Learn, What is Vision Statement? Meaning and Definition!
A vision statement is a declaration of an organization’s objectives, ideally based on economic foresight, intended to guide its internal decision-making. A vision statement is not limited to business organizations and may also be used by non-profit or governmental entities. Also learn, “The Language of Business” also called Accounting, but Why? Vision Statement!
The vision statement is written by looking ahead into the future. It aims at higher achievable things. It is based on what the organization should strive for and achieve in another five to ten years. Through various activities, the faculty is guided to attain the vision. This acts as a powerful tool, a guiding star. When personalized and truly owned, vision provides the incentive the drive towards fulfillment. It creates commitment, motivation and the drive for initiating the mission, objectives, projects, and tasks necessary to realize the vision. Developing a vision may take a few weeks. Though this looks to be a long time, it should be understood that it is a portrayal of what life could be five to ten years from now. Time is allowed for dreaming and brainstorming along with categorizing random thoughts to ensure a comprehensive and realistic vision.
In today’s competitive environment, it is just not sufficient if we are a step ahead of other institutes. It should be by leaps and bounds. To achieve this, every institute needs to have a vision. They should start looking into the future, predicting it, planning for it, and making it happen. Only this will make the difference between dreaming things and making things happen. Thus, vision is the result of dreams in action.
The gap between dream and action is filled with the plan. How well we succeed will depend upon depends on how well we plan. Planning sets the direction and speed of the progress. Effective utilization of time and resources is a needed prerequisite. To survive in this global village, productivity is more important than production. Effectiveness is more important than efficiency. It is more important how effectively I utilize the fewer opportunities put forth before me.
Vision is not the state of being but the process of becoming. Vision should be something which is far fetching and not that which calls for a change every day. It should be borne in mind that the vision statement is organization specific.
#Definition and Structure of Vision Statement!
A vision statement is a company’s roadmap, indicating both what the company wants to become and guiding transformational initiatives by setting a defined direction for the company’s growth. Vision statements undergo minimal revisions during the life of a business, unlike operational goals which may be updated from year-to-year. Vision statements can range in length from short sentences to multiple pages. Vision statements are also formally written and referenced in company documents rather than, for example, general principles informally articulated by senior management.
The definition of a vision statement according to Business Dictionary is “An aspirational description of what an organization would like to achieve or accomplish in the mid-term or long-term future. It is intended to serve as a clear guide for choosing current and future courses of action.”
A consensus does not exist on the characteristics of a “good” or “bad” vision statement. Commonly cited traits include:
Concise: Able to be easily remembered and repeated.
Clear: Defines a prime goal.
Future-oriented: Describes where the company is going rather than the current state.
Stable: Offers a long-term perspective and is unlikely to be impacted by market or technology changes.
Challenging: Not something that can be easily met and discarded.
Abstract: General enough to encompass all of the organization’s interests and strategic direction.
Inspiring: Motivates employees and is something that employees view as desirable.
Management vision can lead the organization towards success and it can also demoralize the organization. There are cases where improper vision statements have ruined the organization. Hence, it is necessary that utmost importance is given and care is taken while formulating the vision statement. To formulate a vision statement, one has to study the core values and purpose of the organization. Only such a vision statement will do the motivating role.
For the human being, there are many core values. Some people have money as the core value. Some have ethics and some have power, status as core values. Whatever people do are the reflections of their core value. Similarly, the activities of an organization should reflect its core value. Some of the core values are:
I. Service to people.
II. Innovative technology.
III. High ethical standards.
IV. Always on time, and.
V. Maximum Profit.
The purpose means to answer the question: “what for does the organization run?” This purpose also should reflect in the vision statement.
The vision statement gives direction to the organization. Having a vision paves way for the success of the organization. Between the dream and the vision, the organization has to climb a ladder of action plans such as expertise, creativity, empowerment, involvement, and values. A vision in each of these sub-levels will help the organization to reach the goal faster.
What should be Vision statement?
As Setting high standards of excellence.
As Inspiring enthusiasm and encouraging commitment.
As Reflecting uniqueness, and.
As Very clear and challenging.
It is found that when a vision is clearly stated, the focus is there. People, who look ten years ahead, succeed more rather than those who leave things to fate.
Continuous monitoring and feedback are necessary to find where the organization is positioned with regard to its vision. It gives an indication of the progress of the organization.
The vision should be popularized among the employees by having it displayed in all prominent places in the organization; having it printed on personal items such as ID cards, pay slips etc. Top officials should promote the vision statement frequently in personal and public talks. They must also own it and live it.