Your mission statement is an indispensible component of your business, according to April-Lynn Levitt, a coach with the Personal Coach in Calgary. Your mission statement, she says, gives a context for almost every decision you will make for your business. This document will keep you on track when you are considering adding a new service, for example, because it will urge you to decide whether such a decision truly fits your business model.
Simply put, Levitt says, your mission statement should state the purpose of your company and why you are in business.
Below are seven tips to help you craft a relevant, effective mission statement for your business:
1. Give it some thought
An effective mission statement cannot be developed in a hurry, so take your time. Remember that you are creating a key business document.
The most important step in creating a mission statement, Levitt says, is to step back and think about the big picture of what you are trying to accomplish in your business.
2. Look for inspiration
Examine the mission statements of other companies, Levitt says, even those not in the financial services industry. Those examples will give you a sense of how to craft one for yourself.
3. Involve your team
Talk with team members about the mission statement, Levitt says, to get a different perspective on your business.
Use a team-planning day to get everyone’s opinion in the development of your mission statement. Team members will offer a point of view that’s different from that of the advisor or owner.
4. Get to the point
A good mission statement should be short and easy to integrate with your wider plans and vision for the business.
It should explain clearly your business purpose in no more than one to two sentences, Levitt says.
Use other documents, such as a vision statement, as a compliment to the mission statement, she says, to expand your goals and plans for the business.
For example, your vision statement might outline your three- and five-year goals, she says, such as the number of staff you want to employ and the clients you’ll work with.
5. Drop the jargon
Keep the language in your mission statement clear and easy to understand.
“Use simple, plain language that your clients and everyone on your staff can understand easily, and is meaningful to you,” Levitt says. ” It’s not just words on a piece of paper.”
6. Show it off
Keep your mission statement visible.
Posting the document in your office where staff and clients can see it, Levitt says. You can also include it on your website.
7. Stay up to date
Keep your mission statement current.
Some advisors have mission statements that are 10 years old, Levitt says. These statements are no longer able to reflect their businesses accurately.
Update your mission statement every two to three years.