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A vision statement is a high-level, inspirational statement of an idealistic emotional future of a company or group. Vision describes the basic human emotion that a founder intends to be experienced by the people the organization interacts with.
Vision statements may fill the following functions for a company:
* Serve as foundations for a broader
A vision statement is a high-level, inspirational statement of an idealistic emotional future of a company or group. Vision describes the basic human emotion that a founder intends to be experienced by the people the organization interacts with.
Vision statements may fill the following functions for a company:
* Serve as foundations for a broader strategic plan
Strategic planning is the activity undertaken by an organization through which it seeks to define its future direction and makes decision making, decisions such as resource allocation aimed at achieving its intended goals. "Strategy" has many def ...
.
* Motivate existing employees and attract potential employees by clearly categorizing the company's goals and attracting like-minded individuals.
* Focus company efforts and facilitate the creation of core competencies
Core or cores may refer to:
Science and technology
* Core (anatomy), everything except the appendages
* Core (laboratory), a highly specialized shared research resource
* Core (manufacturing), used in casting and molding
* Core (optical fiber), t ...
by directing the company to only focus on strategic opportunities that advance the company's vision.
* Help companies differentiate from competitors.
Characteristics
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 primegoal
A goal or objective is an idea of the future or desired result that a person or a group of people envision, plan, and commit to achieve. People endeavour to reach goals within a finite time by setting deadlines.
A goal is roughly similar to ...
* time horizon: defines a time horizon
* 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
See also
*Strategic planning
Strategic planning is the activity undertaken by an organization through which it seeks to define its future direction and makes decisions such as resource allocation aimed at achieving its intended goals. "Strategy" has many definitions, but it ...
* Mission statement
A mission statement is a short statement of why an organization exists, what its overall goal is, the goal of its operations: what kind of product or service it provides, its primary customers or market, and its geographical region of operation ...
* Strategy Markup Language
{{primary sources, date=April 2017
Strategy Markup Language (StratML) is an XML-based standard vocabulary and schema for the information commonly contained in strategic and performance plans and reports. StratML Part 1 specifies the elements of st ...
Citations
References
*{{cite book, last=Project Management Institute, title=A guide to the project management body of knowledge (PMBOK guide), date=2021, others=Project Management Institute, isbn=978-1-62825-664-2 , edition=7th, location=Newtown Square, PA Business terms Statements Strategic management