Former GE CEO and Chairman Jack Welch once said: “Good business leaders create a vision, articulate the vision, passionately own the vision and relentlessly drive it to completion.”

Sadly, many businesses have a vision that’s simply a bunch of words while others haven’t even bothered to create one. A company without a vision can be a bit like a boat without a rudder – without it, there’s no clear focus, there is no common purpose and there's a distinct lack of direction.

Lewis Gordon Pugh - a world-renowned athlete and global environmentalist - talks a lot about the importance of vision, at work and in one’s personal life. In his book “Achieving the Impossible” he relays a story about a prestigious law form that he worked for in London that lacked vision. “Never once did the senior partner come to us and say: “This is my vision. This is where I want to take the firm. And this is what I’d like you to do to help us get there.” ”In contrast, Pugh comments on his time in the British Special Air Services (SAS) where the organisation’s vision was blatantly clear and undisputable, with buy-in required from every member regarding their role, their purpose and their required contribution towards the overall mission.

MBA  graduates who embrace the concept of visionary leadership  should consider the importance of their own vision and values and those of the organisations they work for. Ideally, these should be aligned and compatible in order for them to be real and meaningful. Individuals who live out their vision and values with confidence in both their professional and personal lives are likely to enjoy a competitive advantage over those who either have none or are unclear about what these may be.

A company’s vision, values and mission statements should be a true reflection of the organisation's purpose, leadership  and integrity. From a top-down perspective each manager, division and team should invest time and thought into formulating their own vision for future growth and development. Each business area needs a true visionary leader to communicate, develop and grow the vision with passion and commitment.

Although a corporate vision statement should reflect an organisation’s future aspirations, it’s not a business strategy . It’s also not a marketing  strategy  or a branding one, although it should inspire and drive these. It’s also a lot more than just having powerful and well-written words framed in the reception area.

If you’re needing to create or develop a mission or vision statement for your business or for your life, look to some leading brands for inspiration to create something that’s realistic, clear, true and aspirational: