Business success requires three things: vision, a strategic plan, and effective execution. Easy to say but difficult to deliver. According to author Bill Hybels, “Vision is a picture of the future that produces passion.” Strategy is defined as the plan of action developed to achieve an aim or vision. And visionary inventor Thomas A. Edison completes the triad by stating, “Vision without execution is delusion.”
What is Vision and Why is it Important?
Vision is simply an image or picture of a future outcome that is desired. Having a clear business vision is vital to the success of any enterprise. It is critical because it provides a focal point for all the important business planning and goal setting actions that direct where the business is headed. It inspires and motivates all stakeholders, creating enthusiasm and energy, generating commitment, providing meaning and purpose to the work, and helping to foster action. And it is unifying.
What are the Components of Execution?
The realization of a business vision requires good execution. As author and futurist Joel A. Barker stated, “Vision without action is merely a dream. Action without vision just passes the time.”
Good execution is composed of these four elements:
- Strategy. This includes the planning of brand and competitive advantage, customer needs and targets, marketing plans, financing, and value delivery.
- Culture. This is the environment of employee knowledge and learning, customer orientation, team buy-in and alignment with company values, and professional accountability.
- Operations performance. This includes the systems that produce products or services, quality management, and the selling function.
- Support functions. These include human resources, so-called “back office” processes, financial management and reporting, and information technology.
Why Business Support Strategies Can Clear the Fog
Operating a business requires a strong focus on the overall business picture. Creating strategies that facilitate solid business support functions allows business leaders to place primary attention on core business functions including sales and customer relations. That can simplify all the complexities of business and “clear the fog” allowing concentration on the actions leading to the successful attainment of the business vision.
Business support strategies can encompass these functions:
- Payroll administration, employment law, paid and sick time-off tracking, and benefits.
- Bookkeeping, financial reporting, tax filing, and reporting.
- Expense and accounts payable management.
- Information technology.
- Marketing functions including social media marketing and content management.
- Legal services.
Strategies for Business Success
Important strategies for business success, leading to the achievement of the business vision, include:
- Growing a business requires a well-developed business plan.
- No business can survive and grow without adequate and on-going funding.
- Finance and accounting management. Proper records, analysis, and scorecards are essential to business success.
- Branding and marketing. A brand is how the business wishes to have the world view the business. Marketing requires defining the brand and establishing all the “touchpoints” that deliver the desired brand image. Marketing then applies all communication channels to deliver effective brand imaging and messaging.
- No product or service sells itself. Success requires a selling vision that includes the selling techniques, personnel, and sales channels.
- Managing and motivating people that drive all processes.
- Managing all production and service operations.
- Customer support and communications.
- Technology that supports and elevates the business.
Get Expert Accounting and Financial Assistance
Contact Doerhoff & Associates, CPA, based in Jefferson City, MO for professional accounting and financial assistance that you can count on. Doerhoff & Associates has one goal in mind, to provide comprehensive business accounting services designed specifically for your success.