Developing a 5-year business vision

In this guide we will be addressing the importance of setting the vision of our business for five years. Many of us start our entrepreneurship with many ideas and desires to do creative things, but in our attempt to make very comprehensive projects, we do not respect the progressive growth and the time required for each execution. On the other hand, there are also several problems, entrepreneurs who fail to envision the growth of their project in a staggered manner and accumulate most of the important phases of the development in the long term.

In order to provide you with the fundamental bases to structure your long-term vision, we will analyze below some of the basic aspects that you should take into account.

Growth is progressive

The growth of a business is progressive, ignoring this principle can lead us to make many mistakes in our initial approaches. There are stages in the development of our product or service that will require more investment, and if they are executed at the wrong time, they can cause us to use resources that should be used in the primary processes, those that are focused on launching a minimum viable product.

What is the minimum viable product?

The minimum viable product is the smallest and cheapest possible version of our product. It is a viable product because it fulfills the purpose for which it has been created, but naturally, it is presented as a test, that is, it seeks to gather information on market sentiment. The minimum viable product is focused on being able to show the market the primary version of the product so that it can give us feedback on it.

Similarly, the minimum viable product is a very valuable option to prevent errors and unnecessary expenses, since any correction in time means a significant saving compared to the corrections that we would have to make on a product that is already massively in the market and on which we have invested a lot of time and money.

Importance of a five-year vision

Five years is an important number at a business level; statistics show a certain risk of bankruptcy for companies before they reach their first five years. A company that has been in the market for five years increases its value because it has been able to survive a series of setbacks and is now more solid and experienced. That is why you should set the goal of extending the vision of your business for at least the next five years.

This vision must be supported by a well-structured plan, which highlights the points of development over the years and the objectives to be achie