Have you given any thought to creating a mission statement for your business? Do you even know what a mission statement is? If not, then it’s something that you should about, because it will help shape your identity as a business. Let’s explore the process of creating a mission statement for your business and you’ll see first-hand just what kind of impact it can have.
What Is a Mission Statement and Why is It Important?
Why does your company exist? What does it hope to accomplish? Who do you hope to help through your business? These are the questions you answer through your mission statement. It’s important for you and your employees to know what you’re doing, and why you’re doing it all times; regardless of your industry.
Since it’s a reflection of your company and its goals and values, you need to be able to live by it, your employees need to swear by it, and your customers need to be positively affected by it at all times. For example, you wouldn’t take a trip without having some idea of where you were going. Why would you plan and start a business without any clue as to what you want to accomplish through it?
Like taking a successful trip, building a business from the ground up is a process that works best when the right steps are followed from day one. In many cases, that first step in creating a successful business is writing a mission statement that defines who you are and what your business is about. Now let’s look at what goes into creating a mission statement for your business from there.
The Anatomy of Your Company’s Mission
Having strong foresight is just one of many key leadership qualities that you need to possess when you get started with getting your company off the ground. It’s also one of the single most important when it comes to planning your company’s development. As it relates to your mission and what you hope to accomplish, you need to know about the following:
- Why You’re Doing What Your Do – You decided to start your business for one reason or another, and that needs to be one of the first things you address when writing a mission statement. Whether you started your business because you have a great passion for the industry you’re in, you saw a niche that wasn’t being addressed, or you have a new way to solve an age-old problem, you need to be clear on it.
- Exactly Who You’re Targeting – Every business that has ever existed and ever will exist wants to address the needs of a particular type of customer; that’s something you need to be aware of when creating a mission statement. Whether you run a restaurant who wants to sell to people who are constantly on the move, or a technology company that wants to appeal to early adopters, you need to know your audience. This doesn’t just apply to the short term.One common challenge for small businesses is uncertainty of the future, and you need to outline how you plan to address any potential changes in your demographics with time when creating a mission statement. This kind of foresight will help you adapt to trends as they arrive so that you can continue moving forward instead of falling behind.
- How You Plan on Doing It – The greatest business plan statement in the world will fall flat without something that resembles details about how its leaders plan to reach their goals. Your statement doesn’t need to contain information about what you’re going to do down to the smallest detail, but you need to have some clear strategy about how you’re going to reach your ultimate goal outlined when you are creating a mission statement. Whether those plans involve building a strong team, coming up with an ironclad pricing strategy, or anything else, the wheels need to get in motion as early as possible so that you can hit the ground running when things begin to take shape.
- Who You Are – On top of it all, a small business mission statement needs to have some portrait of the person behind it all. Who are you? How did you get to the point where you wanted to start the business you’re planning? What relevant experience do you have? These questions not only give insight to customers, but might be relevant to investors as well, because they need to be able to put a face and history to the company in which they invest. Keep that in mind when creating a mission statement and you can be sure that your chances of a finding clear path to success will be that much greater.
Remember, running a business successfully does not need to be complicated. Keep it simple!
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Manny Skevofilax is a consultant and speaker that helps his clients successfully navigate the challenges of growing their businesses profitably. Since 2003, Manny helps businesses enhance their results by using his experience in strategic planning, financial statement analysis, operations, organizational development, and team-building. His consulting firm, PORTAL CFO Consulting, Inc., has attracted clients from diverse industries in the United States and abroad.
Manny can be reached at 410-808-3441 or via email at manny@portalcfo.com.