THE VALUE OF VISION

What got you into business? What are the reasons you became an entrepreneur?

I’ve loved business from when I was a child and have used my drive and passion for work to get ahead. Before we had children, I decided I was going to go all out, working 70 plus hours a week; with the aim that when we had kids, I would cut down to 50 or 55 hours a week and create more time for them.

I’ve always believed I was born to be an entrepreneur and have been self-employed since I was 17. Before that, I held a couple of jobs, but I always felt trapped working in a job. I had this desire to do more and work for myself. Being the last guy to get paid, if done right, is very rewarding. That is one of the things I love about being an entrepreneur. 

I have been retired now for 23 years and even today I still work as hard but now my focus is on giving back.

Habakkuk 2:2

² Then the Lord answered me and said:

“Write the vision and make it plain on tablets, that he may run who reads it.

WRITE THE VISION

For a long time, I’ve held the philosophy that it’s better to be the best at a few things instead of being good at a lot of things. Focusing on being the best has produced huge returns for me. Over the years, I put time and energy into fine-tuning these strengths. My focus would start at goal setting as this was where the greatest potential for impact began. 

Bankers Mutual was a successful mortgage lending organization that I founded and ran for 18 years. By the time I sold the Company in 1998 we had a total number of 76 employees in our team. In my early days of business, I would set goals by myself; but as I built my management team, I started doing this with them. Growth and goals cannot be achieved alone. Iron sharpens iron and healthy discussion on a plan is always better than creating it alone. I valued the perspective that my strategic team brought.

Each year we took a planning retreat to set strategic goals, answering the questions: where did we want to be in the next 5 or 10 years? Once that was clear, then what are our 3 or 5 year goals? What steps do we need to take today to attain these goals? We would write it all down – gaining clarity and focus. Annually we would review the goals and make any necessary adjustments.

The process of goal setting with a team was even more valuable because it aligned everyone to apply their focus and vision in the same direction. It had the benefit of giving us a collective mindset that we are all here, moving this machine together in a clear direction.

I quickly learned that as we moved the vehicle forward, it was important to keep the vision directly in front of people, define it clearly, and constantly repeat it. This information however was not just limited to the strategic team but shared with every individual at the company. It was our DNA.

We did this by developing 4 key documents:

• Mission Statement

• Founding Concepts, Guiding Values and Standards of Bankers Mutual

• Philosophy & Principles and

• Founding Commitments 

The Mission Statement is one we’re all familiar with – defining the company’s goals and what it exists to do. Our goals determined where we are headed. 

From this we developed our Founding Concepts, Guiding Values and Standards. They are what formed the foundation of our business; guiding and informing how we worked, as well as how we related with each other, our clients and other stakeholders. 

A key concept was The Team Concept. Everyone who worked at Bankers Mutual was referred to as a Team Member – and not the traditional employee. As members of the Bankers Mutual Team, it was understood we each contributed to the success of our company. Each member was therefore carefully selected for their skill, integrity, dedication and ability to perform. This concept was at the heart of us achieving our goals.

Our Philosophy and Principles were actions that directed and governed our business. And our Founding Commitments were what we stood for. In our day-to-day activities, these responsibilities needed to be reflected.

Each Team Member had a copy of all four of these documents and they were also framed and placed on the wall in key places where they could be seen by everyone. We meant what we said and we practiced what was written. Our clients and stakeholders knew our standards, and we even shared them at interviews with potential candidates. By posting them, publicly sharing and reminding people of them, there was a level of accountability to us as a company and to others we worked with.

Commit to the Lord whatever you do, and he will establish your plans.

Prov 16:3

ACTION STEPS:

I want to encourage you to think about developing something similar for your organization. Are your mission statement, values and principles clear? If not, consider a retreat with your strategic team to develop these in detail. Don’t share a final document with them, but rather create a space and allow key people to provide input. It goes a long way to get buy in and you benefit from learning more from them.

If these documents already exist, consider revisiting them with your strategic team and determine how you are doing. 

Get into the habit of reassessing your strategic plan on an annual basis. It’s critical you set your standards high, but remember, the harder part is modeling and practicing them. This will help you create growth and build momentum for your company.