What is the meaning of life in your business? Why did you start the business? What are you passionate about? No matter how busy you are as an entrepreneur, it is crucial to keep the purpose of your business in mind and not lose sight of your passion.
A mission statement is one way of defining the purpose of your business. A mission statement describes what you do, who you serve, how you do it, and why you do it.
To define your mission, ask yourself:
- What does my business do? What problem does your product or service solve?
- Who does my business serve? Why are you serving those customers?
- How does your business deliver products and services to those customers?
- Why does your business exist? What outcomes do you seek?
Those questions outline the process of crafting a mission statement. At first glance, it seems simple. However, many entrepreneurs do not take the time to write a mission statement. There are emotional barriers that make it challenge.
Barriers to Crafting a Mission Statement:
- You do not have a clear understanding of what your business is all about.
- Fear of failure. Fear of being overly ambitious.
- Concern of insincerity and appearing superficial.
- Concern of being overly generic and lacking meaning.
With these barriers in mind, one knows what to avoid. To develop an understanding of what your business is about, define your passion, focus on a level, and remembers it’s about more than profits. To avoid the fear of failure, remember it’s only a goal. To avoid insincerity, look inward. To avoid being overly generic, be specific and meaningful.
Tips for Crafting Mission Statements:
- Define Your Passion: Ask yourself, “What am I really passionate about?”
- Focus on a Level: Mission statements may be written for different audiences – the world, the company, or the individual.
- It’s About More Than Profits: The objective of a company is to make money and remain profitable to stay in business. Profits may be an objective, but not a mission. If you are only looking to make money, there are faster and better methods than running a business.
- Remember It’s Only a Goal: Mission statements offer something to strive for but do not necessarily define what must be achieved. You don’t have to successfully accomplish the goal, but you can work towards the goal.
- Look Inward: To avoid insincerity and the perception of a marketing ploy, look inward and identify what you truly care about. Focus on the internal company.
- Be specific: Don’t be so general that your mission statement could apply to any business.
- Be Meaningful: Do not make the mission statement superficial, rather make it meaningful. Focus on the real impact and meaning you believe in.
A mission statement can benefit your company in more than one way. A mission statement provides long-term direction and guidance for employees and managers. The mission sets the customers’ expectations by explaining what the company does, who they serve, how they do it, and why they do it.
A mission also creates opportunities. By having a strong mission, the company embraces a broader perspective and is less dependent on a successful product. There are various ways to pursue a mission. The mission can serve as a driving force for business development.
For a one-on-one GrowthWheel consultation, please contact Mark Johnson.