The Key Benefits in Having a Vision, Mission and Objectives For Your Business
Many small business owners never take the time out to explore their reasons for being in business. They are so caught up in day-to-day activities they fail to see the big picture. So what are the benefits of having an articulated Vision, Mission and Objectives for your business?
Actually, it all starts one step removed from this. It really starts with establishing your core values. Lots of people in their middle years instinctively know what their core values are but they cannot tell you what they are when questioned about it. Core values are what get you up out of bed in the morning; a strong work ethic; a desire to contribute; the need to support your family; respect for your fellow workers or subordinates. They are the driving force in your life. They are immutable and do not change over time.
Once you have gleaned what your core values are, then you can move on to establish what your Vision is. Your Vision is your long term goal. It can embrace your business and your personal life. It may be something like building your business into a $10 million asset that you can sell aged 60 and retire to a beach house in Florida. It could be to create something of value that you can pass on to your children. It might even be to create something that offers benefits to your community that will outlive you. It can be deeply personal.
Your Mission flows from your Vision. Your Mission is a written statement that provides a clear sense of direction to all of the stakeholders in your business. It embraces the commitment of the company to staff, customers, and the community at large. It may articulate the company ethos, core beliefs of the owners, service levels, quality, excellence, training and commitment. It should be a shared set of standards and beliefs that all of your staff buy into and live every day.
Setting objectives is the next stage of the process. It is all about how you deliver on the promises made by your Mission. If you have clarity in both your Vision and Mission, it is easy to decide on the objectives. Objectives may be set for each key area of your business along with a time-line for completion. They may be corporate, product, market, sales, financial, operations, or staff related or any combination of these.
As you can see, this is a trickle down system with higher level aspirations that flow down to every level of the business and become the glue that holds everything together. The benefits are clear and unambiguous. It is a team building exercise that creates focus and commitment that can drive a business forward. Every step you take is in pursuit of your articulated end game.