Crafting a vision statement for your business

Businesses with a clear vision are able to confidently set and achieve their short- and long-term goals. But articulating the vision for your business isn’t easy, and many business owners find themselves wondering if they can keep the dream of small business ownership alive.

Vision statements should communicate what your business does, while also looking into the future to visualise what your business would look like if the sky was the limit.

Business Queensland suggests that business owners should hold a business vision workshop with key employees. Use this session to brainstorm, share ideas, and answer some fundamental questions about the direction of your business. This can then help you to formulate your business statement.

Growth was the key goal when William Petersen and his sister Sophie started running the family business, Infinity Bakery, in 2010.

The siblings sank $1 million into new premises before realising it was the wrong path for the business. “We were too big for the space, the building had bad access, and neighbours were complaining right from the outset. It really did shake our confidence,” William says.

He admits he’d been comparing their business with another bakery and was trying to emulate their path in business, which had proven to be a distraction. “We learnt the hard way that what we’d invested in was all wrong for our business,” William says.

Not having a clear vision for Infinity Bakery cost the Petersen's dearly at the time. It also prompted William to question whether baking was the right industry for him.

They turned the business around by setting a vision and plotting the course they needed to take to get there.

Financial revenue has increased ten times as a result and the business has expanded, with their well-frequented bakeries now operating in Sydney’s Manly, Darlinghurst, and Paddington.

“It really did shake us, but strengthened our commitment to the business. We’ve set our own course now.”

Listen to how William Peterson set the vision for his business in the latest episode of Paper Cuts.