What will your business look like post COVID-19?
When we are in crisis, we are under pressure and in survival mode. We feel stressed. And often we don’t give ourselves permission to look forward too much.
So what would happen if I would grant you permission to put aside some time to think about your vision. To stop the worry about what’s occurring today just for a few hours. Could I convince you it would pay you back tenfold and more if you spent time creating or updating your vision and messaging?
This blog is intended to help you progress how you formulate and verbalise your vision, and how we convert what’s floating around inside your head into something that’s powerful.
The Secret Ingredient of a Powerful Vision
Vision is something that I like to describe as ‘it’s in the clouds’ – you can’t quite touch it. It’s not necessarily factual or rational, but it’s an emotional connection. Vision statements at times can be somewhat difficult to tame.
It’s not based on tangible facts or outcomes as such. It’s based on a belief. And a belief can create continuity and connection with employees and customers alike that will drive your business forward to success and recognition.
So let’s start by looking at some vision statements and their strengths and components.
Being a practical business coach, here is mine!
It’s a positive action statement. It has future prospects. I like to think it connects to your (unlimited) potential but with a promise to provide an outcome. Ultimately, my vision statement is about the customer. That’s you, the business owner. Because my role as a business coach and business mentor is about delivering your potential, and for me, that’s six figures and beyond into your business each year (both profits and $ in the bank) so that it positively impacts your workforce, your family’s lifestyle and the community in which you live.
One of my clients helps people choose the right bed, a bed for life. It’s a big statement but he happily stands behind it. Not only does he focus on premiums lifestyle beds, he provides sleep solutions for the elderly and aged care, for people with high disability, chronic health issues and special needs.
His vision statement is “Life Changing Beds”. There is a real connection to the customer, built around what he does, how he does it, and why he does it.
Or how about this connection from another of my clients;
We Care More About Your Brand than Just Google Rankings
What does this say to you?
Loyal Customers are more likely to recommend you and grow your business without spending any marketing $
When you have a strong business vision, you should create value and connection for your customers.
Value and connections means customers identify with you, will be loyal to you and ultimately, become a great source of warm leads and referrals. Surveys show that these A grade loyal customers generate double the number of repeat transactions and quadruple the number of referrals compared to “satisfied” customers. And it costs your business nothing in terms of marketing dollars.
A strong business vision helps you retain employees. They’ll be proud to be part of your business and the brand you are building. Benefits include less staff turnover, lower training costs and leveraging of your time invested into each employee’s knowledge base. And when you want the employees to go the extra mile, they’ll be there for you.
As a business owner, that’s pretty powerful stuff.
3 Tips to creating a Powerful Vision Statement
What, How and Why
1. The first ingredient that makes up a vision is “the WHAT”.
What your business does. Some people say that “the what” should be a results driven statement, but it needs to be a function of what you actually do and describing the outcome. For example, I’m a business coach and mentor, that’s what I do, and the outcome is to “add six figures and beyond to your business”.
2. The second ingredient of a powerful vision statement is “the HOW”.
How do you do it? When I talk with business owners, many of them dive straight into into how they do things; lots of detail and as I listen, I try and decipher the benefit to me as a customer.
For my business coaching, I mentor business owners through a structured coaching program over 12 months or more. And I share your business journey with you by having one on one or team meetings, making you accountable along the way. My program is structured around My Business Brain ®, which is made up of nine aspects that take us deeper into critical segments of every business.
Think about the last time you met someone and asked “what do you do?” Some might tell you about their business. They might say “I’m an accountant and I do tax returns”. “How do I do it? They may start to dive into the interviews, the systems and how this process saves you money.
But the problem of the HOW is that you may not feel connected, interested, or excited? When people talk about the what and the how, there’s nothing really to connect to you personally or at the emotional level.
3. The third ingredient, and I believe to be the most important ingredient, is “the WHY”.
Because this IS the connecter to people – Why you do it. It sits beneath the surface and when we get this right, customers love it.
But the why is harder to define. You’ve got to create some intrigue, or possibly share something of yourself and your aspirations, and be prepared to be rejected on occasions.
As a business coach, why do I do coaching and mentoring? I do it because I want to help business owners run a better business… because I don’t want owner to experience what happened to me in my early years in business;
“He didn’t really excite me, he didn’t really challenge me.”
I had a business mentor who was a business school teacher. And he knew a lot, and shared a lot of stories about his own successes. But there was no connection, and what seemed to me at the time, no relevance. It was all about him! And despite paying a lot of money, I wasn’t challenged and my business made mistakes as he sat along side me. With age, I know now that this was in part my fault, but still, it has spurred me to make sure I am not one of those business coaches.
I know the value that can come from having someone in your corner working side by side. And so I want to give something back. The win for us both out of that is that I get to share your successes.
So for me, my why of seeing you win is important to me. And it’s important to you because you’ll earn more money, and your business will become more valuable. You’ll have better lifestyle, hopefully quality time with your family, and to be able to choose to participate positively within your community. And successful businesses provide lifestyles and a community to your employees as well.
The Benefits are Unlimited
To connect the what, the how, and the why, we need one more ingredient: Trust.
Trust is part of what makes a vision statement so powerful. It relies on the strength of ALL parts to work together. Imagine you sit atop a three legged stool. Without all three legs, what will happen?
Building from Trust from Vision
If you’ve got your what, how, and why sorted out, you’re likely to build trust more easily, in a more sustainable and quicker way. Your vision statement should also be part of that trust building process. The vision should very much be part of your business story.
Consistency in delivering your vision will build trust inside your business – that’s why trust is such a valuable asset.
Building trust relies on all three legs of your three-legged stool: the what, the how, and the why. All of these components are bound up in each other. And when you have all these components, you will see a broader picture of creating a successful business.
Why Vision is So Important
Your vision statement creates a culture both with customers and employees that people are proud to be associated with. It makes us want to be part of your community, gets us all talking about your business, and leading to building a brand and reputation.
If you’d like some help to create, explore, or refresh your vision statement, or to work through your what, how and why, then please don’t hesitate to get in contact with me and book a time to chat. You can book a time here http://bit.ly/timewithdavid. I’d love to chat further about why vision is such a powerful beast, especially in times of crisis.