Strategic Decisions: Determining Your Core Values and Vision

Just like running a marathon or hiking up a mountain, it is important to have a map and navigation tools to ensure that you reach your destination. Having a company vision and a set of core values is similar to having a map to help your team steer the organization toward success.

Many successful organizations have a few things in common: they have a vision that is recognizable, unique, and representative of the business, which explains the market impact and consumers’ impression of the brand.

As a leader or entrepreneur, it is important to determine your vision and core values to move your business forward.

What is the vision of a company?

A vision statement is the essence of the company’s goals and aspirations. It describes the ideal outcome when the organization achieves its mission, which gives your team the confidence and motivation they need to reach for bigger goals.

The core values of a company are what make up its culture and define its vision. Although a company’s business strategies, product offerings, and customer practices might change with passing time, it will always stick true to its vision, making it the most important guiding principle in making long-term decisions.?

How important is it to have a company vision and core values?

A vision statement provides a focal point to ensure that everyone in the organization is working towards a single purpose in the long-term. By comparison, a mission statement talks about the products, services, and customers in detail.

An effective, well-crafted company vision statement holds the organization to a standard of excellence while conveying the purpose of the organization to all stakeholders.

Here is how having a set of core values and a company vision will benefit your company:

• Unite your team by working towards a common goal

Leaders need to set a clear company vision to provide guidance and direction for their employees. Each and every employee differs in terms of working experience, personalities, and understanding of the company; the best way to form a cohesive team is to unite them with a vision. Working together on a tangible plan helps teams unlock potential from diverse experience and personalities, while setting themselves up for greater success through efficient task completion.

• Give employees a sense of purpose and direction:?

Well-crafted vision and mission statements help employees understand the company's goals and objectives better, which gives them a sense of purpose and motivation to perform at their best. A clear vision provides a framework to spark engagement, creativity, innovation, and collaboration among teams for better work performance.

• Attract top talents to your company:?

Take care of your employees and they will take care of your company – this is why attracting and retaining talent is vital to grow your business. Good employees will be attracted to an organization with a strong and compelling vision. New hires are more likely to join your team if your company has a strong sense of purpose that they can align themselves with.

• Stay focused and motivated during tough times:?

Employees can be easily overwhelmed with crises without a clear set of objectives during tough times. Having a clear vision helps your employees to stay focused on the important tasks while finding meaning in their day-to-day work.

• An essential guide for long-term success:?

To build a successful company, leaders cannot just blindly go ahead without reflecting back on past mistakes and potential threats. Make it a point to stop and reflect throughout your journey, which means learning from past experience and revisiting your company's vision to make sure it remains relevant amidst constant changes.

Crafting a company’s vision and core values

Vision statements are not vague sentences with lofty goals — they are as important as your company’s finances and resources in your entrepreneurial journey!

As a leader, you need to come up with a clear, simple vision that shows what your company really stands for. Usually, the vision statement and core values go hand-in-hand because they complement one another to provide guidance for the organization.?

Craft a vision and a set of core values for your business by:

1. Figuring out your organization’s purpose

First and foremost, you should be aware of your organization’s purpose. Lay the foundation for your vision statement by defining the values and beliefs that will help you serve the purpose. Next, imagine what your organization and the world would look like if you achieved these goals and manifested the core of your vision statement.?

2. Projecting a short and long term plan

Setting up goals becomes much easier once you’ve grasped the purpose and values of your organization. Use the STAR (specific, timebound, attainable, and relevant) method to guide your vision drafting.?

3. Using simple terms and memorable phrases

Your vision statement is for everyone who is associated with your organization – it should be unique, simple, and easily memorized.? A vision statement should clarify your purpose and point your organization towards a specific future, together with core values that ties you and your team together.

Approaches to take when crafting your vision and core values

1. Be Positive

The road for entrepreneurs is never easy, but keep your vision focused on positive outcomes. Don’t let fear guide your vision plan! You may end up focusing more on damage control than creating meaningful impact.?

2. Be Ambitious

If your dreams don’t scare you, they’re not big enough! A vision statement is like a lighthouse in the dark that guides you through the waves. It sets a standard of excellence, so make sure it is motivating and inspiring. Shape a vision that reflects your business aspirations — don’t worry too much about practicality! What seems impossible at first may be achieved down the road with technology advancements and the right team.

3. Be Adventurous

A leader must be able to take risks and venture into uncharted territory. Keep your vision statement broad yet relevant to ensure that future opportunities do not affect your organization values. A vision statement should encourage business leaders to explore beyond your horizons, while sticking true to the company values that make your organization unique.

Analyze the VUCA factors to craft your company’s vision

The VUCA (volatility, uncertainty, complexity and ambiguity) leadership framework was introduced in 1987 to help leaders in the post-Cold War era navigate rapid global development. It recognizes that our external environment is changing rapidly and leaders have to adapt to stay competitive — this is more important than ever as we enter the age of disruption and digitalization. Your company’s vision should address the challenges posed by AI, and provide a roadmap for adopting new technologies to remain agile.?

1. Volatility

The rapid changes in an industry or market that are only intensifying with the rise of AI and big tech — as a leader, how can you turn crises into opportunities for your company? During the process? of crafting a vision statement, you should look at the volatility that AI and big tech bring to your industry, such as new competitors or changes in customer tastes, and consider how they might affect your business.

2. Uncertainty

A dynamic business environment poses a lot of uncertainty for a business. To quote Sun Tzu, “Know the enemy and know yourself, in a hundred battles you will never be in peril.” Leaders must identify the uncertainties that AI and big tech bring to your industry, including labor regulations and privacy concerns, in order to prepare for the changes that lie ahead. Don’t get too worked up or anxious about the tough challenges that lie ahead! Craft the right company vision to help you plan a good business strategy to remain ahead of the curve.

3.? Complexity

Leaders are encouraged to embrace AI and technology to increase productivity, but since we are still in the early stages of adoption, companies may find it difficult to adapt. Navigating your business through dynamic changes is a complex process. You have to figure out the bottlenecks that AI poses to your industry, such as data management or cybersecurity, and find ways to simplify these factors for better productivity.

4. Ambiguity

How do you, as a leader, react to unfamiliar and ambiguous situations posed by AI? AI and big tech may introduce new competitors and digitalized operations that will disrupt your industry, and leaders must consider how to adapt to these factors. You can take an agile approach and turn it into a growth opportunity, or go with the flow in accordance with the “wu wei principle” that calls for “effortless action” — make sure it is reflected in your company’s vision!

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Communicate it to your team and stakeholders?

Action speaks louder than words. Once you’ve defined your company’s vision and core values, you need to communicate them to your team and use these values to guide the company’s decision-making process.?

Here’s how you can do it:?

• Include the core values as a part of your company’s recruitment and hiring criteria
• Set a recognition and reward framework based on the vision and core values
• Establish performance appraisal and punishment system
• Mention your company’s vision in communication materials such as brochures, newsletters, and website
• Feel free to talk about your company’s vision in casual conversations with friends, employees, and stakeholders too!?

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Creating a vision statement and core values is a deceptively easy but critical step in launching any business. Entrepreneurs and business owners are no strangers to feeling confused and overwhelmed, especially at the early stages of starting a company.?

Taking the first step is always the hardest, but I will be here to support you and guide you through your business journey! Reach out to me today, and I can help you create a Vision Summary with proven tools and methodologies such as: Scaling Up, Mindvalley, Kolbe, CliftonStrengths, and many more. Let’s make your business vision a reality together!