Strategic Planning: Your Mission and Vision Statement

By Mason Frederick

Proverbs 29:18 Where there is no vision, the people perish

  Several researches on startups suggest that 90% of startups fail within their first 5 years of business. Think that’s bad? It gets worse. Over 50% of startups that make it to 5 years fail in the next 5 years. Sure, there are several factors that determine the success or failure of a business. And one of such factors is proper planning. After studying several failed technology firms, Allmand Law  said “The successful startups seem to be flexible enough to shift with changes in the tech climate. Whereas with the failed startups, some fail due to a lack of vision and others have terrible timing. Ultimately, there is a lack of foresight which might have saved their companies.” A vital part of your business strategic planning is your vision and mission statement. As simple and irrelevant as it may seem, having a vision and mission statement is very crucial to the success of your business. Why?

• It helps you create a roadmap to your desired destination,
• It inspires you as the business owner, and your employees, and
• It communicates your values to your customers and the general public

Mission and Vision Statement: What’s The Difference? Vision Statement: is simply a picture of where you want your business to be. Examples:

• Dell Computer: To be the most successful computer company in the world by delivering the best customer experience in the markets we serve.
• Intel: To be the preeminent building block supplier to the worldwide Internet economy.
• ConnectNigeria.com: to be the home of relevant information.

Mission Statement: this focuses on your business’s present situation, and how you plan on attaining your company’s vision. Examples:  HP: To provide products, services and solutions of the highest quality and deliver more value to our customers that earns their respect and loyalty. Skye Bank: To provide innovative and convenient banking services by a dedicated team to the benefit of our stakeholders. ConnectNigeria.com: to organize Nigeria’s information, so it’s easy to find and use. Etisalat: to extend people’s reach. To develop advanced networks that will enable people to develop, learn and grow.   How to Write Your Vision and Mission Statement Habakkuk 2:2 “Write the vision and make it plain on tablets, that he may run who reads it.   Writing your vision statement: Answering the following questions can help you create your vision statement:

• Why are you in business?
• What is your ultimate desire for your business?
• Where do you see your business 10 – 20 years from now?

Writing your mission statement: to write your mission statement,

• Briefly describe the change you intend to make.
• Summarize the need your business fills in the market place

Let me close with another verse of scripture. Genesis 13:14-15 Lift up now your eyes and look from the place where you are, northward and southward and eastward and westward; for all the land which you see I give to you.    

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This article was first published on 10th May 2013 and updated on May 13th, 2013 at 10:18 am

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