I have had the good fortune to work with some great companies and started a number of businesses in very different industries- broadcasting, cable sports network, internet, software, and technology.  In every case, I’ve always established a vision for the company with my management team.  What did we want our company to look like in 3 to 5 years? 

Many business owners are moving so fast in this difficult business environment that they haven’t taken the time to sit back and ask “what do I want my company to look like five years from now?”  This is a pretty important question that when answered, may change the direction of how they take their company forward.  There are many components of the business plan that need to be tended to.  They include-

·        What are the key markets and strategies that you can set to insure success for your company?

·        SWOT analysis- what are your strengths, weaknesses, opportunities and threats?

·        What are the critical issues that you face and established objectives to address each of them?

·        The financial picture with income, cash flow and balance sheet projections clearly indicating the capital requirements for growth.

·        What are the possible exit strategies?

These are all important, but it is critical for the business owner to first establish a Business Vision for their company.  The Business Vision includes-

·        Mission Statement- What services or products does your company provide?  To whom do you provide it to?  And where do you provide your services or products?  Basically, why do you exist?

·        Values- What values do you wish for your company to stand for?  Internal and external? Would you always keep them?  Your values should not change even when the industry changes.  Values determine where you go.

·        Vision- create a vision statement that clearly states what you, the business owner, and your company are striving for.  You should set lofty objectives or milestones.  You must believe you can achieve them. 

Most all the great companies display their Business Vision on their websites.  Check out a few of them and if you do not have a vision for your business, take the time to establish one with your key management and staff.  You may be surprised at what your company can achieve.