A business plan is often referred as the roadmap to success. Anyone who runs an existing business or is in the process of starting up understands a sound business plan is the initial step for success. It will give a precise description of what the business will achieve, how it will be achieved, why and by whom.
Writing a business plan will help the entrepreneur organize his expectations for the business and develop a framework that will guide him in running the business.
Moreover, the business plan will become a relevant tool in making future decisions, especially those that will impact the business over the long period.
A business plan has several sections, however, when crafting your business plan, take time to define your mission and vision as well as your goals and objectives. These sections will clearly state the core of your existence and define what you want to accomplish and what your business actually stood for.
Before you can actually develop these sections, you need to identify your core values. Consider the stakeholders that your company is accountable.
The stakeholders may include the owner, employees, customers, suppliers, and investors. Your core values will be the foundation of your mission and vision as well as your goals and objectives.
A mission is defined as an important purpose, accompanied by a strong conviction. Therefore, your mission statement must clearly state the purpose of your existence.
It must be about you and should create a connection with both the customers and the employees. Mention a specific goal that is tangible and should boost the value proposition of your business.
Often, generic, extremely long mission statements are confusing and may become useless. Brief and concise, single sentence mission statements are more preferred.