Whether your business is brand new or long-established, big or small, the need for a company vision is something all companies have in common.

In this article, we’ll explain what a company vision is and why it’s important to discuss your vision with your bank or lender.

 

What is a Company Vision?

Although easy to confuse with a mission statement, which stays the same over the years, a company vision is oriented toward the future and should be reevaluated regularly. Your company vision is an act of creative seeing.

 

The key to creating a vision for your company is being able to see the current obstacles preventing your business from carrying out and expanding the scope of its mission. Get the best minds in the company together for creative problem-solving and brainstorming. When you’re done with this step, you should be able to envision a more successful, productive future and identify the exact steps needed to get there. Consider meeting with your leadership team once a quarter, every other quarter, or at least once a year to keep your vision fresh.

 

Why Do You Need a Company Vision?

Businesses must anticipate key changes in order to adapt and thrive. Amazon is an excellent example of how a company’s vision can impact their mission and goals. Their mission statement reads: “Our vision is to be earth's most customer-centric company; to build a place where people can come to find and discover anything they might want to buy online." Since the company’s mid-nineties founding as an online bookstore, Jeff Bezos has rapidly updated Amazon’s company vision to maintain and grow their mission.

 

A good understanding of, and commitment to, your company’s vision and mission can make all the difference between the businesses that succeed and those that fail. Ultimately, your company vision should hold you accountable to three essential factors: relevance, timeliness, and viability. It’s your lender’s job to help with the viability part, but first you must prove that your vision is relevant and timely. Why now? Who is the audience for your product(s) or service(s)?

 

How to Discuss Your Company Vision

Once you’ve scheduled an appointment with a lender, there are several things that you should bring to your initial conversation – a business plan, financial statements, relevant legal documents, etc. – but you should also come equipped with a clear company vision. An effective company vision will demonstrate that you are organized and prepared to handle the responsibilities that come with starting or expanding a business that will thrive for years to come. Your vision will communicate:

  • A clear purpose to your business
  • Your short- and long-term goals for the future
  • Your passion as a business owner
  • Your thoughtfulness as a manager

Your lender listens to proposals for business loans on a regular basis and can be an excellent resource for objective feedback which will let you refine your vision.

 

Why You Should Discuss Your Company Vision with Your Lender

When it comes to business banking, your relationship banker should be an important partner in executing your company vision. The right relationship bank will take the time to understand your vision plan in order to suggest financial products, such as the right business loan, that will help you execute it.

 

Your business banker can be a great resource for feedback on your company vision. Not only do they have experience helping similar companies in your area, but they also possess local expertise in business, real estate, and other markets in your community.

 

For example, if you need capital to launch a new product line, it’s helpful for your banker to believe in your vision and see the potential market for it. That’s why a relationship-focused business banker is much more than someone to sign off on loans. A well-connected lender can also introduce you to the vendors and potential clients or employees who will help make your vision a reality.

 

Consult with a Business Lender in Houston

Relationship Banking is all we do at Central Bank, your Houston community bank since 1956. With a focus on the individual needs and goals of each of our clients, we customize financial solutions to help your business grow. Contact us today; we can’t wait to discuss your company’s mission statement and vision plan!