The journey of a thousand miles begins with just one step.
Founding any business is a hard grind, and it can be tough to know exactly where to start. But there are a couple of essential pieces of the puzzle that would make the journey so much easier if only you knew about them at the start.
Suppose I could talk to a younger me. I’d explain the value of establishing a purpose, vision, mission, and values for my budding business (after telling myself to lose the earing and buy a couple 70’s muscle cars). If only I’d known the why, how, and where of my business at the beginning, it would have been so much easier to create the perfect value proposition for my customers.
The tragedy of many small businesses is that they begin with a great idea but lack an understanding or vision to guide them on where it should go. Without this crucial element in place, budding entrepreneurs often find themselves lost, trying to figure out what their business stands for and how best they can get there.
It’s never too late for a face-lift!
We can’t go back in time to help our younger selves, but it’s never too late for a face-lift! Looking at what your brand stands for and where you want it to go will tell you if the future is bright or heading towards disaster.
The journey of a thousand miles begins with just one step. If you want people to embrace your brand, you must be clear about what your company stands for and why people should care?
Start by asking a couple of simple questions like, “Why do we exist?” or “What’s the point of our business?” to help you define your ‘Business Purpose’. The more you know why you’re in this game and what it means for customers to succeed with their goals, the easier it will be to find solutions!
Ensure that nothing gets left out when planning for success!
Next, visualise your organisation’s future and create a ‘Vision Statement’ to provide an image of what you want your business to look like in the years ahead – it will help guide all decisions and ensure that nothing gets left out when planning for success!
Forming a strategic vision will provide long-term direction and delineate the organisational activities to be pursued and the capabilities that an organisation plans to develop. It also injects a sense of purpose into how individuals in the company act towards their goals for future success.
Our ‘Mission Statement’ comes in next; what we do to create the future we want. The mission statement is like your business roadmap, telling you where to go and what steps to take. It should be clear so that all employees know their responsibilities in carrying out the company’s vision; if there are any unclear aspects or questions, make them more straightforward and use simple language that everyone can understand!
Values should be the foundation of your business!
How will we conduct ourselves to support and pursue our purpose, mission, and vision? That’s where our values come into play. ‘Values’ should be the foundation of your business and remain unchanged, passionate, and distinctive to ensure that you don’t lose sight or focus on what matters most.
A truly successful business with clearly defined business values relies on its people to work together, even when times get tough. The employees understand that it’s worth sticking around for the long haul, not just when things are easy but also during challenging periods (like pandemics and supply chain nightmares).
Once you define your purpose, mission, vision, and values, your ‘Value Proposition’ is the obvious next step. A value proposition is why people should do business with you instead of your competitors; it’s what sets you apart from the rest. It’s often the most critical factor in whether customers choose your business. This simple statement summarises why they should choose you over all other companies and speaks to their needs by communicating what you do and how it benefits them.
Stay true to your purpose, mission, and vision!
It can be daunting to keep up with the latest technologies and changes in the marketplace but remember that you have one powerful asset: your intellect. Use it to create a business strategy that is innovative and forward-thinking. Stay true to your purpose, mission, and vision, and build a value proposition that resonates with customers. With a clearly defined and well-articulated strategy in place, you can not only survive but thrive in any industry.
This article appeared in New Zealand Printer in April 2022