If you are following this 30 Days to ETA series, you have built your business plan and hired the team to drive your long-term goals. In our last post, I stressed the importance of leading yourself (You can read the previous post by CLICKING HERE). One of the aspects of Entrepreneurship Through Acquisition that I find most rewarding is finding/aligning with a culture that resonates. The foundation for that culture is the ETA Mission, Vision, & Values that you profess to and the business you’re looking to acquire says they already have/stand for. So in this post, we’ll explore exactly that… Enjoy!
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The Light at the End of the Tunnel
The best definition of a vision statement comes from Wikipedia: “A vision statement is a company’s roadmap, indicating both what the company wants to become and guiding transformational initiatives by setting a defined direction for the company’s growth.” Since your business plan is the roadmap needed to get to your end destination (Selling your business that you’re about to acquire), I propose that the vision is the original reason you’re getting into business. The vision is the inspiration, or the big picture, that keeps you going when you inevitably get distracted (and you will get distracted along the way!)
Bill Gates had one of the clearest vision statements or business goals I’ve seen. In an email to employees on Microsoft’s 40th anniversary, he wrote, “Early on, Paul Allen and I set the goal of a computer on every desk and in every home. It was a bold idea and a lot of people thought we were out of our minds to imagine it was possible.” Gates had a big picture in mind, and made it happen. Today, it seems like we do have at least one computer in every home and every office. Whether it’s a laptop, a desktop, a smartphone, a computerized appliance, or the like, computers are everywhere.
ETA Mission, Vision, & Values are the cornerstones of a successful business. They need to be strategically planned and aligned during execution for success!Sam Palazzolo, Managing Director @ Tip of the Spear Ventures
Business Vision Statement Purpose
If you’ve created a business plan to prepare to acquire your future company, why do you need to stop and put your vision into words? Ultimately, keeping the “big picture” in mind inspires you and motivates your future team members. Here’s what a vision statement does:
- Gives the company direction
- Focuses the company’s future
- Directs decision-making
- Provides team alignment
- Allows for business evolution
- Shapes strategy
- Measures achievement
Sharing Your ETA Mission, Vision & Values
One of the hardest things Entrepreneurs Through Acquisition can be asked to do in 30 Days to ETA is sharing their ETA Mission, Vision, & Values to motivate and inspire them. I recommend using the funnel approach to keep your ETA Mission, Vision, & Values in front of your field of vision (See what I did there?) With meetings scheduled, you can systematically look backward at what you’ve accomplished or missed regarding your ETA Mission, Vision, & Values. Then, look forward to see where you are going and what you need to do regarding your ETA Mission, Vision, & Values to ensure that you get there.
Rules for Sharing Your Business Vision Statement
There are several rules, or best practices, I’d ask you to keep in mind as a part of your ETA in 30 Days journey. If the adage is rules are made to be broken, you’ll want to break these quickly/often and modify accordingly:
- Don’t give up control of your vision
- Listen to constructive team input
- Check egos at the door
- Be willing to modify your team
- Prepare to overcome reluctance
So what’s your ETA Mission, Vision, & Values as an Acquisition Entrepreneur? Do you have a big picture Mergers & Acquisitions vision in mind? What do you want the merger or acquisition to look like? In the future, if you want to sell your business for “lots of money,” how much money is that? How old do you want to be when you sell? What kind of lifestyle do you want to live? Go ahead and paint that picture. Add in the details. Make it clear.
Your organizational mission, vision and values are integral to your business plan. Without a big picture in mind, you can’t keep your business focused on reaching its goals. You’ll spend a lot of time in the weeds, so make sure you know the layout before you begin your journey.