Do you need a reset after COVID-19?
As accountants, we strive to help our clients build resilient and successful businesses.
In the current business environment, there are both challenges and opportunities.
One component of resilience is to have a clear vision for the business. That means everyone should understand the business ‘destination’, the ‘why’ or the ‘rationale’ for the business. Without this, the business may limp along from project to project from year to year and not provide the best environment for leaders, employees, customers, and other stakeholders.
In times of change, challenge, and opportunity, a clear vision can be exactly the tonic a business needs to distinguish itself and achieve success.
Let’s consider some examples of vision statements:
Focusing on the broad impact of the business. At the time of its establishment, Microsoft set out to provide “a computer on every desk and in every home”. We get a sense of the scale and impact this business can have.
Focusing on what you make. A business called Honest Tea exists “to create and promote great-tasting, healthy, organic beverages“. Their product is central to this statement.
Focusing on the benefits. Many readers are probably using LinkedIn which sets out to “create economic opportunity for every member of the global workforce“. Is this working for you? If so, LinkedIn is probably achieving its vision.
Focusing on HOW you go about your work. Financial services business American Express “works hard every day to make American Express the world’s most respected service brand“. Notice there is no reference to their products whatsoever.
Focusing on an underlying philosophy. Eyewear provider Warby Parker sets out “to offer designer eyewear at a revolutionary price while leading the way for socially conscious businesses”. We sense they have an interest in matters beyond their products and customers.
What’s your business vision?
Has it stood the test of time and the test of the COVID-19 pandemic? Does it need to be refreshed? You may feel this is not a priority as you deal with other important matters but it’s critical to set a common direction for all stakeholders and seize the opportunities available. Resolving that into a clear vision statement is a really good start.