What is a Mission Statement and why should you have one as a small Business Owner
Businesses are tricky and all businesses are small in some frame of time (at least in terms of revenues, even for mega businesses to start with). Small or big, businesses are required to be run on certain principles and defined parameters. This is the sum total of how a company is planned to be working. These parameters and standards, once put into words form the mission statement of a business.
What is a mission statement
As described earlier, it is a description of business functionality, its target market and how it intends to achieve the desired goals. In simpler words, it is a worded definition of a business, why it has been created, the people it endears to serve, the services it offers and the scale of its operation (global or local). This is usually condensed into a suitably worded single sentence. This is an accepted practice to condense it to maximum brevity, however, there are no hard and fast rule that it can’t be more than a sentence.
Why should small businesses have a mission statement
- It’s equally valid for all businesses. Mission statement seems to be a high-sounding word straight from some business management book and meant for mega corporations or global businesses. That’s how many small business owner perceives it to be. This is a huge misperception. Consider for a moment that there are very few conceptual differences in running a business. Every business needs capital, human resource, production, marketing and effort. The difference may be in the scale and scope of business expansion and its reach. The driving principles are the same for any business and mission statement is a driving principle, let it be a small or big business.
- This is your definition. Everything happening in the world has a cause and effect. So is your business, how small it may be. You may not be planning to or have the capacity to expand beyond your town or city but still it is a business and you have started it with an aim in mind. Give it a written form to let the people know that you mean business‚ π.
- They are binders. You may have a team running your business or partners sharing in your business. It may be a small one to start with but still you need them to know about the workplace orientation. Your mission statement would give them the fairest idea of what you want and bring the whole team on the same page.
- A great conflict management and containment tool. Irrespective of the size of your business, conflicts, friction and disputes within your structure are indispensable. Sooner or later they would arise.
- It is your way forward. You have a vision (for at least the foreseeable future) and your mission statement is a reflection on that. It would be your business path paver in the future and give directions to every move you make. You don’t need to have a static mission statement forever but you need to have one to start with.