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What is a mission statement and do I need one for my business?

I think it is safe to say, we all welcomed 2021, but if you run your own business you may be aware a new year may bring some new challenges but if you are hoping for new opportunities, now may be a good time to consider where you are going in your business and set up where you want to be for the upcoming year and beyond.

If you haven’t got a mission statement, it might be a good time to consider writing one, if you already have one, you might want to review and make sure your mission statement is still relevant to you and your team.

What is a mission statement?

A mission statement tells the public and customers what they should expect when dealing with your business and what your goals and principles are . It also helps guide decisions made by those within the organisation.

Typically, it should:

  • Describe the business areas you intend to work in

  • Detail the culture of your business

  • Include some of the aims and purposes of your organisation

  • Communicate with your staff

Mission statements are usually a brief and general statement of what your business does, what you are going to do and and how you are going to do it.

What purposes to Mission Statement fulfil?

Mission statements fulfil a number of purposes:

  • To communicate to all key stakeholders.

  • To guide and build a corporate culture through communicating core values, policies and behaviour.

  • Guide strategic planning – you should ensure that its strategies are consistent with the overall mission and therefore its values.

  • The mission statement can also be used as a way of screening out potentially unsuitable strategies.

  • Use to build your short to medium goals and objectives.

What is the process of creating a mission statement?

Usually the first steps in creating a mission statement are to

  • List the stakeholders of the organisation – who are your customers, shareholders, employees, bank manager, key suppliers? Your mission should identify the needs and aims and be relevant to all stakeholders.

  • Then attempt to create a mission statement that reflects these aims and that shows how the organisation wants to relate to the stakeholders.

  • If you draft a mission statement and distribute to key stakeholders for review.

  • Once finalised - get your message out there!

Do I need a mission statement for my business?

The short answer is both yes and no!

Yes, your business needs to know it’s purpose and what it has been set up to do but it doesn’t need an irrelevant or vague statement full of buzz words which mean little to your clients.

How long can a mission statement last for?

There are no set rules on how long a mission statement will be appropriate for an organisation. It should be reviewed periodically to ensure it still reflects the company's vision. If the market or key stakeholders have changed since the mission statement was written, then it may no longer be appropriate.

Need help building your mission?

It is important for business owners to make their missions and values clear to stand out in a crowded marketplace. It is important for business owners to have the best team in place to support their vision, if you need help with creating your own mission statement or building a strategy or business plan you can book a Virtual FD Strategy session here.

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