Why Your Mission Statement Could Be Your Greatest Asset

Your reason for getting out of bed in the morning could be the reason that customers choose your product.  

You need the right idea, the right set of knowledge and the right motivation to make a business viable. A mission statement gives you a guiding set of principles to shape and direct your business throughout its life. Anyone already getting stuck in to managing their new business will have some idea of why they made that leap. These ideas should be the central points in a mission statement.  

In this talk by Simon Sinek, you can see the importance in prioritising the reasons why you do what you do. Apple’s core principle of providing innovation helped them go from being a simple computer manufacturer to a world leading brand in so many electronic devices. A business will not gain a reputation on product alone, but will grow its name based on an attractive philosophy. Your reason for getting out of bed in the morning could be the reason customers choose your product.  

Your mission statement captures the essence of your business and should always be at the forefront of your mind. Not only do you ensure the reputation of your business by sticking to the principles that inspired your first products but you can then more easily adapt to an unknown future by taking guidance from that mission statement.  

History is rife with examples of large companies passing up opportunities they would come to regret. Western Union turning down Alexander Graham Bell and his telephone because they did not see the commercial viability, Blockbuster Video failing to adjust to a changing future by turning down repeated offers to buy Netflix. Both of these instances could have been so different if these companies had focused on why they existed instead of what they were doing at that time. With the right mission statement clear in your mind, you can stay adaptable and see how your business can work with changing innovations.  

A strong mission statement can be the difference between greatness and mediocrity. It provides an all important focus and philosophy to shepherd your business from simply turning out products to being a reputable name in your field. It helps to form a strong team united by the same ideals, promotes innovation to improve how you address your key concern and keeps you in touch with the original spark of thought that got you starting the business in the first place. These are the steps to success and your mission statement should be shaped to ensure you stick to the right path.  

Creating a mission statement could be invaluable for your business. However, there are definitely things you should avoid. Take a look at some of the worst examples here.