Do You Know Why Your Company Exists?

Determining Your Company’s Mission & Vision

Many well meaning entrepreneurs start businesses with the wrong focus. Some start businesses for reasons other than serving a particular population or niche market. Some are not even clear on what niche market they are serving and have no clue of the needs of that particular market. When I see this happen in companies, I usually find out that the organization has no clear mission or vision. They are not sure who they are serving, how they are going to serve them, or why they should be serving them. Organizations who operate in this way have no targeted strategy and end up wasting their precious energy and resources and eventually go bankrupt. You don't want to be that organization.

In order to create a thriving business, you must have clear mission and vision statements. The five tips below will get you started in forming statements that authentically define what your business does and how you will make the lives of those you serve better.

What Is the Purpose of Your Company and/or Product(s)? Answering this question is the first step to defining your mission statement. Why do you exist? It is important for you to know how your company uniquely addresses the needs of your market. You should be able to easily explain your purpose and focus.

What Does Your Perfect Client or Customer Need? In order for you to effectively serve your target market, you must know what keeps them up at night. Who is your perfect client or customer? What are they looking for? How can you help them find it? Do your products/services address a relevant need in your niche market? Answering this question may require some research. Consider running a survey and/or focus group and offer participants a company gift or discount.

How Will the Life of Your Perfect Client or Customers Become Better As a Result of Your Services/Products? The answer to this question is the heart of your vision statement. You should be able to have a clear vision in your mind's eye of how your clients/customers will have a better life as a result of using your products/services. Does your company save your client's time? Does it make your customer's life easier by removing a step in a tedious process?

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BIO: Dawn Yerger, MSW is the president and CEO of DiamondMind Coaching & Consulting. She has recently launched a new coaching program titled “The P.O.L.I.S.H.ed Program for Entrepreneurs & Business Professionals”and an e-book titled “The Brink: How Women Entrepreneurs Resurrected Their Businesses & How You Can Do the Same” featuring the stories of prominent women entrepreneurs, which is due to launch Summer 2009. She resides in Northwest Indiana with her daughter Khailah. She can be reached at dawn@polishyourdiamond.com.

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