As a Business Owner: Why should I have mission and vision?

I have encountered quite a big number of business owners who started their businesses rather spontaneously and impulsively with minimum planning in mind. What they took into consideration was the amount of money they can invest, the industry they can invest in (within their budget), the production process, and the leads and sales they can achieve.

At a later stage, as they start to struggle, they start to think about what they have done wrong and how they can overcome their misfortunes.

Well, what has gone wrong in the first place is that they did not build their business on good foundations; just like building up a tower with mediocre or no pillars. Eventually, it will break and fall apart.

Therefore, what is a good foundation for a business? The answer is: Having strong pillars to build on.

The first pillar is setting certain and clear business goals.

You need to know exactly what you want, and what you need to do to achieve it. You need to be clear about the objectives of the company and about the objectives of the people working in it. Each person must have a clear job description with a performance reference against which their progress toward the pre-set targets is assessed.

Hence, knowing precisely what it is that you want means that you know your mission. Apart from making money, your mission ought to be related to how you’re business is going to benefit your customers and make their life easier. A mission statement tells the customers what a company does and what a company doesn’t do. Likewise, a mission statement acts as a guideline that directs the business toward success.

On the other hand, the mission can become obsolete with the continuous evolution of markets and technologies. You should revisit your mission statement at times when rapid change is taking place in order to keep pace with the world.

The second pillar is deciding the future of your business.

Imagine the best state you dream of for the future of the business, make that your vision, and start searching for ways to achieve it. It may be a projection of five or ten years. Having this in mind makes it easier for you to find tactics and methods that can be implemented to achieve your dream.

Think of your customers and how you want them to perceive your company. Think of how your employees view their workplace and how they would describe the company they work for. If the results were not as you would’ve wanted them to be, then you’d know what you’re doing wrong and then, you would have the chance to act and amend.

Mission and Vision statements are not rhetoric or platonic declarations intended to woo your customers. They encompass the core of your business strategy that acts as the foundation of your ultimate success.

Reference: Business Strategy by Brian Tracy

Author: Lama Lawand