Have you ever reached a point in your business where you feel like nothing is working and you felt you lost perspective on what project you should work on and what to prioritize as a next step?
When you are at this point, reconnecting with your WHY and creating your mission statement can be very helpful to make sure your next decision is aligned with your long-term vision and company´s values.
In today´s blog post, I am going to show you how to create a strong and successful mission statement and how it connects to the vision statement, and how both relate and influence each other and how they are different.
Overview
- ⇒ What is a mission statement?
- ⇒ What is the difference between a vision and mission statement?
- ⇒ How do these statements relate to each other?
- ⇒ How can a mission statement help you?
- ⇒ What questions should you ask?
- ⇒ The 5-step process for a successful mission statement
- Step 1: What is your company´s focus?
- Step 2: Who is your market or target audience?
- Step 3: Why does your company produce what it does?
- Step 4: How does your company do what it does?
- Step 5: What benefits does your company provide?
- ⇒ Coherent mission statements
- ⇒ What makes a successful mission statement?
- ⇒ Examples of inspiring mission statements:
- ⇒ Exercise: Create your own
- ⇒ Summary
What is a mission statement?
A mission statement is a brief description of a company’s fundamental purpose. It answers the questions “Who are we?” and “Why does our business exist?”
What is the difference between a vision and mission statement?
A vision statement is future-based, and meant to inspire and to give direction to the leaders and employees of a company and answers the question “Where are we going?” If you would like to know more about how to write a vision statement, check out my latest blog post: http://mariusbill.com/how-can-you-create-your-successful-vision-statement/
How do these statements relate to each other?
Those who create these statements need to be aware that both serve as a guiding system for your company. Clarifying why your company exists helps you create a successful vision statement.
What are the benefits of a mission statement?
Most entrepreneurs face an endless stream of opportunities and distractions, so it is easy to lose sight of what is important in your business.
The benefits of a mission statement are:
- Helps to articulate the company’s purpose
- Defines WHY your company exist and unifies it
- Clarify what you stand for and what you want to do
- Stay focused on your goal, so you know which opportunities to pursue and which to pass on
- Create a benchmark to use as a guide for decisions and priorities
- Stay motivated and energized in anything you pursue
Motivate employees to work together towards a common goal
Whenever there is a new opportunity, ask yourself: Will this help me fulfill my mission or distract me from it?
What questions should you ask before preparing your mission statement?
Before you write your mission statement, take an introspective look at your business. The following questions will support you to gain clarity about what you want to accomplish and how you will go about it.
- ⇒ What products or services do you provide?
- ⇒ What markets or customer groups do you serve (= geographic coverage)?
- ⇒ What are your principles in regard to your community, customers, employees, and others you work with?
- ⇒ Why do customers buy from you?
- ⇒ What is unique about your product or service (= your competitive advantage)?
- ⇒ How do you want your brand to be perceived?
- ⇒ What are your top goals or objectives for your business?
The 5-step process for a successful mission statement
Your task is now to turn that big idea into a statement that is clear, concise and concrete. It’s simple if you follow these five steps:
Step 1: What is your company´s focus?
- Begin your statement with “Our mission is to . . .” and then
fill in the blank with a verb. Describe the purpose of your business. - For example, the mission of Next Level Coach is “to empower
and support.”
Step 2: Who is your market or target audience?
- Who are you trying to reach?
- For example, the target audience of Next Level Coach is
entrepreneurs and leaders.
Step 3: Why does your company do what it does?
Begin by describing your spark, the passion behind your business.
- It may help to think back on why you started your business.
- For example, I’m passionate about personal growth and circular business models that support and sustain a healthy environment. I love to empower these types of business leaders to thrive and prosper while doing good.
Step 4: How does your company do what it does?
Describe how your business operates generally, but not a detailed description of your business’s physical operations.
- Take a moment to think of the core values that are important to you as they are expressed in your business.
- Focus on your business’s core competencies while considering which values are worthy of being part of your mission statement.
- Here some examples of my company’s core values:
- Professionalism and Expertise. I provide high-quality coaching and customer service. I serve each client with my specialized knowledge and skills, with honesty, loyalty, and integrity.
- Learning. I’m continually educating myself to improve my services.
- Environmental Sustainability. I support entrepreneurs in creating environmentally-friendly businesses.
Step 5: What benefits does your company provide?
Besides directing your business planning, your mission statement should be at the forefront of the minds of everyone who works in your business. You also need to communicate to customers or clients why they would want to do business with you.
- For example, show the benefits your business offers and communicate them internally to your employees and externally to your customers.
- Make sure your mission statement is highly visible somewhere on your business premises, on your website, and on all your marketing materials.
- A good mission statement is an operations manual.
Coherent mission statements
Based on my analysis of many mission statements, they often consist of the latest buzzwords or business jargon and/or have unrealistic or unattainable goals, all of which can negatively affect employee morale.
That´s why it is important to have a coherent and realistic mission statement. You can then engage your employees and fulfill your company´s goals.
What makes a successful mission statement?
- It is short, to the point, and memorable.
- Like a tagline, it sticks in the mind of a person when they hear
or read it. - It identifies your company as one that a customer would want
to do business with.
Examples of inspiring mission statements:
⇒ Patagonia: “Build the best product, cause no unnecessary harm, use business to inspire and implement solutions to the environmental crisis.”
Comment: This statement combines both the values that bring them market success (building safe, high-quality products) and the values that contribute to a better world.
⇒ Tesla: “Our mission is to accelerate the world’s transition to sustainable energy.”
Comment: The use of the world “accelerate” makes this statement special. Tesla´s main interest isn´t just car sales, it is the promotion of an environmentally-friendly and sustainable way to travel (core value) by using renewable energy sources.
Exercise: Create your own
Your mission statement should serve as an overall guide for how you run your business and how your business interacts with the world around it.
Now it’s time to write your own. Get out a piece of paper and give it a try. Ask these five questions:
- Step 1: What is your company´s focus?
- Step 2: Who is your market or target audience?
- Step 3: Why does your company do what it does?
- Step 4: How does your company do what it does?
- Step 5: What benefits does your company provide?
Summary
- Key Point #1: It helps to articulate the company’s purpose
- Key Point #2: Defines WHY your company exist and unifies it
- Key Point #3: Clarify what you stand for and what you want to do
Supporting Your Mission
If you would like support in creating your own mission statement, you can schedule a free initial consultation here: https://bit.ly/2CUPJ1x I look forward to supporting you in your success.
Coming up Next Month…
In my next blog post, I will show you how to get clear about your core values.
Stay tuned!
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