Vision statement

{{Short description|Future position of an organization}}{{Original Research|date=April 2021}}

{{Notability|date=April 2021}}

File:LUMO Community Wildlife Sanctuary vision and mission statement at the main gate in Kenya.jpg]]

A vision statement is a high-level,{{sfn|Project Management Institute|2021|loc=§4.6.1 Strategy Artifacts}} inspirational{{sfn|Project Management Institute|2021|loc=§4.6.1 Strategy Artifacts}} statement of an idealistic emotional future of a company or group. Vision describes the basic human emotion that a founder intends to be experienced by the people the organization interacts with.{{Cite web |title=Chapter 8. Developing a Strategic Plan {{!}} Section 2. Proclaiming Your Dream: Developing Vision and Mission Statements {{!}} Main Section {{!}} Community Tool Box |url=https://ctb.ku.edu/en/table-of-contents/structure/strategic-planning/vision-mission-statements/main |access-date=2024-06-25 |website=ctb.ku.edu}}

Vision statements may fill the following functions for a company:{{cite journal|last=Lipton|first=Mark|title=Demystifying the Development of an Organizational Vision|journal=Sloan Management Review|date=Summer 1996|volume=37|issue=4|page=83|url=https://sloanreview.mit.edu/article/demystifying-the-development-of-an-organizational-vision/|access-date=2019-11-25|format=PDF download}}

  • Serve as foundations for a broader strategic plan.
  • Motivate existing employees and attract potential employees by clearly categorizing the company's goals and attracting like-minded individuals.
  • Focus company efforts and facilitate the creation of core competencies by directing the company to only focus on strategic opportunities that advance the company's vision.
  • Help companies differentiate from competitors.{{sfn|Project Management Institute|2021|loc=Glossary §3 Definitions}}

Characteristics

A consensus does not exist on the characteristics of a "good" or "bad" vision statement. Commonly cited traits include:{{cite journal |last1=Kantabutra |first1=Sooksan |last2=Avery |first2=Gayle |date=2010 |title=The power of vision: statements that resonate |url=http://www.collegeofmanagement.mahidol.ac.th/research/images/VisionstatementsJBS.pdf |journal=Journal of Business Strategy |volume=31 |issue=1 |pages=37–45 |doi=10.1108/02756661011012769}}

  • concise:{{sfn|Project Management Institute|2021|loc=§4.6.1 Strategy Artifacts}} able to be easily remembered and repeated
  • clear: defines a prime goal{{sfn|Project Management Institute|2021|loc=Glossary §3 Definitions}}
  • time horizon: defines a time horizon
  • future-oriented: describes where the company is going rather than the current state
  • stable: offers a long-term perspective and is unlikely to be impacted by market or technology changes
  • challenging: not something that can be easily met and discarded
  • abstract: general enough to encompass all of the organization's interests and strategic direction
  • inspiring:{{sfn|Project Management Institute|2021|loc=§4.6.1 Strategy Artifacts}} motivates employees and is something that employees view as desirable

See also

Citations

{{Reflist | 30em}}

References

  • {{cite book|last=Project Management Institute|title=A guide to the project management body of knowledge (PMBOK guide)|date=2021|others=Project Management Institute|isbn=978-1-62825-664-2

|edition=7th|location=Newtown Square, PA}}

Category:Business terms

Category:Statements

Category:Strategic management