Why Small Businesses Need a Mission Statement

Wednesday, April 26 at 07:05 AM
Category: Business Banking
Every business begins with a theoretical road map to get started, but a key component to long-term success for companies of all sizes is a written and publicly posted mission statement. This statement outlines the company’s purpose – why it exists and what it does; its vision – the big picture; and often its core values that will be followed by every leader and employee in the business.  
 
A mission statement should be brief. It should describe to the reader in a few sentences a high-level overview of the company. It is important internally so employees have a clear direction of what they are working to achieve on a daily basis. It also can serve as a reminder for leaders of the foundation on which the company was built to help guide them during times of change. 
 
Externally, a mission statement speaks to customers and outlines how the company differentiates itself from others in the industry. 
 
Customers want to support businesses that have a solid plan and business owners who are there for the right reasons, regardless of which industry they’re in. Not only does a mission statement give internal and external stakeholders the ‘why’ behind the ‘what,’ it can also create opportunities for new projects, partners or investors that a business may not have had otherwise.
 
The opposite is true as well, in that a clear and understood mission statement may steer leaders away from making alliances that don’t align with that mission. Include the mission statement on the company’s website, in the workplace and other collateral documents.  
 
It will be the first impression of the company many people see so it needs to be concise, yet impressive. The goal is to provide clarity on every level – to employees during their first days on the job, to customers and potential partners. When the mission is clear and a company’s actions align with that mission, it will be reflected in financial results which, ultimately, is the most important reason every company needs a mission statement.  

Tags: Arvest Biz, Business Banking
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