A WHY statement for a business is known as a “mission statement”. It is similar to a personal WHY statement in a number of ways. Having a good mission statement is important but most business owners don’t bother to create one. Or they write one for a business plan and then never look at it again.
Writing a good mission statement is essential.
It Provides Direction
A good mission statement will always clearly state the direction of a company. It will include the main goal of the business and this is important for customers, employees, suppliers and stakeholders to know.
As your business launches new products and services your customers and employees will understand how it ties into your mission. They will see how they align with the direction that the company is heading in and will be more committed.
It will provide Employee/Contractor Unification
These days many businesses outsource work to skilled freelancers and external companies. When you have a strong and explicit mission statement and you share this with all parties it makes it easier for everybody working on the product launch project to see how they fit in.
A Mission Statement helps to maintain Focus (one of my favorite words!)
It’s easy for entrepreneurs to lose focus – we are constantly bombarded with new ideas and opportunities. If your business has a strong mission statement then this can be avoided.
Loss of focus can really harm the reputation of a business. Its brand can suffer and so can its overall image. With a strong and explicit mission statement in place it will provide guidance to all during periods of growth. The mission statement will remind everyone of the main goal and help to keep its reputation intact.
Creating Accountability with a Mission Statement
Any business will exist to fulfill a specific purpose or need and this needs to be stated clearly in your mission statement. A businesses needs to be accountable so that it can continue to improve and serve its customers better. If the overall purpose of the business is unclear then it is going to be difficult, if not impossible, to make these improvements.
You need to make it clear in your mission statement what your business wants to accomplish. This will help to hold both the business owners and employees accountable and ensure that everyone is striving to achieve the same goal.
Do you need some clarity on your mission statement? WHY is your business IN business?
How I can help you get really clear on your WHY and help you define your purpose: