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Should your vision change?

Had an interesting call regarding a Vision Statement; my client wanted to know if perhaps the company’s’ vision should change to keep up with the economic and political climate.

Let me review the essence of a vision:

  • a company vision should be made up of two parts:
    • first: core values and core purpose
      • Core values: there is no need to explain the core values of a company. They are the essential guiding principles which form the lasting foundation upon which a company is built. (we start all our Strategic Focus Plans by identifying the core values of the owners)
      • Core purpose: this is not an explanation of the marketing process nor the target market. The core purpose reflects the firm’s idealistic motivation for doing the company’s work.
  • Second: A vision for the future. This is a look ahead ( 5, 10 or more years) and a picture is painted as to what the company would look like. This represents the “dreams and hopes” of a successful future.

Once defined, the Vision Statement does not change. What may change is the Strategy which helps us reach the vision. The current economic and political climate can and will change many times during the life of a business and so will your strategies. There are many other factors that will require strategy changes, such as technology and changes in the habits of your target market.

Your vision should be the enduring part of your company and strategies should be held up to the vision to make sure there is no deviation.

If you do not have a vision statement or if you are not expressing your core values, then let’s sit down and better define your vision. A vision comes from within and it is not something that is an external creation.

As time goes by, the way people live outweighs the words they use.

Nick J. Petra CFP    subscribe to this blog at www.strategicduck.com 

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