If you want to achieve growth in your business, the first place to start, is drilling down and gaining clarity on what growth looks like. This can be achieved through the development of a strategic midterm vision for your business.
One of the fundamental differences between the outcomes of my clients who achieve rapid growth in their businesses and those who do not, is often the presence and adherence to a clear and compelling vision. The companies that have prioritised vision development within their business and ensured that the vision is descriptive and representative of the direction of travel they want their business to take, are those who generally make the fastest progress. This is irrespective of industry, size at the point of starting the process and/or financial position.
“I have worked with businesses who have been operational for years, but who have remained stagnant. Within months of completing the vision process, they have achieved rapid growth.”
I have worked with businesses who have been operational for years, but who have remained stagnant. Within months of completing the vision process, they have achieved rapid growth. But why? There are a few key reasons that I have identified:
CLARITY ON THE DESTINATION IS MOTIVATIONAL
When you have a clear picture of what you are trying to achieve and where you are trying to go, you are eager to get there. You are increasingly motivated to take consistent action towards reaching the destination. Rather than trying to be motivated by an elusive, unclear idea of success, you have a clear visual image of exactly what success looks like. You will be much more consistent in completing the specific actions and tasks required to reach the destination. This will lead to speedier growth if you are completing the relevant tasks.
A strong vision can also help to motivate your team. It is important to ensure that you obtain buy-in from the team. Getting your team to understand where they fit within the vision and the pursuit of it, can help get them on board and ensure they remain motivated.
PRIORITISATION OF STRATEGIC TASKS
A good vision should include annual goals and an action plan. These act as a blue print for success or a road map to help you reach your destination. You will be able to prioritise tasks and opportunities that move you closer to your destination. More importantly, you will be able to decide on which opportunities that you should say no to, that do not add value to your pursuit of growth. You will shelve activities that are not of strategic importance in favour of those that are.
Growth of small businesses can be decelerated due to lack of discernment between genuine opportunities and activities that are not in line with the strategic direction of the business. If you have no strategic direction, you will say yes to anything that looks like it could be interesting. You can fall victim to shiny object syndrome, chasing opportunities that are not relevant merely because they seem exciting or on trend. With a clear vision, you focus on opportunities that are in line with the vision you are pursuing.
GROWTH ACTIVITY BECOMES PROACTIVE RATHER THAN REACTIVE
When you have a clear vision you will become an active participant in the pursuit of growth rather than a reactive bystander. Many small business owners are the latter. Entrepreneurs who are clear on the destination and the stepping stones needed to get there, proactively pursue opportunities and partnerships that will help them grow their businesses. Rather than waiting for growth whilst reacting to the day to day operational requirements of the business, these business owners are planning, strategizing and taking strategic action. They are building strategic partnerships and taking consistent ACTION.
IDENTIFICATION AND MITIGATION OF RISK FACTORS
A compelling vision will also identify risks and impacts that could prevent or decelerate growth. Companies that carry out this process, are able to mitigate against risks and negative impacts by identifying them before they arise. They create a strategy for overcoming any predictable thing that may stop them achieving their vision. Growth can be more consistent without many random setbacks.
If your business could benefit from the development of a compelling vision to aid in growth, book a discovery call to find out more about our Vision:20 process.
