The last article in the Biz Plan series, we covered the Vision Statement which explains your long term vision for your business. It is what you want your business to be when it grows up. The Vision Statement is all about the future of your company. This week we will discuss the Mission Statement which focuses on the right now of your business. Think of the your Vision as the tomorrow of the business and your Mission as today.
According to Inc. Magazine, “There are four key elements found in effective (mission) statements: Value, inspiration, plausibility, and specificity. In a couple of short sentences, you should be able to convey the value of your company or why your brand exists, inspire and encourage your employees, sound completely reasonable and plausible, and be as specific and relevant as possible.
Like your Vision Statement, your Mission Statement should be straight down to the point. Eliminate all of the sugar coating. After someone reads your Vision Statement, they should know what the ultimate goal of your company is and how it will impact the world on a larger scale than simply making you money. After reading your Mission Statement, the reader should know the answer to the following questions:
1. What do you do, Boo Boo?
Clearly state what it is that you sell. As nice as “We provide beautification services” sounds, what does that mean? Do you style hair? Do facials? Ugly people rejuvenation? Or do you beautify through landscaping or interior decorating? What exactly do you do?
2. How do you do it?
This step explains how you provide your products and services. Do you sell online or in a boutique? Do you provide your goods by utilizing the latest technology or do you organically created your own inventory? How do you create your magic?
3. Who do you service?
Briefly describe your typical customer. Are your services geared towards small women-owned businesses in the greater Los Angeles area? Or do you offer products for eco-conscious millennials? Obviously, there is no way to perfectly describe each and every type of customer you may have. The idea is to focus on your primary niche.
4. Why are you so special?
What value does the customer get by choosing you? What separates you from the competition? What is it about your company that would make a customer buy from you instead of from the business down the street?
5. Inspire your team
Your team may include employees, independent consultants, volunteers, or your kids who are your Marketing team (translation: they hand out flyers). The people who work with you or for you should feel passion for your business and be proud to be a part of the team. Think of things about your company and the way you do business that would motivate your team to always put their best foot forward.
The Vision and Mission Statements are the shortest parts of your Business Plan, yet they truly set the foundation. They will act as your compass when you have to make business decisions. They will let people inside and outside of your organization know what to expect from you. These two statements will keep you focused on what your company is all about so you can stay on target as you slay!
Now that we have laid our foundation, it is time to really get down to business. Join me next week as we discuss the next part of the Biz Plan: the Company Description. Be sure to catch the remainder of the series by subscribing to the blog.
Until next time,
Rachel Henderson is a single mompreneur who helps other single mothers turn their pass ion into profit, while maintaining their home. She has over 20 years experience in accounting and business, and is now focused on spreading entrepreneurship among young single mothers. Her hobbies include cooking, shopping, and making gift baskets. She lives and plays with her three boys in sunny Los Angeles, CA. Her faith and the love of her family keeps her motivated every day. For more information visit www.mzrachelzplace.com.