Tuesday, 19 February 2013

Revisiting your Business Vision and Mission Statement

When I studied the reasons behind some failed brands, I observed that many of them altered the value of their Mission and Vision statement. Though on paper, the statements remained the same, but in practice, the corporations were doing something else.
I think this is one of the pitfalls of having a successful brand; corporations are tempted to extend it to other products and services. However, I notice that when such ventures fail, the businesses go back to what the company was originally established to do.
For small businesses, the temptation to drift away from the original vision is also there. There is need for entrepreneurs to revisit those statements and ensure that they can innovate, diversify, and extend their products and services while still maintaining the value promised by those statements.
When you develop a compelling vision about your business, it tells you and the society where the business is headed to. It prepares you for the future such that even when things go rough, you feel challenged to press on. That is why your vision statement should be part of you. You don’t just speak about the vision, you live the vision.
You must communicate the vision as you get more people into your business, and continue to nurture and support that vision every day, in every way.
Don’t forget, your Vision is different from your Mission. Your Mission Statement describes what business you are doing, and who your customers are. It gives your business a focus and a direction because it tells the very essence of your business, and how you will move from where you are to your desired destination. One important element about the mission statement is that if properly drafted, it will be broad enough to allow for expansion, and quite narrow to keep you focused.  The mission statement should,
1.     describe what products you are offering;
2.     list the functions your business performs;
3.     identify your customer;
4.     locate your business within the market;
5.     also state the reason why customers would prefer to buy products and services from you.

There is need as a business owner to revisit your vision and mission statement and ensure you are still on course.

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