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Example of mission statement for business plan

Best Examples of a Vision Statement

A mission statement is what separates one business from all others within the same industry. It gives the company a unique identity. In generally, the mission statement answers who you are, what you do, and where you plan to be in the future.

Below identifies the two main components which are necessary in developing a mission statement. Let's look at each component separately.

At first, this may seem an easy task. For existing businesses and aspiring entrepreneurs, however, defining what business they are really in or plan to be in is one of the most painstaking chores they'll ever experience. A solid business definition generally consists of three areas. What consumer need s will you satisfied? Who will your customers be?

How customer needs will be satisfied? A product or service will not be profitable if it does not satisfy a consumer need or a group of needs. What need is McDonald's restaurants satisfying?

  • Business plan writers using this approach generally develop a heading called Short-term Objectives and place it after their mission statement;
  • A solid business definition generally consists of three areas.

Is there really a need for their product? Off course there is - McDonald's serves or "satisfies" over 20 million customers daily. Many existing business owners can not pinpoint the need in which their products or services satisfy. This leads to many problem areas when communicating the merit of their product and their company to consumers.

By identifying the consumer need i. The mission statement does not have to prove a need exists, rather it simply must indicate or imply that a need is present. To illustrate this, lets look at the mission statement for Otis Elevator.

The need is certainly implied in their mission statement and they do not attempt to prove the need exists. Moreover, people today "need" to be moved up, down, and sideways for whatever reason and Otis's mission is satisfy this need. What consumer need will your company and the product you sell satisfy?

Answering this question is the first step in creating your mission statement.

  • NCR is a successful, growing company dedicated to achieving superior results by assuring that its actions are aligned with stakeholders expectations;
  • We operate marketplaces where hundreds of thousands of people buy and sell digital goods every day, and a network of educational blogs where millions learn creative skills;
  • We will not place a limit on the conveniences we offer our customers.

The next step in developing the mission statement is to identify your customers? Who are your customers or who do you expect your customer will be? This may seem somewhat trivial and meaningless but many seasoned entrepreneurs find it difficult to define those who buy from them. Many state "my customers include anyone who buys my product".

What these entrepreneurs do not understand is that by focussing on precise groups of customers, who have shared characteristics, new opportunities can be uncovered.

  1. We take customer satisfaction personally.
  2. The following are examples of core values.
  3. Mission Statement for the Hewlett-Packard Company Hewlett-Packard is a major designer and manufacturer of electronic products and systems for measurement and computation.
  4. Since the vision statement isn't just a vision of your future - it's also a vision you're presenting to your customers about who you are - it's important that it do just that.
  5. This is a quality vision statement because it outlines the specific future they intend to create for themselves, but it doesn't give specific steps on how they will do it better saved for a mission statement. Amazon "Our vision is to be earth's most customer centric company; to build a place where people can come to find and discover anything they might want to buy online.

Many companies, however, tend to use a broad customer definition in their mission statement and a focussed definition in the customer profile section of their business plan. Whichever method you plan to use, it is imperative that you have a clear understanding and focus on who your customers are or will be. Below illustrates the mission statement for Deluxe Checks.

By having such a clear focus, written down on paper, the company can design marketing campaigns for each major customer. As you can also see, the mission statement of Deluxe Checks implies a customer need. The need is simply "error-free financial instruments delivered in a timely fashion". How you plan to satisfy your customer's need is the third item to be addressed in the mission statement.

The mission statement presented below clearly outlines how the company intends to satisfy the consumer need. Mission Statement for the Hewlett-Packard Company Hewlett-Packard is a major designer and manufacturer of electronic products and systems for measurement and computation. Hewlett-Packard's basic business purpose is to provide the capabilities and services needed to help customers worldwide improve their personal and business effectiveness.

For many products and services, the actual offering tends to imply the method of satisfying a customer need. The second major component to consider when developing a mission statement is your long-term objective s. Some companies do not feel its necessary to provide a visionary view for their business, while others believe such long-term objectives provide direction to the organization.

Most investors applaud the latter, since they want to have a sense of where the entrepreneur plans to take the organization. In addition, the investor can better gauge or speculate how profitable their investment may be in the long run.

The Key to Better Business Culture: Establishing a Company Mission

But most importantly, a visionary outlook provides the management team and all staff members with a mutual goal to strive toward. Long-term goals in the mission statement are usually stated in terms of size, quality, market share, retained earnings, net income, reduction in costs or expenses, increases in sales, or rate of return, to name a few. Examples of a long-term objective may include "we will be the largest retailer of.

Below depict examples of long-term objectives for several well known organizations. To become the largest and best transportation company in the world. To become a low cost, medium-size gold producer, producing in excess of 125,000 ounces of gold per year and building gold reserves of 1,500,000 ounces.

To continue new product introductions and globalization.

What is a Mission Statement And Why You Need it For Your Proposals?

To be the lowest cost producer of aluminum. As you might suspect, your business must set and achieve a series of short-term objectives in order to achieve long-term objectives. Moreover, short-term objectives are designed to lead to the achievement of long-term goals you have to walk before you can run.

Short-term objectives should be addressed in your business plan, however, they need not be mentioned in your mission statement. Instead, a separate heading should be established that lists your company's Short-term Objectives. Business plan writers using this approach generally develop a heading called Short-term Objectives and place it after their mission statement.

Below illustrates various objectives of well known corporations Lotus Development Corporation, Nike, and Citicorp. Please note, these companies have not indicated whether the objectives are short-term or long-term.

Also note; the following objectives may have since been altered to reflect the many changes in the consumer, social, technological, and other environments over the years. Lotus Development Example of mission statement for business plan Objectives: To develop customer-driven solutions for practical business and professional problems. To advance the standards which our anchor products have set.

To introduce complementary and companion products which make our software more valuable to existing users and accessible to new users. To create and acquire new products which offer data pathways into our existing software and which create entirely new categories of software.

To invest new strategic initiatives which will improve long-term competitiveness. To continue to improve our financial performance by continuing to strengthen our organization and deepen both our management and development teams. A continued commitment to building customer-oriented businesses worldwide. A strong balance sheet.

A business balanced by customer, product and geography. Build a strong momentum in the growing fitness market, beginning with walking, workout and cycling. Intensify the company's effort to develop products that women need and want. Explore the market for products specially designed for the requirement of maturing Americans. Direct and manage the company's international business as it continues to develop. Continue the drive for increased margins through proper inventory management and fewer, better products.

As illustrated above, the mission statement consists of two main components. The first component details what business your organization is in. The second component of the mission statement involves establishing one or two major long-term goals.

The purpose of developing such goals is two fold. First, it provides direction for the owners, management team and staff members i. One thing to remember when developing your mission statement relates to money. Never, never, never simply state that your mission is to make money. You and investors inherently know that money is the major purpose of the business venture. Instead, your mission statement should focus on important areas such as the business itself, the customers, the community, and the investor, just to name a few.

Now lets look at other examples of mission statements. Examples of Mission Statements: The first few examples are short in length and provide a broad business definition.

The latter examples example of mission statement for business plan somewhat longer and provide a more detailed business definition. Mission Statement of the American Red Cross The mission of the Red Cross is to improve the quality of human life; to enhance self reliance and concern for others; and to help people avoid, prepare for and cope with emergencies. It describes the nature of the organization as one that stands to help improve the quality of human life. The statement describes the organization's customers as those requiring emergency assistance.

The customer need can be characterized as the emergencies that arise. The organization's long term goal is to continually enhance the self-reliance and concern for others. The Company's long-term vision is to be recognized as a leading professional organization whose aim is to provide aspiring entrepreneurs and existing small business owners with the tools necessary to successfully compete in the ever changing global economy.

In addition, the Company will develop a diverse product line that is fully integrated.

Writing a Business Plan Mission and Vision Statement – Sample Template

It identifies the customer as North Americans who want to own and operate their own business venture. The customer need is implied to a certain extent I. The following provides additional examples of Mission Statements: We are dedicated to growth for our customers, shareholders, and employees through quality, innovation and profitable reinvestment.