A vision statement is sometimes called a picture of your company in the future but its so much more than that. Your vision statement is your inspiration, the framework for all your strategic planning.
A vision statement may apply to an entire company or to a single division of that company. Whether for all or part of an organization, the vision statement answers the question, "Where do we want to go?"
What you are doing when creating a vision statement is articulating your dreams and hopes for your business. It reminds you of what you are trying to build.
While a vision statement doesn't tell you how you're going to get there, it does set the direction for your business planning. (For more on the role of your vision statement in business planning, see Quick-Start Business Planning.) That's why it's important when crafting a vision statement to let your imagination go and dare to dream and why its important that a vision statement captures your passion.
Unlike the mission statement, a vision statement is for you and the other members of your company, not for your customers or clients.
When writing a vision statement, your mission statement and your core competencies can be a valuable starting point for articulating your values. Be sure when you're creating one not to fall into the trap of only thinking ahead a year or two. Once you have one, your vision statement will have a huge influence on decision making and the way you allocate resources.
Learn how to write a vision statement for your small business.