Building Your Company’s Vision

Start your week on a positive note with this Newsletter ?

Every week, I carefully curate inspiring articles and share my thoughts, accompanied by motivational quotes. I hope you enjoy this next edition of my Monday Motivation, and I eagerly anticipate hearing your feedback and suggestions for future topics.

This week I would like focus on the topic of leadership and, in particular, building a company’s vision.? Building a compelling company vision is more crucial than ever in today’s dynamic business landscape.? It provides a compass, guiding strategic decisions and fosters a unified sense of purpose amidst constant change.? A well-defined vision not only attracts and retains top talent but also inspires innovation and drives long-term success.

For today’s article, Building Your Company’s Vision, I went into the archives from 1996. However, some thoughts simply get better as they are tried and tested through the decades. True vision is the North Star guiding your organization or endeavor through turbulent times and the fuel igniting passion within your teams.? Without a strong vision, companies risk drifting aimlessly, losing focus, and failing to reach their full potential.? The authors unpack their framework for building a truly visionary company.? We’ll explore the critical components of Core Purpose, Core Values, Core Ideology, and BHAGs, offering practical insights to help you craft a vision that inspires, motivates, and propels your organization to greatness.?

Core Purpose.

This defines the fundamental reason for the company’s existence, beyond just making profit. It answers the “why” behind the work and should resonate deeply with employees.? It’s not a specific goal but a guiding star, constantly pursued but never fully reached.? For example, 3M's core purpose is “to solve unsolved problems innovatively,” not simply to manufacture adhesives.

Core Values.

These are the essential and enduring principles that guide the company’s actions and decisions.? They are intrinsic and require no external justification.? They are so fundamental that the company would adhere to them even if they became a competitive disadvantage.? A company typically has only a few core values (3-5).? For instance, Merck’s core values include “unequivocal excellence in all aspects of the company” and “science-based."

Core Ideology.

This is the combination of the Core Purpose and Core Values.? It represents the enduring character of the organization, a consistent identity that transcends market shifts, technological advancements, and leadership changes.? It’s the glue that holds the organization together through time.

BHAGs (Big, Hairy, Audacious Goals).

These are ambitious, long-term goals (10-30 years) that energize and focus the organization. They are challenging and require significant effort and innovation to achieve.? A BHAG should be clear, compelling, and aligned with the company’s core ideology.? They are not about incremental improvements but about achieving something truly significant.? The authors identify four categories of BHAGs: Target BHAGs (e.g., “become a $125 billion company”), Common-Enemy BHAGs (e.g., “crush our competition”), Role-Model BHAGs (e.g., “become the industry leader in X”), and Internal-Transformation BHAGs (e.g., “completely revamp our customer service”).? A key element of a BHAG is the vivid description – painting a compelling picture of what it will be like to achieve the BHAG, engaging the emotions and inspiring action.? Think of Henry Ford’s vision of a car for the masses or Merck’s vision of a research facility dedicated to alleviating human suffering or SpaceX’s goal to drive humans to be a multi-planetary species.

By focusing on these four key elements, companies can create a powerful and enduring vision that drives sustained success and inspires commitment from all stakeholders.? It’s not enough to simply have a vision; it must be deeply embedded in the organization’s culture and operations.? As the authors emphasize, building a visionary company is “1% vision and 99% alignment.”? This alignment is what allows a company to “preserve the core and stimulate progress,” the fundamental dynamic of enduring success.? They also warn against the “We’ve Arrived Syndrome,” the complacency that can set in after achieving a BHAG.? Visionary companies constantly renew their vision with new BHAGs, ensuring continued growth and innovation. Amazing leaders do the same.

Stay on the beat with me and have an amazing start to your week ?

Yours,

Mark

Source

Collins, J.; Porras, J. (September – October 1996) Building Your Company’s Vision. Harvard Business Review. https://hbr.org/1996/09/building-your-companys-vision