There’s a secret recipe for business success that most entrepreneurs don’t get to hear about. This secret is so obvious; yet, most people miss it. People keep asking why Bill Gates became the richest man in the world; or how GE emerged as one of the most powerful companies in the world. Well, the answer lies in the “Business Mission.”
“The thing I really care about is the mission; making the world open.” – Mark Zuckerberg
The significance of a business mission can never be over emphasized. I have seen so many startups without a mission; even some established firms also run without a mission.
“Being an entrepreneur, I have come to realize that all successful businesses are driven by three fundamentals. One is the cash flow, two is the team and three is the mission. Of these three, the mission is the most important.” – Ajaero Tony Martins
Now what has a mission got to do with building a successful business? What’s the effect of a mission statement on an entrepreneur? Can a mission statement give a business competitive edge? Well, the tips below will help you see reasons why you need a mission statement for your business?
The 4 Unquestionable Reasons Why Your Business needs a Mission Statement
1. The mission is the foundation of your business. It’s the true purpose why you started that business. Without a strong mission statement, you don’t have a true business. All you’ve created is just a profit making venture that won’t stand the test of time.
“To turn really interesting ideas and fledging ideas into a company that can continue to innovate for years, it requires a lot of disciplines.” – Steve Jobs
2. The entrepreneurial spirit is found in the mission statement. When I analyze the mission statement of any business, I get a glance into the life of the founder. The entrepreneurial spirit is what propels the entrepreneur. If the mission is strong, so also will your drive be towards the pursuit of your goal.
“The IKEA spirit is strong and living reality. Simplicity in our behavior gives us strength. Simplicity and humbleness characterize us in our relations with each others, our suppliers and our customers.” – Ingvar Kamprad
3. Your mission statement is the link connecting you, your team, employees and your customers to the business. Remove the mission and other vital elements that make up the business will fall apart. Your mission also has the ability to pull other like-minded people and entities to your cause. Just as birds of a feather flock together; so do people of the same mission come together.
4. With a formidable mission, your business will conquer any challenge. Analyze companies that have lasted over 50 years and you will see companies with a strong mission. In retrospect; I have noticed that when a business disregards its mission, it begins to lose relevance. The tie holding the business will be broken and good customers will leave, good employees will resign and the business will dwindle. Just as the case of the Dot com burst, many profitable Dot com companies went under because they weren’t built on a strong mission. Amazon did the opposite. Also consider the case of Arthur Anderson and Enron and you will understand why it’s important to stick to your mission.
Now how do you create a strong mission? Below are three steps to creating a compelling mission statement for your business.
Three steps to creating a strong business mission statement
1. What drives you forward? What keeps you motivated? When you figure the answer to these questions, put it down in writing.
2. How best can you serve your customers? What will your business stand for in the heart of your customers? What will be the ultimate benefit your customers can obtain from your business? When you figure the answer to these questions out, put it down in writing.
3. Now the combination of the answer to the questions above will help form your business mission.
In conclusion, I want you to know that no one can help you create a mission statement; you alone can do it. And finally, let it be instilled in you that the business mission is one of the most important components for building a successful business.
Ajaero Tony Martins is a serial entrepreneur and investor with a passion for teaching people how to start a business. He spends his free time reviewing and researching on the best small business ideas.