Chapter 4: Mission Statement/Planning
A. Mission Statement
Here’s a helpful definition of a mission statement:
A Mission Statement defines the organization’s purpose and primary objectives. Its prime function is internal – to define the key measure or measures of the organization’s success – and its prime audience is the leadership team and stockholders.
A mission statement is what you place on your wall, to remind you of what you are doing and why.
B. Business plan, including costs
A business plan is often required if you go to a bank for financing, and we’ll be talking about that in a later section, but in reality it should be completed for any business…whether financing is required or not. All of the research you conducted and the decisions you made will be reflected in your business plan. There are many guides available to help you with your business. One resource for U.S. residents is your local SCORE chapter, where you can get help with your business plan if necessary.
In essence you are putting to paper what your business is, or will be, what it will be doing, what are the challenges you will probably face, and what will be the result of your operations? It doesn’t have to be long, convoluted document.
A well written business plan can help you stay on track if you lose track of what you’re supposed to be doing. If you bring on employees for key positions or even joint venture partners, your business plan can help to communicate what your business is trying to achieve.