Vision statement explained

A vision statement is a high-level, inspirational statement of an idealistic emotional future of a company or group. Vision describes the basic human emotion that a founder intends to be experienced by the people the organization interacts with.^{[1] [2] [3]}

Vision statements may fill the following functions for a company:^[4]

• Serve as foundations for a broader strategic plan.
• Motivate existing employees and attract potential employees by clearly categorizing the company's goals and attracting like-minded individuals.
• Focus company efforts and facilitate the creation of core competencies by directing the company to only focus on strategic opportunities that advance the company's vision.
• Help companies differentiate from competitors.

Characteristics

A consensus does not exist on the characteristics of a "good" or "bad" vision statement. Commonly cited traits include:^[5]

• concise: able to be easily remembered and repeated
• clear: defines a prime goal
• time horizon: defines a time horizon
• future-oriented: describes where the company is going rather than the current state
• stable: offers a long-term perspective and is unlikely to be impacted by market or technology changes
• challenging: not something that can be easily met and discarded
• abstract: general enough to encompass all of the organization's interests and strategic direction
• inspiring: motivates employees and is something that employees view as desirable

See also

• Strategic planning
• Mission statement
• Strategy Markup Language

References

• Book: Project Management Institute. A guide to the project management body of knowledge (PMBOK guide). 2021. Project Management Institute. 978-1-62825-664-2. 7th. Newtown Square, PA.

Notes and References

1. [Start with Why]
2. [The Infinite Game]
3. Web site: Chapter 8. Developing a Strategic Plan Section 2. Proclaiming Your Dream: Developing Vision and Mission Statements Main Section Community Tool Box . 2024-06-25 . ctb.ku.edu.
4. Lipton. Mark. Demystifying the Development of an Organizational Vision. Sloan Management Review. Summer 1996. 37. 4. 83. 2019-11-25. PDF download.
5. Kantabutra . Sooksan . Avery . Gayle . 2010 . The power of vision: statements that resonate . Journal of Business Strategy . 31 . 1 . 37–45 . 10.1108/02756661011012769.