When it comes to the plans you have for your business, your vision and mission statements are what set the tone for how your business will be run, and how your business plan will be received by investors. Solid vision and mission statements will provide your business with the path that it needs to succeed. As a part of your business plan, these statements become the anchor of your blueprint and can act as your guide to help your business function on a daily basis. An effective mission statement must be a clear, concise declaration about your business strategy, according to Patrick Hull, contributing writer for Forbes.
When potential investors are reading your business plan, your vision and mission statements will provide them with vital information about your company, including what you believe in and what you intend to achieve in the future. Each word included in your statements needs to be powerful and meaningful, and each should have a big impact. You need to make sure that you get your point across and that those reading your business plan know exactly what your company is trying to do.
Your Vision Statement
Your company’s vision statement is a way for you to define your long-term dreams. A company’s vision is not something that should be attainable. It is something that should always be just out of reach. It is a declaration of your company’s goal, whether it is for the mid-term or the long-term. The goals you set forth in your vision statement are what you constantly strive for, what you constantly work for, what you are constantly trying to reach. A vision statement lays out the most important goals that you have for your company, and it will work in concert with your business plan. A single vision statement will also put your employees all on the same page, making them more productive by helping them achieve the goals you’ve set forth for your business.
Your Mission Statement
Your mission statement is considerably more detailed than your company’s vision statement. A mission statement outlines what you want your business to become and what you want to accomplish. While the goals that are outlined in your mission statement should be challenging enough to keep you motivated, they should also be attainable so you don’t become discouraged and lose your way. Your mission statement will help you clarify what business you are in, as well as your overall goals and objectives, according to Rhonda Abrams, author of “The Successful Business Plan: Secrets and Strategies.” A strong, well-written business plan will prove to investors that you understand your business, that you can clearly communicate your goals and objectives, and that you have thoughtfully defined your unique focus.
It’s important to understand business law. That being said, your business plan is the most important document you will create for your business. It will be the document you present to potential investors to try and secure funding. To ensure that those investors read your entire business plan, it is important that you have a strong vision statement and mission statement. These statements not only show investors that you have a clear understanding about what your business is and where you see it going, but it also helps your employees see the vision you have for the business as well. The way your company functions is defined by your vision statement and mission statement, and they will work together as the guiding principles for your business as you seek to outhustle your competition. They also set the entire tone for your business plan and for your company.