Last weekend, a friend of mine reached out to me, she is an entrepreneur and her business has been growing gradually, it turned out that one of her customers had told her that she(my friend) needed to open an online store for her fashion business, the woman informed her that there were a lot of people in the UK who were really interested in her crafts and would like to shop online. So this my friend ran to a web developer and got a website up and running after some days. Now, the website was up and contained all that an online shop requires, but there was something missing, the purpose of the company.
The magnitude of having a purpose for your business cannot be overemphasized, so also is having a mission and vision statement, objectives, values, your business description, analysis of your products and so on. This goes beyond having it on your website alone, it must be your guiding principle, You must be able to tell it when you’re woken up in the morning, before you go to bed and even in your sleep (lol).
This is the ‘reason why’ of your business. The reason you decided to go into the business despite the risks and the odds of doing the business. The purpose of your business is what keeps you on your feet, what makes you empty your account, what makes you sack your boss and become your own boss. This purpose along with the rest should be your guiding principle.
Write out your values before fully starting out a business. Your values are the foundational principles of the business, they talk about what you stand for, gives you direction and help you make decisions. These values must not be compromised and must be revisited in case there are turbulence. They must be clear to those who work and who are willing to work for you.
This is what your business /company is aiming for, why you started out in the first place, what you are setting out to do. You mission statement must, like every other statements, be clear to your employees and to the outside world. It is your organizing principle under which everything in the company is done and when it seems that you’re going off course, should be revisited.
Your vision entails where you are going, who you want to be. It’s about a preferred picture of where you want to be in the next 3-5 years or longer. Your vision must be very big, specific, attainable, measurable and easily communicated to others.
Your business description is equally important. You must be able to describe it exceptionally well, from ‘fashion design’ to ‘IT’ or ‘make up’ ‘catering’ etc. It’s critical that every business, no matter how small or how big should have a clear description. Together, it determines the company’s direction, it gives focus to the team, and serves as a template for decision making and also, it’s how other people can understand your business. So based on what I already know about this topic, I have been able to write Mission and Vision statements for two businesses.