You need to include a mission statement when you’re creating a business plan for your business. Mission statement captures the quintessence of your business goal & the philosophies underlying them.
This brief statement will decide your purpose of your new business and defines the reason for the company’s existence. Writing a mission statement provides the context and framework to help guide the company’s strategies that spells your business’s overall objective.
What should your mission statement include?
A good mission statement answers several answers to your key questions about your business.
1. Why to write mission statement?
Understand, the mission statement is not the same as your company’s slogan – that usually serves the marketing tool designed to grab attention of customers and clients. Your mission statement necessarily is the same your vision statement that defines your company’s futuristic aims. Your mission statement is a business plan that will keep your company on track. Remember it shouldn’t be irrelevant or stale, it requires fine tuning with the time.
2. What are the opportunities or needs of the company that addresses?
Why you are starting this business, and what kind of purpose is provides to YOU. Do you want this business for yourself to establish as an accomplished entrepreneur, or you just want to enter a business line and be done with it … WHAT IS IT? Think about the spark that kindled your desire to start the business.
3. What image your business conveys?
Suppliers, vendors, employees and customers will all be having some perception about your company. How you are going to create that desired picture?
4. What level of services will be provided?
What factors determines your quality and pricing? The question relates to the reasons of your business existence and will it change over the time with the advancement of the technology?
5. Who will be your customers?
Is your business B2B or B2C or both? What can you do for them that will enrich their lives and contribute to the success now as well as in near future?
6. What kind of relationship you will be maintaining with your suppliers?
Does your mission statement have anything for your suppliers? They are the backup plans that plays vital role in running your business smoothly.
7. What roles your employees will play?
Your employees are your treasured professionals, who will be helping you to make your business successful. They will be at your side in every challenges, evolvement of business strategies and success.
8. How will you be competing with your competitor?
The majority of the entrepreneurs forget that they are pursuing the same money as their competitors. How you are going to differ from them- what you plan to do, opt for some cheap, faster and better business gimmicks? How will you use your competitor’s weaknesses to benefit your business?
9. What will be your marketing approach when it comes to doing business?
This is perhaps the most important question that you need to pen down with a truthful answer. Are you going to give a healthy and clean competition to your competitors, or you are going to use all sorts of marketing gimmicks “the good, the bad” to compete? Because, the kind of approach you will opt will definitely reflect about you as a person and your pattern of leading a business.
10. What principles and beliefs will be guiding your business?
Whatever it is, jot it down as you are going to read it often that reminds you why in the first place you started this business.