Vision of Business05/03/2020
In the context of management, a vision is an expression of what the organization wants to become, what it wants to be, to be known as or to be known for. It is the long-term objective of the organization.
The vision comes from the leaders it is how they express the future for the organization or its strategic direction. However, it must be practical and feasible while representing a challenge for the organization. The vision must also be shared by the members of the organization so that everyone clearly understands what the organization is striving to become. To create a vision for the organization top management should identify the key potential influences on the organization over the next ten years in terms of the economic, political, social and technological influences.
A vision statement describes what a company desires to achieve in the long-run, generally in a time frame of five to ten years, or sometimes even longer. It depicts a vision of what the company will look like in the future and sets a defined direction for the planning and execution of corporate-level strategies.
Key Elements of a Good Vision Statement
While companies should not be too ambitious in defining their long-term goals, it is critical to set a bigger and further target in a vision statement that communicates its aspiration and motivates the audience. Below are the main elements of an effective vision statement:
- Motivating and inspirational
- Reflective of a company’s culture and core values
- Aimed at bringing benefits and improvements to the organization in the future
- Defines a company’s reason for existence and where it is heading