SIBB Action 1.1 - Create Vision Statement

SIBB Action 1.1 – Create Vision Statement

Most businesses that fail do so for one reason. They don’t know exactly where they want to go. Businesses require detailed planning and a crystal clear view of their goals and where they want to take their business. That’s what the first action of SIBB Step 1 is for. It is called “Create Vision Statement”.

What exactly is a vision?

Well a vision statement should describe in graphic terms where you want to be with your business in the future. It is a description of a desired outcome that helps and inspires you to create a mental picture of your target.

I understand the vision of a business as its goal. And that’s where I apply goal setting strategies. If you’ve ever read a book on goal setting you might be familiar with the acronym SMART, which stands for Specific, Measurable, Actionable, Realistic and Timed .

Let me explain briefly each letter of the SMART Goal formula:

S = Specific
Goals must be as specific as they can be. For example, a goal to “Be more successful in 2008” is too vague as it doesn’t define what success is. For one person success might be to retire from their job. For another person it might be to earn over $100,000.

M = Measurable
Goals need to be measurable. This means to either include a date when you want to have the goal reached or to use numbers like “Increase my monthly income by 25%”.

A = Actionable
That means that you need to have direct control over the outcome by taking action yourself. For example to set a goal for your favorite basketball team to win the league would be false because you cannot directly influence that outcome.

R = Realistic
Your goals need to be realistic. Setting a goal such as “To be the world’s best piano player” is not a realistic goal if you’ve never played that instrument before. Even if that was your ultimate goal break it down and take several smaller steps.

T = Timed
A SMART goal must not be open ended. For example “To buy a car” is too vague. It is far better to have a goal that said “To buy a car by 1st August 2009”.

Having the SMART Goal formula in mind the vision statement for my business is:

“I own a multi-million dollar internet business before I turn 45!”

Tags: Business Building, cashmap, Goals, internet business, measurable goals, process documentation, process maps, realistic goal, SIBB, smart, vision statement

Technorati Tags: Business Building, cashmap, Goals, internet business, measurable goals, process documentation, process maps, realistic goal, SIBB, smart, vision statement

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