02: Mission & Vision
TIME FOR COMPLETION: APPROXIMATELY 5 HOURS
Your Mission & Vision will communicate the company’s core beliefs and intention. Although this is likely the most brief section of the plan, it requires you to fully analyze your goals and position, and determine the unchanging aspects of the organization.
What’s in It?
The Mission & Vision section is often comprised of a mission statement, the vision, core values, and the core purpose. Depending on the nature of your business, all of these may not be relevant.
The Mission Statement is typically only one or two sentences to convey your company’s fundamental purpose and reason for existing. The objective is to communicate what it will do to achieve its vision, how it will do it, and who it will do it for. The vision should be a short sentence stating the overarching perspective on how the world will benefit from your business in the ideal future. Keep this general enough to adapt operational changes. A good place to start is with your own personal goal for the business.
Core values are a short list of words or phrases that all members of the company will strive to embody, often encompassing personal values of key management to drive the culture of the business. This will shed light on the moral foundation and be the initial framework for prioritizing and decision making. The core values are qualities of the company that would not be given up for any reason, even if it means going out of business. The core purpose is usually only one sentence, and is the most basic definition of what the company does and why it is in existence. The core purpose gives meaning and focus to what the company has set out to do.
Why’s it Important?
It is an opportunity to show your passion for what you wish to accomplish and how you will go about doing so. More importantly, this section of your business plan serves to create the identity of your company. The mission, vision, purpose, and values that you state here will guide you and your team members through all of the challenges and successes that lay ahead of you in your business venture.