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Feature stories with an eye to the future of your business.
| FEATURE STORY Mission Possible Small business experts agree that company mission statements are an important part of starting a business. It’s difficult to know where you’re headed if you don’t have a map to get you there. The mission serves as the plan for how your organization will accomplish its tasks and achieve its goals. Try to work without one and you may find that your business has stagnated with no real plan for growth. For many businesses creating the mission statement can be an arduous, difficult task that once completed never sees the light of day again. For others it can be the driving force behind every decision the business makes. Think about what your favorite company has for a mission statement. Is it something you can remember? Does it paint an instant picture of the company’s attitude toward its customers? Taking the mission one step further, business owners should revisit their mission, vision and values once the business is securely established. A five or ten year review allows leadership to see if the organization is accomplishing what it set out to do. Business owners should question if the mission remains a valid direction for the business to follow and then use the mission as a way to resolve ethical decisions and other questions as they arise. Do you have the vision to achieve your mission? Small companies are often so busy trying to do the daily chores of running the business that the furthest thing from their mind is their mission statement. Do they even have one? Family businesses like the local pizza shop are quick to draft a mission statement for inclusion in bank funding requests and then never using it again. The truly successful and forward-thinking small business owners have their mission at the core of everything they do; and you can tell. From exceptional customer service to unique pizzas and menu items that set them apart, those companies truly know themselves, their customers, where they want to go, and how they’re going to get there. Why? Because at the foundation of their business plan is their company’s mission statement. What is a mission statement? The mission statement is a brief (the shorter the better) declaration about the company, what it does and how it does it. The mission helps to guide the organization and sets a framework for all activities that happen under its guise. It isn’t something that should be changed yearly, but rather should have resonance for years or even decades. For nonprofit organizations, the mission is critical for many reasons. State regulatory agencies require a copy of the nonprofit’s mission to be on file, funders will ask for it as part of any grant application process, and every employee and volunteer should be able to recite it to visitors without hesitation. The mission keeps the organization on track and focused. Because the mission of the nonprofit is based in altruistic means, there is often much emotion tied to it. Just be sure that above all, the mission is clear and concise. It should be an articulation of your outcomes and not a description of your programs and services. The emotion will be a byproduct of the success stories and acts of generosity performed by your staff, volunteers and donors. Start at the Heart The core value is something from which no one in the organization will budge. It is the foundation from which all other initiatives are drawn. Before you can even put pen to paper to begin the mission statement process, you must first fully understand these most basic of issues. Because values are often so personally and closely held, it may be difficult at first to sift through the clutter and get to the heart of the matter. Go slowly and consider this time well spent as a clear value center will thoughtfully and strategically guide your organization for years to come. Once you’ve identified your core values, rank them in order of importance and give them each a litmus test. Ask yourself, “If we were faced with a financial hardship, would this value or ideal still be important to who we are as an organization?” If you find the answer is no, then take it out of the core value column and move it to ‘if wishes were horses’ column. If the answer is a resounding ‘yes’ then you’ve found yourself a value on which to hang your hat. Steps for Creating a Mission With core values firmly in hand, you’re now ready to move on to forming your mission statement. Follow the steps below to get you started 1. Gather the troops. B rainstorm with your employees and key staff about what the organization does, how it does it, and how they perceive the company. Is the business cutting edge, quirky, or serious? Write down all key words and phrases and circle the commonalities. 2. Draft a few statements. Take those common words and phrases and try pulling together a few statements. Are they exciting? Memorable? Does the phrase answer the most fundamental questions of who, what, and how?
3. The friend test. Pass the statement to friends and colleagues outside the organization. If they can’t tell you what your company does, go back to the drawing board. Remember that the mission statement needs to be concise, easy to understand and meaningful. If your statement doesn’t achieve these basic goals, then it’s time to draft another version. 4. Draw from your inspiration. The mission should be derived from the excitement you have for your business and your product or service. Are you passionate about producing cheese? The makers at Sorrento are and their passion comes across in every aspect of their business. 5. Focus on your core values. These are often the more emotionally-based values that help to build a brand. For example, Ben & Jerry’s Ice Cream’s mission is cause-related: "To make, distribute & sell the finest quality all natural ice cream & euphoric concoctions with a continued commitment to incorporating wholesome, natural ingredients and promoting business practices that respect the Earth and the Environment." How many other companies can you name that use the word ‘euphoric’ in their mission statements? Like Ben & Jerry’s some other examples of core values might include;
Any litany of other adjectives will also work. What’s important is that you truthfully and accurately represent your organization’s beliefs. Embellish the truth here and your customers will waive your values high overhead as they protest that you are not meeting or exceeding their expectations. Another great example is the J.M. Smucker Company, which has produced jams, jellies, preserves, peanut butter and other specialty products for 108 years. Their mission focuses on five key areas of importance to the family and its employees. “The J.M. Smucker Company remains rooted in the Basic Beliefs of Quality, People, Ethics, Growth and Independence established by its founder and namesake more than a century ago. These time-honored principles have served as a strong foundation throughout our history, and serve as the guideposts for all our future strategy, plans, and achievements.” Each of the five beliefs encapsulates how the founders envisioned the company to treat its customers, create its products, and achieve its goals for the future. The amazing thing about Smuckers is that their vision is as clear today as it was over a century ago. 6. Don’t change everything. If you’re revisiting an existing mission statement consider keeping some of the old descriptors as you develop your new statement. This will aid in continuity and assure employees and stakeholders that you have not completely changed the direction of the organization, but merely corrected course a bit. Clearing Your Vision Once you’ve created your mission statement, it’s now time to look at your vision and values. Often these will be derrived from the mission development process and fall neatly into place. Other times they may require additional fleshing out in order to truly articulate the direction and principals your company values most. Inc. magazine columnist Jay Ebbens, Ph.D. writes that it’s really the founder’s vision that ranks highest for this part of the process. “Simply put, the vision should state what the founder ultimately envisions the business to be, in terms of growth, values, employees, contributions to society, and the like; therefore, self-reflection by the founder is a vital activity if a meaningful vision is to be developed,” says Ebbens. The vision statement is a forward-thinking, sometimes lofty picture of what you wish your company to become. Think of it as a road map to the possibilities. Without it, the organization simply exists with no greater purpose or goal. Being a Boston Red Sox fan is a perfect example of how an organization can live up to its vision. For 86 years, the team, the front office and the fans (without whom they could not have won) all had one goal in mind; to once again win a World Series Championship. Each year since 1919, the team gathered at spring training and set forth a vision of success. They traded players, brought in managers, won and lost games, and still the fans held out hope. Year after painful year, the team struggled to break the Curse of the Bambino and win the Series. And then one year everything fell into place. Excitement was building; a rag-tag dream team of underdogs began the 2004 season. Through ups and downs, wins and losses, injuries and heartbreaks, the team and the fans held true to the belief that a championship was within reach. Fans sported T-shirts with the one word vision; Believe. October arrived and miraculously the Sox had beaten their nemesis the New York Yankees four games to three in the Eastern Division playoffs. When it came down to the fourth and determining game of the 2004 Series against the Cardinals, the Boston boys in red were gaining an unstoppable momentum that would carry them through the short four-game series against the Cardinals. Fans in every corner of the country cheered and grown men wept that their team had finally done it. That’s what happens when a vision becomes reality. The same can be true for your small business. No matter how seemingly insurmountable the odds, how difficult the economy, or how long the draught, if an organization has a vision and a plan for greatness it can achieve the impossible. Creating a mission, vision and value statement for your business should be a fun, exciting and motivating process for you and your employees. It’s a time when you can evaluate where you are and where you want to go. If you find yourself becoming overwhelmed, step back, breathe and realize that it is a process, and that means that certain components may take more time to understand and realize. What’s important is that you’re making the commitment to shape your company’s future. To learn more talk with a Fiducial Advisor by calling 866-FIDUCIAL or visit the web site at www.Fiducial.com
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