Article by Jane Tweedy, Business Advisor, Western Sydney Business Centre
Being a business owner you’ve probably heard of mission and vision statements – especially if you watched the now 21 year old movie Jerry Maguire – wow how time flies! But have you established statements for your business and how does it guide your success?
Mission statement
A mission statement is typically a paragraph or two communicating to the public why you’re in business. The one in Jerry Maguire was much longer as it was his thinking/ramblings behind the mission, and his vision for the future. The reason I’ve used the words ‘public why’ is because you may also have a personal motivation that doesn’t need to be shared, but is just important for you to understand.
The mission explains your why. If you’re interested please check out Simon Sinek’s TED talk ‘Start with why’ which uses Apple as an example of how consumers buy the why, not the how or what which is what most businesses focus upon.
Your why can be a great fall back if things aren’t going well. It can remind you in the tough times why you are in business, and helps your clients align with your thinking.
Vision
Your vision is the direction for the business. Some people like Stephen Covey talked in terms of keeping the end in mine, and the vision statement really communicates that. The end game or vision are important to help us make conscious decisions about our business. When presented with new opportunities we need to know whether they will take us on our ultimate journey, or merely lead us down a dead end garden path.
The vision can be altered if your circumstances change, but it does help you assess opportunities in a conscious manner, and decide whether the decisions are right for you and your business.
Values
To round out the vision of the business are your values – what your business aspires to uphold. Again values help you connect with your clients and potential clients, as we like to align with businesses that serve the same values and purpose as ourselves.
Need help?
Need help in identifying your mission, vision and values? Please make an appointment to see one of our business advisors for up to four hours of business advice at no cost with no catches! Book now!