8 Questions to Ask When Developing Your Company’s Vision Statement

Most businesses have a mission statement developed – the operating philosophy and stated goals they have established – but do they also have a vision statement?

According to best-selling author and entrepreneur Tamara Monosoff, a vision statement is imperative for a new business. This vision statement helps a business owner narrow down exactly what he or she is hoping to have their business become.

Monosoff (www.mominventors.com) is the author of several books including “Your Million Dollar Dream” and “Secrets of Millionaire Moms.” In “Your Million Dollar Dream,” she helps entrepreneurs crystallize their business ideas and flesh out exactly how to execute their plan.

According to the book, there are 8 questions to ask when you are developing your company’s vision statement:

What type of company is this?

What markets does it serve?

What is the geographic scope?

What customers will it target?

What are the key products and services?

What size will the company be in 3 to 5 years?

What will revenues be?

What number of employees do you hope to have eventually?

These steps are outlined in Chapter 13 of “Your Million Dollar Dream.” In this chapter, along with the book she co-wrote with Jim Horan called “The One-Page Business Plan For Women in Business,” she stresses the importance of planning.

It’s not something we like to do. “It’s kind of like visiting the dentist,” she writes. “There’s a tendency to anticipate the worst and put it off.” But she also notes that, of those who do plan, the success rate in their chosen business is infinitively better than those who do not plan and who might succeed in spite of themselves.

Common mistakes business owners make with their vision statements include making it too broad instead of laser-focused, as well as forgetting to include revenue and size. She notes many times women low-ball revenue numbers for fear of appearing greedy or dreaming too big.

The disadvantage of underestimating your business comes if you are looking for investors. Most investors want to see a big return and if the numbers are too low, they may wonder why they would take the risk.          

So taking time to plan your business, putting together a plan such as this and putting it into action will increase your chances of success. Take the time to take a hard look at your business and you’ll be glad you did. Please read much more detail in Monosoff’s fantastic, realistic books and on her valuable website at www.mominventors.com.