A mission statement is a written statement that defines what a company does for its customers, for its employees, for its owners, and for the community at large.
Mission statements are not only part of the corporate lands cape, they are also vital for small businesses, proving incredibly important for the success, growth, and development of your business.
To determine the direction of your business
When you’re busy running your business, it can be easy to get tied up in your day to day activities and lose sight of the overall vision and goal. If you have a clear and comprehensive mission statement, you can keep referring back to it as your business grows, ensuring that you stay on track.
To empower your team and create a culture
Even within smaller businesses, it’s important to create a productive and empowering company culture. A mission statement will help your team and stakeholders to understand the sort of company you are and how they can fit into it.
And, if there are only one or two employees within your business, this will also be beneficial for other parties you engage with, such as suppliers and contractors, helping them to understand what you do, how you operate, and what you expect from them.
What’s more, your mission statement will also hold you accountable for your decisions, actions, and reactions, both with your clients and your supply chain.
To focus on the future
It’s important for every business to have a vision about where they want to be at various points in the future. Once you’ve established the vision, your mission statement will outline what your company is doing today to get to where you want to be in the future.
To inform decision making
Your mission statement will set clear and important boundaries for decision making, both now and in the future. If you have a clear mission, it will be easier to understand what decisions you need to make to achieve that mission.
To justify change
Within organisations of all sizes, people are often resistant to change because it removes an element of control and security. However, if you have a clear mission that you can relate this change back to, it will be easy to explain the value of the change. To put it simply, it’s easier to accept and welcome change when it is needed to keep the business in line with its mission.
To facilitate evaluation and development
Having a clear, concise mission statement will allow to you monitor and evaluate your progress, helping you to know what to measure and how to measure it.
To secure funding
Mission statements are significant for any small business looking to secure funding as they help lenders to move beyond your balance sheet and qualitatively assess what it is your business is trying to do. The most successful businesses are those with a well-defined and vibrant purpose. Tilt the scales in your favour by helping lenders understand your business and ethos with a clear and powerful mission statement.
For a better understanding of what a successful mission statement looks like, try our mission statement quiz
If you’re looking for flexible, short term funding to take your business to the next level and achieve the goals outlined in your mission statement, Boost Capital can help. Get in touch today to find out more.