If you're a business owner, chances are you've got an idea of what your company does and who it does it for. But do you know why? If not, don't worry—we can help.
To give your business a sense of purpose and direction, we recommend writing a mission statement. This is essentially a short (1-3 sentences) summary of what your company strives to achieve, who it serves, and how it differentiates itself from its competition. When done well, this document can serve as the foundation for everything else that follows: hiring decisions, marketing campaigns and even sales pitches!
The business vision is an aspirational goal for the future of your business. It should be a statement that describes the business's future state, and it should be ambitious but realistic--something you can measure and track over time.
Your business vision should answer these questions: What do we want our customers to say about us? How will we know if we're successful? How will we feel when we've achieved our goals?
A good example of a company with a strong mission statement is Zappos, which says its goal is "to deliver happiness" through customer service by providing free shipping both ways on all purchases (including returns), 365 days per year; offering free overnight delivery; paying employees above-average salaries; giving them stock options; and even providing free meals at work!
If you don't know who your target audience is, it's time to do some research.
Your target audience should be defined by more than just age and gender. It's important that their interests match up with the services or products you plan on offering them. For example, if your business provides financial advice for young people just starting out in their careers, then it would make sense for your target market to include recent college graduates with little money but plenty of ambition and drive--people who want to get ahead in life by taking smart risks but don't yet have the experience needed for making informed decisions about investments or savings plans.
Now that you've defined your business's mission, it's time to look at the competition. It's important that you do this as objectively as possible and not just jump on their bandwagon because they're popular or because they're doing something right. You want to be able to identify what they are doing well, so that you can emulate those things; but also identify where they could improve and how this differs from your own business model.
You should look at the market leader first--the one with the most customers (and therefore revenue) or brand recognition--and then move down through any other competitors in order of importance until there are no more left!
If you're looking to make a big impact on the world, it's important that you create an effective mission statement. A good one should be:
The first thing to keep in mind when writing a mission statement is that it should be short and to the point. A good rule of thumb is that your mission statement should be able to fit on one page, with room left over for margin notes and comments.
It's also important that your company's mission statement reflects both its goals and how it wants its customers perceive themselves as well as each other--a successful business needs both marketing strategies and customer service strategies (in addition to others). That means you want something memorable but also easy-to-understand by your customers, which means avoiding jargon or buzzwords unless they're absolutely necessary for conveying what your brand stands for in plain language.
Before you begin writing your mission statement, it's important to make sure you have a clear vision of what your business is all about. You can start by defining your brand's target audience and reviewing the competition--both of these things will help determine how you want your customers to perceive your brand. Next, create a mission statement that reflects both goals and perceptions while also being concise enough for everyone involved in the company (from employees down through suppliers) to understand easily.
