Updated: May 18, 2019
On a recent MBA assignment I turned in, I likened the importance of a mission statement to the plan of attack in a battle.
Assumption Business Strategy: Going into a battle ASSUMING you'll make it out isn't enough. Similarly, assuming you'll succeed with your "great idea" isn't enough either, even IF your idea IS AMAZING! Proper implementation and planning are what sells your product or service best. It’s GREAT to have faith in yourself and believe that your idea will win. However, what if you don’t have a plan besides “I’ll try really hard and see what happens?” My husband says I do that with our finances ;) He has a point!-when I wish and hope that everything will be okay, we usually end up going over budget. When we have a plan and outline how we will reach that plan and by when, we do a great job!
One of my favorite quotes that can be applied to life as well as business in regards to putting together a Mission Statement is “You Assume Too Much.” I have learned that assuming too much actually brings negative consequences in regards to a business strategy. In other words, assuming that your business will be okay will not be enough to be successful. The alternative to assuming things will be okay, is coming
up with a well laid out plan, much like Padamae and not just hoping for the best.
Plan of Attack: With respect to creating a well laid plan for a company, this can be similar to coming up with a plan of attack. First one needs to do research about what they are up against. They need to understand the battlefield (market) you are playing on, the opponents (competitors), the rules of the game (regulations / restrictions and creative ways to overcome barriers to entry) the most important part: the goal and the way you will choose to play the game (Mission Statement).
Doing Research First:
Who are you selling/providing service to?: Identifying your target market
What does your target market need/want that you can provide?
How you plan on meeting that need: What mean of production is needed?
What supplies or services are needed?
What makes the way you do business different than other companies selling the same thing?
Introspection: What do you truly believe about your product or service the way you provide it, or about the target market?
What’s your 5-year plan? Where do you see the future of the company going?
The Mission is the name of the game and type of people/company involved
The Vision is what you see the company/people in the game producing and what ultimate outcome you are hoping to achieve in the future.
The Values are how you intend on playing the game, tactics/strategies, parts of how to play the game that are essential to you.
The Goals are what you hope to accomplish during the battle; including certain check points throughout the game to let you know that the big “win” at the end is in your sights.
When a company has a well thought out Mission Statement (including the components of Vision, Values, and specific Goals), have analyzed all options, delegated all necessary tasks and they know who will do what when to accomplish each part of that well laid out plan.
That is BUSINESS SUCCESS!