How to Write Mission Statement for Your Business?

All Successful Businesses have Mission Statement.  Have you written a Mission Statement for your business? Maybe you haven’t done so because you don’t know how to. Fret not, below I share with you Practical Tips on How to Write a Mission Statement for Your Business.

The mission statement should be a clear and succinct representation of the enterprise’s purpose for existence. It should incorporate socially meaningful and measurable criteria addressing concepts such as the moral/ethical position of the enterprise, public image, the target market, products / services, the geographic domain and expectations of growth and profitability.

The intent of the Mission Statement should be the first consideration for any employee who is evaluating a strategic decision. The statement can range from a very simple to a very complex set of ideas.

Mission Statements of Well Known Enterprises

The following are some examples of mission statements from real enterprises.

3M
“To solve unsolved problems innovatively”

Wal-Mart
“To give ordinary folk the chance to buy the same thing as rich people.”

Google: “Google’s mission is to organize the world’s information and make it universally accessible and useful.”

Walt Disney
“To make people happy.”
These are the ‘one-liners’, but each is supported by a set of values that set the performance standards and direct the implementation of the mission.
And Walt Disney, an entertainment business states their values as follows.

• No cynicism
• Nurturing and promulgation of “wholesome American values”
• Creativity, dreams and imagination
• Fanatical attention to consistency and detail
• Preservation and control of the Disney “magic”

Many believe that the Mission Statement should have a grand scale, be socially meaningful and be measurable. The following are some examples of historical Mission Statements that were truly grand in scale.

Conclusion

So, when you are preparing your Mission Statement remember to make it clear and succinct, incorporating socially meaningful and measurable criteria and consider approaching it from a grand scale. As you create your Mission Statement consider including some or all of the following concepts.

• The moral/ethical position of the enterprise
• The desired public image
• The key strategic influence for the business
• A description of the target market
• A description of the products/services
• The geographic domain
• Expectations of growth and profitability

Answering the following questions will help you to create a verbal picture of your business’s mission:

• Why are you in business? What do you want for yourself, your family and your customers? Think about the spark that ignited your decision to start a business. What will keep it burning?
• Who are your customers? What can you do for them that will enrich their lives and contribute to their success–now and in the future?
• What image of your business do you want to convey? Customers, suppliers, employees and the public will all have perceptions of your company. How will you create the desired picture?
• What is the nature of your products and services? What factors determine pricing and quality? Consider how these relate to the reasons for your business’s existence. How will all this change over time?
• What level of service do you provide? Most companies believe they offer “the best service available,” but do your customers agree? Don’t be vague; define what makes your service so extraordinary.
• What roles do you and your employees play? Wise captains develop a leadership style that organizes, challenges and recognizes employees.
• What kind of relationships will you maintain with suppliers? Every business is in partnership with its suppliers. When you succeed, so do they.
• How do you differ from your competitors? Many entrepreneurs forget they are pursuing the same dollars as their competitors. What do you do better, cheaper or faster than other competitors? How can you use competitors’ weaknesses to your advantage?
• How will you use technology, capital, processes, products and services to reach your goals? A description of your strategy will keep your energies focused on your goals.
• What underlying philosophies or values guided your responses to the previous questions? Some businesses choose to list these separately. Writing them down clarifies the “why” behind your mission.

Dennis Ng, http://www.HousingLoanSG.com

BNI Renaissance Chapter Education Coordinator

5 Questions to Ask to Do a Good Dance Card

Below are the 5 questions that you can use to do a good dance card. I’ve given example using my own business. You can think about your own business to think about what to provide as answer so that fellow BNI members can help you to get more referrals for you.

I hope all of you can benefit from using these 5 questions in your future dance card sessions!

Note: Dance Card sessions are informal sessions whereby BNI members meet up with one another to get to know more about each other and each other’s business, with a view to better refer business to each other.

5 Questions To Ask to Do a Good Dance Card

1. How would you describe your products and services to a layman?

Bearing in mind your unique selling points?
We help people to compare and analyse ALL Housing Loans packages from ALL banks to help consumers to make an informed decision to choose the best loan for them. Our unique Selling point is that this service is provided FREE to consumers (we are paid by banks separately).

We are the ONLY Mortgage Consulting Firm that is founded by experienced ex-bankers. You can be assured of our service because our 2 directors have combined total of 30 years of Bank lending experience and we are often quoted by newspapers, radio and TV on comments on Housing Loans.

2. Who are the people you’d like to be referred to? (Target Market)

My preferred target market are people who buy properties of over S$1 million and loan amount of above S$500,000 and above, whether for purchase, or for refinancing.

3. How would you products and services be able to benefit them?

As mentioned, we will help them to compare and analyse all Housing Loan packages available in Singapore so that they are assured of getting the best deal. Becos Housing Loans typically involve big sum of a few hundred thousand dollars, even a difference in interest rate of 0.5% can mean more than S$10,000 interest savings to our clients.

4. What would be a good one-liner or ice-breaker to introduce your services?

What interest rate are you paying on your Housing Loan? If you’re paying more than 3.5%, you’re paying too high interest. I know a friend Dennis Ng who is often quoted in newspapers as the Housing Loan expert, he can help you save easily S$5,000 to over S$10,000 in interest by refinancing.

5. What are your marketing strategies to reach your clients, do you think we can work together in any areas?

Yes, I’m looking for Strategic Referral Partners. Eg. Financial Planners, Land Banking Consultants, Wine Investing Consultants and other people who might have a client base of 200 or more. They can refer their clients to me and I can pay them an attractive referral fee for doing nothing else. All they have to do is provide name and contact of their client, and I will follow up with their client.

If you think you have a client/contact base of more than 200 people or more who take up Bank Housing Loans, I can also consider having a Strategic Referral Arrangement with you.

I’m also thinking of organizing Alternative Investment Seminars for my clients, perhaps I will arrange one for Shih Lien on Land Banking and one on Wine Investment for Claris.

I can also conduct a talk on “How to Avoid Pitfalls of choosing a Housing Loan” perhaps to arrange with KC to conduct one such talk for the parents of the students of MindChamp.

Regards.

Dennis Ng, http://www.HousingLoanSG.com
BNI Renaissance Chapter – Education Coordinator

Four Sure-Fire Ways to NOT Achieve Your New Year’s Resolutions

Most people tend to give up on making New Year’s Resolution simply because they claim they do not work. Below are some sure ways to totally sink your New Year’s Resolutions (if you have made any).

1. Create a Total Lack Of Clarity in What You Want

Just make statements such as “I want to be more successful”, “I want more customers” or even “I want more money”. Unsuccessful people tend to make generalized statements about what they want. One big problem is that they will never know whether they have reached it or not. Successful People tend to be very specific in what they want- “Success to me means that I want to get on track to exercising regularly 3 times a week on every Monday, Wednesday and Friday night at 9pm” or “I want to see my customer base increase 8% this year”. They tend to print many copies of their resolutions and pint them up in areas most visible. This goes with the saying, “Out of sight, out of mind.”

2. Create Unrealistic Expectations With No Milestone Planning

One typical example is a weight lost expectation: I want to lose 13.2 pounds (or 6 kg) this quarter. Or another: I want to increase my income by 5 times. They do so without doing anything different from last year. If you want to increase your income by 5-fold, what you are currently doing has to change and starting creating new strategies for it. Creating milestones are also important in helping you keep track where you are in your goal. Whole year goals should be mixed with quarterly goals so that you know where you are going and can celebrate when you achieve them along the way. Celebration is an important aspect of getting results.

3. Do Not Come Up With A Plan To Achieve It

Dreams are great, and most of the time the first thing to achieve your dreams is to wake up! Unsuccessful people tend to just WANT things or results. They may not want to put in a plan to specify how they intend to achieve results. As the saying goes, if you fail to plan, you plan to fail. Successful people usually have a plan (may not be the perfect plan) that will ensure that they will draw closer to the desired results. They know that plans can change according to the situations and remain flexible.

4. They Do Not Share Their Intentions With Other People

From my experience, most people believe that we should just keep our resolutions quiet and ensure that others do not know about it. This is so that when one fails, no one will know. However, if you intend to achieve it, shout it out and ensure that your best friends, colleagues or even (gasp!) family members know about it. When you put yourself on the line, you tend to achieve it. This is because there are people around you reminding you of what you have said!

So… what are you waiting for? Can you share with me your plans?

- Article from www.deepimpactonline.com/blog

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