Mission
& Vision: BizPlanIt Newsletter
Mission Statement
- Say It With Passion
Let's assume that your Executive Summary clearly outlines
your idea, business concept, opportunity, market, management
team, and investment opportunity. Let's also assume that it's
grabbed the attention of your reader/investor and has inspired
them to read on. Moving forward, your reader quickly flips
past your Table of Contents and glances at your company's
Mission Statement.
What will they read? Is it compelling? Exciting?
Does it give them the impression that your company and you
are more than just business oriented, but also passionate?
What does it tell your reader about you, your company, and
your chances of future success? And will it stick in their
mind as they read through the other sections of your business
plan? If you can answer yes to these questions, then your
mission statement has done its job.
Keep in mind that you don't want to put
the carriage before the horse in regards to the relationship
between your mission statement and your business plan. In
many ways, your business plan (i.e. your business) should
develop BECAUSE you have a mission, not because the mission
is a section in your business plan.
A great mission statement will not make
up for a poor business plan in the eyes of investors, but
an undefined and uninspired mission statement may lead an
investor to think twice about the quality of your business
and it's goals. This month's issue of BizPlanIt's Newsletter
offers brief suggestions and tips to prepare and incorporate
an effective mission statement into your business plan.
A mission statement isn't just for the readers
of your business plan. Instead it should be viewed as the
guiding principle for your entire business. It tells you,
your company, your employees, your vendors, your customers,
your investors, and your lenders what your goal is, what you
stand for, and where you're headed. Essentially, your mission
statement defines your company's values and outlines your
organizational purpose and "reason for being".
A solid business plan is organized to convey
information to outsiders about the nature and intentions of
your business. A clear mission statement serves as the "guiding
light" of your business plan, powerfully condensing the
message you want to send to the reader.
A good mission statement is compelling,
passionate, and energizing. It should be risky and challenging,
but also achievable. If it falls between "we can't do
it", but "we will do it anyway" then you're
on the right track. Also remember that a mission statement
isn't written in stone, and is likely to change over time
as a business grows and market conditions change. Think of
your mission statement like a race; give it a clearly defined
finish line and determine a time period when it will be achieved.
Writing a mission statement can be a difficult
and challenging task. If you don't know what you stand for
and what your company believes in, then it's impossible. If
you don't know what principles you operate from and how you
will treat those who come in contact with your company, then
it's impossible. If you're not excited about what you are
doing and lack a passion for your product or service, then
it's impossible. Instead of trying to just "write it"
or "get it done", devote some serious thought and
soul searching to your mission statement. It must boldly state
what you, your company, and it's future are all about - and
it's worth the effort.
A mission statement should require little
or no explanation, and its length is less important than it's
power. One of Nike's now famous mission statements was:
It requires no explanation, but it motivates
everyone associated with Nike, and the objective is unmistakable.
Instead, Nike could have stated their mission as, "to
be the best shoe company with the best customer service",
but that would have done little to inspire the troops. Don't
make that mistake with your own mission statement - make it
passionate and inspiring, not bland and boring.
Consider two other famous examples:
- PEPSI - "Beat Coke"
- HONDA - "We will crush, squash,
and slaughter Yamaha"
Attempt to keep your mission statement simple,
but this doesn't necessarily mean it should be short. Try
limiting it to one paragraph, although it could vary anywhere
from one sentence to a full page.
Every mission statement should be different.
So don't try to use one of the examples above or one that
resembles the flavor of your closest competitor. Instead write
a mission statement that reflects your individuality, creativity,
and uniqueness.
Use a tone that best reflects the culture
of your company, and get as many people as possible involved
in its construction. If everyone doesn't buy into your mission
statement, then it will not effectively shape your company
and its actions, and thus it will lose its effectiveness.
So if someone reads your mission statement and comments "great,
but who cares" consider rewriting it and adding some
passion. The passion and excitement you demonstrate in your
mission statement will carry over not only to the rest of
your business plan, but also into the day to day operations
of your company.
For more advice on writing your mission statement or vision
statement:
Email
us at BizPlanIt if you have comments or suggestions about
our Virtual Business Plan.
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