Business tips: Writing a mission statement
The Albert O’Connor & Co Accountants team encounter new business often and we are always curious WHY people are setting up these businesses? You’ve had your initial business idea and written a plan. But do you know WHY you’re creating this business, or HOW you’ll deliver your end product/service? What will the company’s underlying purpose be and how will your core values drive the business?
To get these crucial elements ironed out, it’s a good idea to write a ‘mission statement’ for your startup – a short summary of the aims and values of your business.
Here are some tips from the Albert O’Connor & Co Accountants team for developing your virtual mission statement:
WHAT does your business do?
The first thing to pin down is what the business actually does – i.e. at the most basic level, what is the output of your new business idea, and what is its purpose.
Defining this ‘WHAT’ element might sound simple, but describing it in a clear and concise way will help you to begin the process of completing your mission statement.
HOW does your company do what it does?
Next, have a think about HOW you achieve what you do. How do you deliver your product or service to customers, what operations are involved and what makes your way different?
WHY does your company do what it does?
Most businesses are great at defining the WHAT and HOW elements of their business model. ‘I make Product A using Process B’. But it can be a lot harder to define WHY you’re doing this.
What are the core values driving your enterprise?
Your personal values as a founder might not sound like a crucial element to think about. But any new startup is a reflection of the ideas, ambition, drive and values of its founders.
Bring it all together into your mission statement
If you’ve answered those four questions, then you have everything you need to create a comprehensive and useful mission statement for the business.
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