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Your company’s Mission Statement represents your company’s beliefs and values. When writing a Mission Statement, you are writing your organization’s primary goal and purpose.
Also within a Mission Statement are a company’s Core Values and Core Purpose. A company’s Core Values are qualities that the company would not give up, no matter what, even if it meant going out of business. A Core Purpose is the reason that the company is in existence. The Core Purpose gives meaning to what the company or organization is doing and it will guide the company through both good and bad phases.
What’s in it
The Mission Statement, Core Values, and Core Purpose section is usually the shortest section of the business plan, containing only a few phrases or sentences. A Mission Statement is usually only a sentence or two, giving a complete and inspiring description of your company’s main goal. Core values are a short list of words or phrases that all members of the company will strive to embody. The Core Purpose is usually only one sentence, and is the most basic definition of what the company does.
Why it’s 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, 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.