 Definition (Strategic) Vision. Description.
A Vision is the desired future state at which a company
hopes to arrive. Essentially the strategic aim of the corporation. It is the
imaginative picture of the future state of affairs a firm wishes to achieve.
Vision comes from Latin videre - to see. A vision is typically a type
of aim at a high and less-specific level in comparison to a medium-level
Objective or a low-level Target.
Vision should not be confused with a
Mission (the motives,
drivers, principles which set a firm in motion: the combination of the corporate
purpose, strategy, values, standards and behaviors) nor with
Moral Purpose (a value
that, when it is articulated, appeals to the innate sense which is held by
some individuals of what is right and what is worthwhile).
Vision is similar to Hamel and Prahalad's
Strategic Intent
(an ambitious and compelling dream that energizes; which provides the emotional
and intellectual energy for the journey to the future).
Often, the strategic vision is reflected in a summarized form
in the Vision Statement.
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The Importance of having a Vision (and Strategy)
"Having a vision is really important as well as your strategy. But between the two, there is a priority.
It’s very important to know that vision comes first.
At some point in time when you have the right vision, the right strategy will follow. Sometimes if you can’t develop the strategy on your own, it’s possible to seek help. But you must know and understand that if you don’t have clarity on your vision, then no strategy can save you." |
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Components of Vision
"The vision is 'the dream of the entrepreneur'. It's the corporate ambition.
It is a company's view of the role it plays in the market. Visions may relate to three components:
1. Opinions about where the company believes the market is going(example: we believe that due to tempestuous communication technology developments, over the next five years consumers will develop a strong need for products that help them navigate the abundance of information online.
2. Identity of the company. This will often be based on the core competencies of the company.
3. Long term goals of the company.
Besiudes these 3 things, the vision should also be comprehendable and contain a clear motivating force that the entire company can identify with." |
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How Do You Measure Vision?
"Regardless of the business process or approach the fundamental overarching concept most "difficult to develop, assess or manage is vision". Try it.
I invite commenters to address how they measure "vision" or how they know good "vision" from bad "vision".
With today's tech focus, the ability to crunch numbers in nanoseconds, have we developed corresponding new ways to develop new "vision" processes? I think not.
If vision predates strategy, and strategy is essential to the four quadrants of the Balanced Scorecard, what happens if our vision is flawed?" |
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Strategic Vision Special Interest Group
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Compare with:
Strategic Intent
| Ashridge Mission
Model |
Moral Purpose | CSFs
and KPIs | VMOST
| Business Models
| Corporate Charter
| Storytelling |
Strategic Analysis
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Strategic Vision Sponsor
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Special Interest Group Leader
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