Entrepreneurial Management
Part 2 | Company Vision
In this module we want to do an aerial view of the business by stepping back and making big decisions before diving into the tactics. This starts with creating a vision for your business.
There are many businesses that don’t have a vision, don’t know where they are going, and don’t know why they’re even in business. When we ask our clients why they are in business, many reply that they haven’t thought about it.
Those who talk about creating a vision usually reference long statements that are hidden in the bottom of a drawer somewhere. This is not what we are talking about. What we’re talking about is your big goal for your business. What is the point of your business and why are you in business? We want it to be one sentence long. Not a paragraph. Not 17 sentences. Just one.
The vision at The Life Coach School is this,
“To be an example of what is possible with the self coaching model by making $100 million within one year.”
To create your vision you will need to ask yourself why you are in business. Why did you even start this in the first place? What was the purpose behind the work? It’s easy to forget about this when you’re growing and consumed with all the reactive challenges each day. Take some time to be in a quiet space and reflect on why you are in business.
This vision needs to be about you and not about your customers. It’s about what you will do, what you will create, who and what you will become as a business. Have your vision be about where you will end up. Tying a financial piece to it is super important.
You can have altruistic things you want to do, like helping millions of people and healing lives. This is great. But you are in business and businesses need to make money in order to stay viable and grow.
Consider the first part of your vision as the purpose, maybe the contribution. It may not be altruistic. That doesn’t matter. You get to pick what that vision is and then attach it to a long term—at least a 10 year vision—for how much revenue, or profit, or growth you want to have for that business.
It really is as simple as that. Why are you in business? Why do you want to be in business? What’s the contribution you want to make? And how does that translate into a financial goal for your business?
Narrow it down to one sentence and it will be the rudder to your business. It will be the thing you can always look to and ask, “Are we fulfilling the vision as a company?”
Do not move onto the next module until you have a vision you can start working with.