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In this episode, Mike discusses the importance of having a clear vision for a business and using a structured approach to make it usable. He draws inspiration from Jim Collins' work and emphasizes the need to start with vision before moving on to strategy and planning. Mike explains the three components of a vision: core values, purpose, and a big hairy audacious goal (BHAG). He highlights the significance of authenticity and relevance in defining these components. Mike also emphasizes the need to extract and communicate the vision to align the team and make informed decisions.

Takeaways

Having a clear vision is crucial for the success of a business.
A vision should consist of core values, purpose, and a big hairy audacious goal (BHAG).
Values should be action-oriented and accompanied by clear explanations of their meaning.
Purpose should be authentic and compelling, providing a reason for being.
A BHAG should be challenging and guide the long-term direction of the business.
It is important to extract and communicate the vision to align the team and make informed decisions.
Revisiting the vision periodically can help realign the business and address any deviations.

Chapters

00:00 Introduction and Importance of Vision
03:16 Vision, Strategy, and Planning
04:14 Components of a Vision: Core Values
05:10 Components of a Vision: Purpose
10:33 Components of a Vision: Big Hairy Audacious Goal (BHAG)
18:09 Extracting and Communicating the Vision
20:04 Revisiting the Vision

Find out more about working with me. mike@smbmastery.com.au or https://www.linkedin.com/in/mikeadamscott/