The Importance of Having a Strong Mission Statement
For some start-ups, developing a strong business plan can seem irrelevant. Even established companies can lose sight of their plans after securing outside investors. No matter where your business falls, there is value in outlining why your business exists. There is a reason your company formed, and it is found in the mission statement.
For Entrepreneurs and Start-Ups:
Funders and investors review your business plan before making a financial investment in your company. Do the competitive analyses and pricing strategies that will inform your business plan seem daunting? Then, developing a strong mission statement is an easy and meaningful first step. Start by answering the following questions:
- Why did I start my business?
- What do I believe makes my business worthwhile, unique, and valuable?
- What business practices are important to me, and why?
- How do I want to treat my employees, customers, vendors, and community?
The answers will inevitably begin to define your mission statement. A strong mission statement reveals your niche, competitive advantages, and ultimately, your business plan.
For Established Businesses:
Your mission statement can be more than a paragraph in your Executive Summary. It can inform company culture, refresh marketing strategies, and support senior leaders in decision-making processes. As operations grow or new lines of business are acquired, the mission becomes a guide. Consider the following questions:
- What has contributed to the longevity and sustainability of your business?
- What opportunities and threats could impact your business in the next 5 or 10 years?
- Does the mission statement reflect your current business practices and company culture?
- How do employees, customers, vendors, and community members experience the mission in your company’s operations?
These considerations will reveal if it is time to refresh the mission or adjust practices. While prudent financial analysis and effective management keep businesses afloat, the mission gives it purpose.
DCA is always available to help with all your business needs. Schedule a consultation today. You can also reference the articles below for step-by-step instructions for writing a strong mission statement.