Rotem Eylor, founder and CEO of Republic Floor.
If you were to ask any of the iconic business leaders from the past 20 years what propelled their success, most would say something about the vision they had for their venture.
Estee Lauder, for example, said, “All great things begin with a vision.” Tony Hsieh of Zappos said, “Chase the vision, not the money” and Jeff Bezos said Amazon was “flexible on details” but “stubborn on vision.”
Rarely will a successful business leader downplay the importance of the vision for their company. Rather, most will say that visioning, or developing a picture of the goals that the organization will strive to accomplish, is a worthwhile endeavor that every business should undertake.
I’ve found that taking a visioning approach to business can be an incredibly powerful initiative. Here are five ways in which a solid vision can help propel your business to higher efficiency, productivity and profitability.
Visioning Guides
A vision is not a goal that you want to achieve like a 25% increase in profits or a top-tier business award. It is a destination—the picture of what your business will look like in the future—and every step your business takes should bring you one step closer to your vision.
As your business grows, how will you know where to reinvest? If your business has a setback, how will you know which projects, departments or product lines can be cut? If you are presented with an idea for a new product or service, how will you know if it should be developed?
Your vision will guide you in all of these areas. It informs your decision making by providing your north star and keeping you focused on what you are trying to achieve so that you can better assess the value of any opportunities.
Visioning Drives Engagement
According to the latest research from Gallup, employee engagement in U.S. companies is on the decline. One of the main reasons employees give for their lack of engagement is a lack of connection with the company’s purpose; another top reason they cite is a lack of clarity on what the organization expects of them.
Visioning can fix both of those problems by providing an ever-present, high-priority purpose upon which employees can focus. It also provides a standard by which performance can be evaluated, clarifying that employees are expected to take steps that move the organization ever closer to the vision.
When done correctly, visioning does more than provide a mental picture of where the organization is headed. It provides a shared mental picture that everyone in the organization can approve, embrace and support. Vision engages all stakeholders in the mission of moving forward toward a shared goal.
Visioning Differentiates
More often than not, it is your vision that will differentiate your company from the dozens of others that offer the same product or service. Take Elon Musk’s leading spot in the electric vehicle (EV) market, for example. While other companies were adding EVs to their fleets, Tesla was pursuing a vision to “accelerate the world’s transition to sustainable energy.” This vision of radical sustainability allowed the company to stand out in the automotive market, attracting a highly motivated and fiercely loyal customer base.
Visioning Rallies
The past several years have brought an unprecedented level of disruption to the business world. First, a worldwide pandemic brought business to a virtual standstill, and in its wake, the global economy struggled to find secure footing. Now, in 2023, a new AI renaissance is redefining how work is done, injecting both excitement and anxiety into the workplace.
As these factors play out, they have the potential to result in distraction, discouragement and disengagement. Rallying around the vision you have for your business can be an effective way to reassure your employees and recapture their attention. While unexpected events may delay progress toward a vision, they rarely make it impossible to ultimately achieve it.
Vision Inspires Innovation
While visioning defines a specific destination, it does not limit an organization to a particular strategy, process or business model. It provides employees with a “where,” but it does not define a “how,” giving it the potential to foster and drive innovation.
Organizations that remain committed to their vision tend to exhibit a “whatever it takes” mindset, seeing setbacks as temporary. But because they have already seen the vision in their mind, they know it is possible. If achieving the vision requires innovation, then they will become innovators in their own right.
As business leaders transitioned into the new normal that was sparked by the pandemic, many began talking about the importance of operational agility, encouraging strategies to be flexible and goals to be held loosely. While that may be helpful in an era marked by uncertainty, I believe that holding unswervingly to a well-defined vision can be an even more effective way to drive an organization forward.
Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?
Read the full article here
