Why this is important
To be successful, you need to have a firm view of where you want your business to go. A clear vision of the future helps you react effectively to changes inside and outside of your business and the challenges presented to you at any given time. Having a vision means you can:
- be clear about where your business should go;
- understand what will affect your business and how;
- maximise business opportunities; and
- manage risk.
Who might do this
You might do this if you need to:
- set up a business or a social enterprise for the first time;
- review the current business plan;
- make changes to the direction of your business; or
- persuade staff, clients, stakeholders or others of the need to prioritise or make important changes within your business.
What it involves
Achieve the vision for your business involves:
- clarifying the purpose, nature and values of your business;
- recognising and creating business opportunities where they do not obviously exist;
- assessing and minimising the risks of different courses of actions;
- making decisions on the evidence available;
- reviewing and monitoring the progress of your business towards the vision from time to time; and
- involving other people who are critical to the success of your business.
Other units that link closely with this
|BD1||Check the likely success of a business idea|
|BD3||Plan where your business is going|
|BD4||Carry out a review of your business|
|BD5||Carry out the plans for your business|
|EE4||Find innovative ways to improve your business|
Links to other standards
If your business grows and develops a management team it may be appropriate to consider the following units from the Management and Leadership Standards.
|B2||Map the environment in which you organisation operates|
|B3||Develop a strategic business plan|
|B4||Put the strategic plan into action|
|F12||Improve organisational performance|
What you need to do
- Clarify the nature and purpose of your business.
- Clarify the values that underpin your business.
- Identify where your business is and where it needs to go.
- Make sure that your vision underpins the development and planning of your business.
- Share your vision with others who are critical to your business.
- Take account of the views of any staff or stakeholders when pursuing your vision.
- Look for, and recognise, business opportunities.
- Create business opportunities where they do not obviously exist.
- Quickly identify potential business developments and how they will affect your business.
- Identify the additional benefits of potential business opportunities.
- Identify the resources to do what is needed.
- Recognise and minimise negative influences on your business.
- Be willing to take what you assess to be reasonable risks.
- Confidently make decisions on the best available, but often incomplete, information.
- Learn from what works and what does not.
- Find ways to develop and maintain the confidence, drive and enthusiasm to succeed.
- Make sure you are moving towards your vision at all times.
What you need to know and understand
- What success for your business looks like.
- What the values that underpin your business are and whether they are consistent with your vision.
- How much of the vision is already in place.
- What you need to do to achieve your vision
- How to involve people who are critical to your business when developing and realising your vision.
- How to ensure that your vision is clearly communicated to all who need to know it.
- How to monitor and adjust your business planning and development to support your vision.
- What measures you will use to judge if your business is moving towards your vision.
- What the challenges and opportunities in your business environment are (for example, changes in the marketplace, competition, government policies or other changes in the environment).
- What the implications of any new venture for your business’s direction, image and bottom line are.
- How to be creative and innovative when recognising new opportunities for your business.
- How to take advantage of opportunities presented.
- How to take into account the lessons learned from previous business successes or failures .
- How to identify and weigh up the risks linked to different courses of action.
- How to collect and use evidence to support your decisions.