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Vision is paramount

Mr. Phung Anh Tuan - CEO F88 presented about F88 Vision

After successfully co-creating our own vision in 2009 using an alignment process (The future is missing! How we spent 14 days creating it in 2009), we started to partner with our investees to create their own visions through a similar alignment process. Some early adaptors that invested the time and effort to create visions in this way around 2008 included MobileWorld, Golden Gate, Traphaco and Phu Nhuan Jewelry. Each of these companies ultimately achieved their original visions, and subsequently went on to create bigger visions for their next phase of growth. Eventually most of our investees were applying this process to co-create a vision that the whole senior team and Board members could own and commit to.

Here is the story of how F88 transformed its culture and created its first vision: Journey to the Vision.

Around 2022 we started to analyze what worked or didn’t work in our investee corporate vision statements. Breaking it down line by line, what contents of a company’s vision were likely to be achieved and what content of a company’s vision had no clear results? This initial research, co-authored by Mekong Capital, was published in Singapore Management Journal in 2023 in an article entitled: What really works best in vision creation. Here are our latest insights into what content constitute the most effective vision statements based on the past experience of our investee companies:

Measure & ActionDifferentiationClear & VividGrowthFinancialBusiness ModelAudience

Measurable & Actionable

Each core element of the vision is actionable and measurable, the measure is stated in the vision statement (or obvious), and will be achieved by the specific date of the vision.

Differentiation

The vision is specific and relevant to the business in which the company operates, making it clear how the company differentiates itself from competitors and their intended position in their market.

Clear & Vivid

Easy to visualize, like a clear picture in vivid physical terms that an artist could paint. It includes specific features which are unique to this company and make it different from others will be memorable.

Breakthrough Growth

The vision calls for breakthroughs in growth or performance. Achieving the vision is possible and actionable, but not easy or likely to happen in the absence of strong leadership.

Financial Performance

If the company has a history of underperformance on profit, the vision must address clearly at least one measurable goal that ensures sufficient profitability (not revenues).

Business Model

If the business model is changing, or one piece of the business is emerging as the most strategically important, it is clear what the new business model looks like in the vision year, like a contrast between the vision year and the present.

Audience

While the content of vision might address the interests of customers, shareholders, the planet or other stakeholders, the vision exists for the employees and the Board so that they are working together towards common objectives/goals at a specific time in the future. While it might address the brand strategy or positioning, it is not a marketing tool.

Mekong often assists its investees to develop a vision which becomes the paramount objective of the partnership between Mekong and the investee company.

Watch Crab Hotpot, a story by Mekong’s founder, Chris Freund, about the power of a shared vision and organizational transformation.

Management Team

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