With unemployment at record highs in Hawaii due to COVID-19 shutdowns, many people may be considering starting that business they have long dreamed about. Maybe you’ve been kicking around an original idea for months or even years and you’re finally ready to make your move. Vision may be the basis of entrepreneurial spirit but in practical terms, a vision statement is the start of making a new business a reality. Without a formal vision statement, it is hard to set goals or make strategic decisions.
4 Tips for writing a vision statement for your small business
These tips from Susan Ward at thebalancesmb.com can help you write a formal vision statement that will act as the launching pad for what your business will become:
1. Think big
Start by thinking about what product or service you want to offer and the basic idea of your long-term mission, such as to become the largest supplier of widgets in a particular category. Next, expand on that long-term mission by thinking about how you could use your business to help underserved communities, grow into an international operation or invent a whole new widget, etc.
2. Use a Formula
You must take your vision and boil it down to one simple, concise sentence that will stick with investors and employees. Use the following formula to help get you there:
- Keep it short
- Must include a goal to be achieved
- Broad enough to cover the interests of the overall business
- Describes a long-term, ongoing business goal and perspective that will work well into any future environment the business may be operating in
- Acts as a motivating factor for employees to work hard for your business
- Will stand up against market or technological changes
3. Commit to it
Make your vision physically visible to you and your employees on a daily basis. When asked to speak about your business, be sure to talk about your vision. These things will help you commit to carrying out the steps needed to realize your vision.
4. Be true to it
Your vision statement should describe the goals that you feel are foundational to your ambition for the company. You must believe in the statement fully in order to carry it out and convince investors and employees that you have what it takes to carry out your vision.
Partnering with Makai HR
At Makai HR, we help small business owners with HR outsourcing! When you partner with Makai HR you can get on with the business you are trying to grow while we take care of your employee needs from payroll to taxes, health insurance/benefits and worker’s compensation. You also gain peace of mind that you are in compliance with all of Hawaii’s employer laws (if you’ve ever looked you know that the list is very long). When choosing a PEO to partner with, there are many things to consider including cost, services and technology solutions.
With the cost of doing business in Hawaii at record highs, we know how important it is to keep labor costs in line with revenue. Our plans are priced competitively and include value-added services like time-in/time-out systems. Our three tiers of PEO service plans are tailored to the size of your business and specific needs. We offer a 100% paperless solution which means that your employees can manage their needs through a computer, tablet or phone. We can truly improve your employees work benefits while freeing you up to run your business.
What are you waiting for? Companies that partner with a PEO benefit from 7-9% faster growth, 10-14% lower employee turnover; and they are 50% less likely to go out of business. ,Contact us today to get started!