Vision Adjustments - Not Always What You Expect
I am currently working with my clients to refresh their long-term visions; we do it every year. My natural inclination was to go into the process wondering if COVID-19 would have somehow altered their thinking or perspective on their business’ potential in the future.
The topic did not come up once.
Business owners are a tough group of people . . . the successful ones always see the possibilities, even in the midst of challenges and struggles. They know what they want to build and they’re going to figure out how to get it done.
Here are three actual client examples. Can you relate to any of these scenarios?
Increase growth expectations.
In 2019, a client set their vision statement’s growth rate target to double the sales of their company in ten years—to reach $28M. Not a super aggressive target, but they knew they had several systems and organizational changes that they would have to manage through, and an 8% year-on-year growth target felt right to them.
One year later, in spite of the pandemic, the team is on track to blow past their 2020 revenue target and have their sights on at least one acquisition to accelerate their growth way past their initial expectation. Their new goal is to achieve $40M by 2030.
They are excited and unified to achieve their revised vision.
Stick to the revenue goal but invest less.
I have two partners that reviewed their vision created and documented in 2018 and they agreed there was no need to change to their revenue target – they are perfectly happy with the target and are on track to achieve it.
The only change they made was with their expectations of the office space needed. Workplace restrictions due to the pandemic showed that many on their team were more productive working virtually, so a large capital investment to improve and expand their office space that was part of their original 2018 vision was no longer needed.
They were now forecasting to have much more cash on hand by 2023 – and they could not be happier.
Lower growth required better life envisioned.
A client recently took a fresh look at their lifestyle expectations for now and in the future and made some changes on what they wanted from an income and time-freedom standpoint—these changes had significant implications to the size business they would need to build.
By refining their lifestyle expectations, they were actually able to dial back their envisioned revenue growth and corresponding operational scope. Ultimately, they reduced the size of their envisioned company by a factor of three resulting in less time pressure on their current lifestyle!
And for them that felt just right – they are more excited about their future than they have ever been.
How about you? Do you need to make a vision adjustment?
Interested to learn from other business owners what adjustment they are making to their company visions? Jump over and join our private Facebook Business Builders Forum and ask them directly.
BTW: My vision has not changed, my BHAG is to help 1000 business owners produce $1B in net income by 2028.