“Being the best” is great, but it isn’t a business objective unless you can measure it. Mission Statement: Next in importance comes the mission statement.A mission statement defines the long-term goals of your business in three ways: Your business’s mission statement is more permanent than an objective in a business plan. The mission statement serves as a reminder — to you, your employees, and your customers — of the main purpose of your business. Think about how your company is different, and use that to influence your mission. Vision Statement: The vision statement is often confused with the mission statement. Actually, the vision statement is about what the business’s future will look like if the mission is achieved.Avoid the temptation to engage in fantasy, and keep your vision statement optimistic but based on reality.
Whoever your stakeholders are or will be, your vision statement has to be in line with those stakeholders.
For example, if you are funded by venture capitalists, they have a say in what your company will be.
Goals may include increasing monthly sales or profits to some specific number or by a specific percentage; decreasing costs or operating expenses to a specific number or percent; or finding a specific amount of new funding. You can set objectives for performance, customer satisfaction, and other key elements of success, as long as you define how they will be measured.
For example, if your business wants to serve the best coffee on the block, add that it will be determined by a random survey of customers (or by some other method).
His company’s mission statement reads as follows: To create an online marketplace that brings together unique and creative folk artists from around the world with serious collectors from beginner to expert.
His enduring vision statement reads To promote the continuing production of folk art and the livelihood of folk artists around the world through Internet technology.
In 25 words or less, capture the vision you have for your company.
Your vision statement makes its way into your written business plan as part of your company overview.
The vision you have for your company is something you should be very proud of.
When writing a business plan for your company, you’ll often notice that business plan templates or experts suggest you include a vision statement, a mission statement, and objectives.