The Tribune

We celebrated 45 years of nationhood this week. I am certain that Bahamians with a heightened sense of national pride and identity used this time to reflect on our progress as a nation and, more specifically, the direction in which we seem to be heading.

Similarly, companies must regularly take an inventory of their own condition, including updating their vision, mission and core values. Vision recasting for businesses that have not taken time to revisit this area can become crucial to their survival in this highly competitive and dynamic corporate environment.

This week, we hope to inspire companies to explore the value and importance of casting a vision. Here are the primary reasons:

1. IT DETERMINES THE COMPANY'S DIRECTION

Smart business owners use this statement to remind their teams why the company exists, and what makes it successful. The vision statement serves as a "North Star" that keeps everyone clear on the company's direction.

2. IT FOCUSES THE COMPANY'S FUTURE

The vision is about a preferred future. Where will you be in one year? Three years? Five years? The vision tells us that what we are doing today will take us where we want to go in the future, and gives us a clearer picture of what that looks like.

3. IT PROVIDES A TEMPLATE FOR DECISION-MAKING

A clear vision helps us set important boundaries that enable business owners to delegate both responsibility and authority. Vision is to the company what a compass is to an explorer; a map to a tourist; a rudder to a ship; a template to a machinist. It provides a framework for thinking throughout the company. It provides the boundaries and guidelines you need to stay on the path to your preferred future.

4. IT FORMS THE BASIS FOR ALIGNMENT

When a new employee is hired, it is critical that the new hire knows what the company does and where it is going. The "vision statement" forms the basis for alignment not only with the owner, but the entire team and organisation. Your team will all be on the same page when it comes to what you do and why you do it, which leads to better effectiveness and efficiency.

5. IT WELCOMES HELPFUL CHANGE

Many people are resistant to change because it causes us to feel insecure and, sometimes, out of control. However, if the vision is clear then team members are more likely to see the value of the change and how it helps the company accomplish its vision and mission. This will create a culture that welcomes change when warranted.

6. IT SHAPES STRATEGY

Every business, and business owner, needs a strategy. But strategies must not be created in a vacuum. Instead of looking at what is new or what competitors are doing, and trying to copy them, wise business owners create the most effective strategies possible to accomplish the vision their company has set out to achieve.

7. IT FACILITATES EVALUATION AND IMPROVEMENT

If you have a clear, written statement of vision you will know exactly what to measure and how to measure it.

• NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at iferguson@bahamas.com