Why do you want to Start a Business?

from Entrepreneur Zine 02 Feb 15 enhanced by Peter/CXO Wiz4biz

What’s your Mission? When you’re creating a Business Plan for your new business, you need to include a Mission statement. A mission statement captures, in a few succinct sentences, the essence of your business’s goals and the philosophies underlying them. Equally important, the Mission statement signals what your business is all about to your customers, employees, suppliers & the community. The mission statement reflects every aspect of your business: the range & nature of the products you offer, pricing, quality, service, marketplace position, growth potential, use of technology, and your relationships with your customers, employees, suppliers, competitors & the community.

Example: Your mission statement should reflect your business’s special niche. Studying other companies’ statements can trigger your own creativity. Consider the statement one entrepreneur developed for her consulting business: “ABC Enterprises is a company devoted to developing human potential. Our mission is to help people create innovative solutions and make informed choices to improve their lives. We motivate and encourage others to achieve personal & professional fulfillment. Our motto is: Together, we believe that the best in each of us enriches all of us.”

To come up with a statement that encompasses all the major elements of your business, start with the right questions. Answering the following questions will help you create a verbal picture of your business’s Mission:
1. Why are you in Business? What do you want for yourself, your family, partners, employees & your customers? Think about the spark that ignited your decision to start a business. What will keep it burning?
2. Who are your Customers? What can you do for them, that will enrich their lives and contribute to their success—now & in the future?
3. What Image of your business do you want to convey? Customers, suppliers, employees and the public will all have perceptions of your company. How will you create the desired Brand image?
4. What level of Service will you provide? Most companies believe they want to offer “the best service available,” but do know what your customers want? Don’t guess. Ask them, then determine what you want to supply.
5. What kind of Leader do you want to be? Wise leaders develop a style that organizes, challenges & recognizes employees, for greater creativity & achievement.
6. How do you differ you’re your Competitors? What do you do better, cheaper or faster than competitors? How can you use competitors’ weaknesses to your advantage?
7. Do Strategic Planning, of how will you use technology, capital, processes, products, & services to reach your goals? A periodic review of your strategy will keep your energies focused on your goals.
8. “Core Values” What “Core Values” do you want your business to have? Here are some typical Core Values to consider:
a) Accountability – Acknowledging & assuming responsibility for actions, products, decisions, & policies. It can be applied to both individual employees and accountability of the company as a whole.
b) Balance – Taking a pro-active stand to create & maintain a healthy balance for workers with their work, family & friends.
c1) Commitment – to a great product, service, & initiatives that impact lives within & out of the organization.
c2) Community – encouraging a contribution to the community to demonstrate corporate social responsibility.
d) Diversity – respecting the diversity of the cultures of employees – knowing it can bring outstanding contribution to the organization.
e) Empowerment – Encouraging employees to take initiative and trusting their judgment. Adopting a fault-free environment to not criticize employees, but determine can be learned by the decision.
f) Innovation – Encouraging a non judgmental open sharing of all new ideas, and thoroughly evaluating them, before deciding which to pursue.
g) Integrity – Acting with openness, honesty & honor – in all situations – without compromising the truth
h) Ownership – Training & motivating each employee to take care of the company & customers as they were one’s own.

Comments: Is there anything you could add to Mission or Core Values?