With unpredictable economic forecasts and the dynamics of health insurance and other costs weighing heavily on every business, it is critical now more than ever to build a strategic framework for your company.
Companies need to establish a framework that includes a mission statement, vision and values to achieve significant success. And, companies whose employees understand the mission and goals enjoy a greater return than other firms.
“Your company’s success will fluctuate with factors outside of direct control,” says Jessica Galardini, COO of JRG Advisors, the management company for ChamberChoice. “But with a clearly defined strategy, the fluctuation will be manageable.”
Not only that, Galardini adds, the company with employees who build personal and professional development around the company’s goals will stand head and shoulders above the competition.
Smart Business spoke with Galardini about some of the basic elements of a strategic framework.
What is a vision statement?
Many great business ideas turn into failures because the first and most important step in starting a business is overlooked: clearly defining the vision and your preferred future. The vision is the reason you are starting a business, or are in business. The vision statement answers what purpose your business serves and where you want to go in the future. Having a clear and concise vision statement is the foundation your business needs to prosper.
What should be accomplished with a vision statement?
A vision is a statement about what your company wants to become, and it incorporates your values and beliefs. It should resonate with your employees and help them to be proud, excited and part of something much larger than themselves. A vision is positive and inspirational, and it stretches the company’s capabilities and image to provide the shape of your future. The vision statement will act as an internal yardstick for you and employees to measure reality and progress.
