A well-crafted vision statement takes the mystery out of your business for clients and prospects.

“The purpose of a vision statement in any business,” says Amelia Young, principal of Upside Consulting Group Inc. in Toronto, “is to declare who you are and what you’re about.”

Follow these tips to create a strong vision statement for your business:

> Think like an advisor
A vision statement is like an investment policy statement for your business.

Like an investment policy statement, says Young, a vision statement should outline the goals of the business, what investments you will make and what you will and will not do for clients.

> Show some emotion
Your vision statement should connect with your intended audience.

People tend to make decisions from the gut, Young says. So, your vision statement should evoke some kind of emotion.

“[An emotional connection] allows clients to self-select into your practice,” she says, “so, that they fit with you and your worldview.”

> Talk it over
Once you have drafted your vision statement, get a second opinion to help ensure it truly fits your business.

Find a peer with a similar skill set, Young says, to help evaluate your business on both the personal side (how you work with clients) and the technical side (your investment strategies.

Have that person ask you questions to draw out what has worked best for your business, she says, and what wasn’t so successful. Questions he or she could ask include:

  • Tell me a story about a client relationship that didn’t feel like work.
  • Tell me a story about a client relationship that didn’t work out.
  • Tell me about the best and worst investment decisions you ever made.

> Get to the point
To draw people to your business, a vision statement can’t be too wordy, so keep it short.

“If it’s more than eight or ten words,” Young says, “people get bored and don’t even read it. For something to really strike at you it has to be pithy and concise. The choice of words is critical.”

> Take another look
Don’t be afraid to change your vision statement if necessary.

If you are a new advisor, Young says, you may not be able to define immediately the specifics of the skills you plan to offer your clients or how the business will run. It’s important to revisit your vision statement roughly every five years to make sure it still reflects your practice.