Startup Plan
Vision Statement

Defining vision for the company is a much discussed topic in the business world. Sam Walton had a vision to become the largest retailer in the US, one distribution center at a time and he did it, WOW!

What’s your vision for your company? Can you look five years down the road and project where you’d like to be? Do you have a broad vision like Sam Walton or do you have a very modest vision to simply support yourself and nothing more?

If you have a broad vision then your vision statement becomes extremely important. Another example of a VERY broad vision statement is Nike’s:

‘To bring innovation and inspiration to every athlete in the world’

Let’s consider DK Designs, the jewelry company described in the planning introduction. Deanne has a very humble vision:

‘To create one-of-kind jewelry that will allow her to support herself with her art.’

Both types of visions are acceptable and achievable, but the boarder your vision the more imperative planning and financing become. Many business people have a very broad vision, but no organization or financing to support such a vision when they are starting up. This type of vision problem usually leads to failure. Why?

Let’s take my father as an example. He told me when I was ten that he wanted to open 100 grocery stores in Chicago. I asked why 100? He said because that had always been his dream. So he bought his first store in a small town and was relatively successful in that store, then he bought three more stores with bank financing. Suddenly he didn’t have sufficient financing or organization to support the new stores and ALL of the stores failed. He ended up re-financing his debt multiple times and then declaring bankruptcy.

How much planning did my father do to support his startup plan vision? He did very little, just enough to secure the financing from the bank and no more. If my father had written a vision statement and put plans in place to support his vision he would have stood a significantly better chance at being successful.

Consider these ideas

So as you write your startup plan vision statement try to consider these things:

- Where do I want to be in five years?
- Do I have a broad vision or a modest vision?
- How much planning do I need to do to support my vision?
- What is a short succinct statement that captures my vision?
- What is the geographic reach of my vision: local, national, global?
- Is my vision too narrow or too broad?

Answering these questions should help you define your vision! Once you have established your startup plan vision the rest of the planning becomes a little easier. Also it will allow you to check back every year and see how you’re progressing!

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