Last week, we touched on defining your WHY and HOW. Today, let’s discuss another important aspect of your business that requires some serious thought and consideration – your mission and vision statements.

Perhaps you’re just starting out and your business is currently a one-woman show, or you’re already up and running with a number of employees on your payroll. Either way, having a mission and vision statement is important for all businesses. Whether you’re a small or established business, your mission and vision statements convey your values, intention, and goals as a business to your customers.

Plus, as your business grows, it also helps to ensure employees understand the background of the company and are on the same page as you work towards achieving business goals together.

A good mission statement should communicate what your business does, how, and why. If you design bags using sustainable materials, you might say, “We make stylish and eco-friendly bags.” Or instead, you could say, “Our mission is to make travel bags that are stylish and good for the environment for women on the go.”

The latter communicates your overall mission as a business, as opposed to merely highlighting what product you sell. With a well-crafted mission statement, you are able to highlight what you do, your major selling points, and most importantly, you speak to your ideal client.

I’ve created a guide to help you craft the perfect mission statement. You can download it here. 

On the other hand, a vision statement is usually a line or two about the long-term goals of your business. A business’s mission is what it’s all about on a day-to-day basis whereas its vision is what it aspires to achieve. Having a clearly defined vision statement is important to guide your business decisions and ensure they align with your long-term business goals.

Going back to the earlier example of eco-friendly and stylish bags, the vision statement could be: “To create a world of sustainable fashion without compromising on style.” Your vision statement also allows customers to better understand the ideals and principles upon which your business is built.

Take some time to reflect on these important statements and next week, we’ll talk more about ironing out the details of your product idea.