BUSINESS MISSION
by NHKC Capital Resources™
| |
|
Business Mission
A brief business mission statement will keep your plan focused. Use your mission statement to establish your business' fundamental goals for the quality of your business offering, customer satisfaction, employee welfare, compensation to owners, and so forth. A good business mission statement can be a critical element in defining your business and communicating to employees, vendors, customers, and owners, partners, or shareholders. For example, customer service experts frequently point out the need for a business mission statement that explicitly states the importance of customer service, so that employees understand how much the company values its customers. Quality assurance experts will also turn to a business mission statement as a fundamental plan of quality control. A company needs to state its goals and priorities so the people charged with carrying them out can know and understand them. The business mission statement is also a good opportunity to specifically define what business you are in. This can be critical to understanding your keys to success. For example, many experts say railroads suffered badly in the 1930-1960 period because they thought they were in the business of trains when they were really in the business of transporting goods and people; as a result, competition from highway transportation was brutal. In a similar way, an accounting practice is probably in the business of peace of mind as much as it is tax reporting and financial statements. A medical office is concerned about preserving health as much as treating sickness. A graphic artist is in the business of communication and marketing, not drawing and painting. As another option, experts in value-based marketing recommend a business mission statement that includes what they call a "value proposition." The value proposition summarizes what benefits you offer, to whom, and at what relative price. Using this reasoning, a tire company might be selling the benefit of highway safety to safety-minded consumers (especially parents) at a price premium. A luxury car might actually be selling the benefit of prestige to status-conscious consumers at a price premium, or the benefit of reliability to value-conscious consumers at a price premium. To continue click here: Marketing Objectives.
|
