Grow Your Business – Define Your Values, Vision, and Mission
As a Small business owner or sole proprietor it may not occur to you to define your business values, vision and mission statements, these are important tools for growing your business.
Your Vision, Values and Mission are a big part of everything you do. They are the foundation for many decisions and strategies you may adopt later in your business.
If you are at the idea phase of a new business or venture, or have an online business – now is the time to block off some time to define the business values, vision and mission.
Define Your Business Values
Core values are the principles and standards, the ethical decisions behind everything you do and say. Your core values must be reflected in everything that you do and can often assist in making tough decisions later on.
Your core values are integrated in everything you do no matter how small.
If you are running a small online business your business mission, vision and values are closely knit to your personal mission vision and values.
As your business grows you will need to clearly define how to get these across to others in your business to ensure the integrity and consistency of your message and actions.
If there are more than two people working in an organization, getting the values defined and communicated ensures that everyone in the company will have a good understanding for the limits for organizational behavior boundaries.
As a one man show you may think that your values are clear, however, writing them down ensures you have a point of reference when making business decisions.
For example: My value statement for Internet Marketing Duru includes promoting products I have tested or used myself and business owners who share my values. This statement is important when evaluating joint venture opportunities and deciding whether to partner with a certain business.
Many online marketers make this mistake and do not properly evaluate the values of their partners, leading to a conflict for their buyers and subscribers they may be oblivious to.
Steps to Defining Your Business Values
To clearly define your personal or business core values begin by listing all the characteristics important to you and them rank them in order of importance.
Once you define your business values your next step is to define your vision.
Define Your Business Vision
While striving to become a market leader is natural for larger companies and corporations, small businesses often struggle to clearly define their business vision.
Many small business owners struggle to differentiate between their personal vision and their business vision. At times these may conflict.
Your vision is your 10 year plan, how would you like this company to be and what do you want this company to be.
For example – If you are starting a pizza business you might envision:
I will be the premier home delivery pizza supplier in my city
Your personal vision may be compatible with but not necessarily support your business vision. For example. Your personal vision may be to retire at 55 to the Caribbean. This may not support the activity required to make your pizzeria a market leader.
Your business vision must support and focus on the business and not on your personal wishes.
Once your values and vision are defines you are ready to get into your mission statement.
Define Your Business Mission Statement
Your company mission is a measurable version of your company vision.
Do you have a clearly defined mission? Why are you in business? What do you hope to achieve? What distinguishes you from others? What will your business be known for in the industry?
The underlying and connecting theme behind the vision and mission are the values or core values.
For example the pizzeria owner may decide that to become home delivery pizza supplier in their city they must sell 1 out of every three pizza’s sold overall.
So their mission statement would be:
Achieve one third market share in my city in 5 years.
Once your values, vision and mission are clearly defined, the fun really starts, and you are ready to formulate your business strategies and implement tactics.
If you have no mission statement your business may lack direction. You may define certain strategies and invest in implementation while these do not support your overall company mission and over time will lead to waste.
Need help defining your company values, vision and mission? Contact Duru for a free 1:1 Skype consult and get your online business on track!
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