Personal Vision VS Business Vision: What Do They Mean For You?Posted: December 4, 2018
A business is so much more than a “job”. It’s a lifestyle, a world-view, a reflection of the type of person you want to be. It’s how you want to contribute to the community, where you see yourself in your future, and in some cases, it’s what you want to leave behind.
So many business owners tell me that they want to take their business to the next level, but they never define why. Everyone has goals, but they rarely take the time to write everything down and decide the “how’s” and “why’s” of what they want their business to be. In my experience, it’s not only helpful to carefully consider and record your vision – it’s essential.
These personal goals and business goals can be defined and followed by crafting a personal vision and a business vision. Here is a brief outline of both and not just how they are different, but also how they can work together.
Create your personal vision first. As the owner of the business, your vision is key to where you want to take the business.
Do you dream about being able to take your family on vacation to an exotic location once a year? How about a four-day workweek, or buying your dream home? These things could be part of your personal vision.
When crafting a personal vision statement, you’ll need to write down where you want to be in a year from now or 2 years from now. This could include considering your desired material lifestyle, your passion giving back, your ideal workweek, time with your family, and time enjoying the things you love (not your business). If you want to make sure that you are making enough money so that your children can have their college tuition paid for, this should be recorded in your personal vision statement too.
In addition to this, it’s important to include an exit strategy in your personal vision. This will detail how you would like your business to proceed when you retire, including whether or not you intend on naming a successor (e.g. a spouse or child), or if you would prefer to sell the business. Be mindful that your exit strategy is carefully considered, and entails what you plan to do in place of work. Some business owners find it hard to leave their business behind, and it can never hurt to plan ahead for how you will fill your free time in the future.
Once you’ve completed your personal vision, it’s time to concentrate on your company vision. The two go hand in hand. If for example, you want to spend only 6 months of the year working at your business, then part of your business plan needs to include finding a current or future employee who can take on some of your current roles and responsibilities. If your plan is financial freedom, then your company vision will be to increase your sales and marketing efforts, etc.
As the business owner, it’s up to you to set the company vision; it is not a team approach. Although you need to share it with your staff, the company vision statement needs to be synergetic with your personal vision so that the two can work together to create a business that benefits both you and your employees.
The company vision will also help you create a big picture idea of what your company will look like as a whole, for both you and your employees. This is why creating a company vision can enhance your existing leadership skills, which in turn helps your employees attain their own career visions.
Writing out a personal vision and business vision and following them is crucial, and often, overlooked in creating the kind of business you’ll be proud of. Writing out what you really want out of your business in a personal vision and then writing out how it can be achieved through your company vision can be both humbling and gratifying.
To get a better understanding of how to help your business grow, contact me today to find out more about joining The Alternative Board.