Good to Great: How to Scale With an Outsourced CFO

A distinct vision is more than just an impressive phrase to frame and hang on the wall at your business. It keeps you on track, helps you to make decisions, and provides a cornerstone for future growth and development.

Simply put, it helps you to define what success looks like for your business.

Does your business need a vision? Of course it does. As an example, let’s take a look at two different visions for the same clothing store:

• Providing quality clothing to Brisbane residents at affordable prices.
• Providing custom clothing for Brisbane gentlemen of distinction.

How are these two visions different? If your aim is to provide affordable clothing to the masses, you will conduct your business differently than you would if you aim to serve a small, select group who can afford to have the clothing custom tailored. Your marketing will be different, your vendors and customers will be different, and even your in-house hiring will have to be conducted differently.

Let’s take a look at some of the reasons your company needs a clear, written vision statement.

 

You Need Direction

By establishing a clear vision for your business, you not only help yourself to solidify your goals, but you also help everyone else in your company to understand why the business exists and what makes it successful. You can think of your business as your North Star - the thing that keeps everyone on track and moving together in the right direction.

Your Vision Moves You Forward

By putting a clear vision in front of your employees and stakeholders, you keep everyone focused on the future.  Focusing on the future helps you to move forward, learning from yesterday’s mistakes and making productive goals.

 

It Helps With Decision-Making

In business, decisions have to be made all the time. Some of these decisions are anticipated, and others arise in the face of crisis. If you have a clear vision for your business, these decisions will be much easier. A clear vision provides a framework for your thinking. You can ask yourself, “Will this decision help us to move closer to our vision? Does it align with our goals?” If so, you can move forward confidently, knowing you’re staying within the established framework.

 

It Facilitates Improvement

A clear vision will help you to gather the correct metrics, and with accurate measurements of key indicators, you will know where you need improvement and where you’re making great strides. You can compare your current status with the vision you’ve outlined for your company and make the necessary changes to achieve your objectives. 

For insight into the current state of your business' health, try our Healthy Business App by clicking below: