Every startup needs to develop a vision statement. It is a core part of defining your business.
So when you and a couple co-founders decide to create a startup.
GREAT!! You need to accomplish several things. Please take a look at John Gale’s post; To Do Before Company Formation As you will see; one of the things that you need is a vision statement.
How to Develop a Vision Statement
Here are four alternative ways to accomplish that vision statement.
- You can just write it down. This is probably not a good idea; unless you have already given it a lot of thought and discussion.
- You can follow a simple process:
- You need to express a vision of what your startup will become.
- Then you need to determine what of that you can accomplish in the next year; a phase I version.
- Then you can expand that scope to include a meaningful end game.
- Then do a little editing and you have Version I of your Vision Statement.
- Or you can follow a slightly different process. You might:
- Write down the key principles guiding your strategy
- What are your four main goals?
- Describe what you wish your startup to be in five years.
- Pull the above text together into a brief paragraph and you have Version I of your Vision Statement.
- Or you might read the 38 page eBook Creating Your Business Vision by Michael Nichols and follow that path.
Plan on Revising Your Vision Statement
As you do your quarterly plan updates for your startup; include a review of your Vision Statement in that process. Similarly; after year I you will want to review your Vision Statement on an annual basis until you complete your financial exit. As you perform these reviews you need to check to be sure that your Vision Statement is in harmony with your Mission Statement and the other elements of your business plan.