether it be innovation, intellectual honesty, or better business practices and social awareness. Be progressive in your way of thinking.

Conclusion

A company’s vision statement can become the face of a business. Customers appreciate a business that stands for something they believe in, and you’ll always attract better candidates with a powerful purpose. With the right team, a powerful vision statement, and a carefully-crafted vision for the future, your company can join the ranks of those companies making real change in the world. Don’t underestimate the power of your vision statement!


About the Author

Jamie Davidson is the Marketing Communications Manager for Vast Conference, a meeting solution providing HD-audio, video conferencing with screen sharing, and a mobile app to easily and reliably get work done.