A stock analyst recently declared Amazon a “buy,” because Jeff Bezos has “a very solid vision of where he wants to take the company.” Vision is vital to make a company attractive to investors, and becomes even more important when you’re driving improvements to accelerate profit and growth.
A vision provides a clear picture of the future, preferably for the next 1 ½ to 3 years. Visions that are longer than that aren’t very practical since things change so rapidly, particularly in industries driven by innovation. Many companies use visions that extend 5 or even 10 years. Unfortunately, they become stale, which reduces their impact on employees, and such a long-term vision can actually send the company in the wrong direction.
What Should the Vision Do?
- Set clear goals and provide a means for people to establish priorities
- Create context for decision-making
- Serve as a sounding board for managers and employees at every level in the organization
- Keeps the focus on the big picture
- Answer the question, “why are we doing this?”
- Serve as a ruler to help measure urgency, define relevance and apply resources
- Set a foundation for action, which leads to ownership of results
To read more about the essential parts of a vision as well as how a vision works at the project level, read my latest Growth Accelerator newsletter.
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