NOVEMBER 30, 2023
The Mission Compass: Navigating Your Business with 3 Key Questions
Avoid mission statement meandering: a well-crafted statement can be your company’s guiding light, carving a path through the corporate storm. But beware, poorly written missions become meaningless mantras. To avoid this fate, leaders need to ask themselves three essential questions: What, How, and For Whom?
What? Forget jargon and focus on your customers. What problem do you solve for them? Take an insurance company. Instead of saying “we sell insurance,” think like a policyholder: “we provide peace of mind through affordable health coverage.” By seeing things through your customers’ eyes, you’ll unlock answers to the next two questions.
How? This is where you describe your delivery system. Remember, it should align with your customer-centric “What.” Insurance company x initially sold policies door-to-door. But after prioritizing affordability (their new “What”), they realized phone sales made more sense. Delivery must match your product.
For Whom? To laser-focus your marketing, define your target audience. Consider demographics and any limitations they might face. Knowing your typical customer is crucial for crafting winning marketing strategies. And hey, thanks to phone sales, insurance company x can now reach customers beyond their hometown! As your business grows, you can create dedicated mission statements for specific groups, ensuring everyone feels seen and served.
Ultimately, your mission statement is a guide, not a straitjacket. It should focus your efforts on the most impactful avenues, not stifle innovation. As your company and the world around it evolve, your mission may need tweaking to stay on track. So, revisit it regularly. Make sure it’s still an accurate reflection of your goals and keeps your business sailing steadily towards success.
Bonus Tip: Ditch the jargon and embrace clarity. Short, powerful language is key to a memorable and actionable mission statement.
The Sugimoto & Associates team provides expert guidance to business owners seeking to grow or transform their company, including business plan development and strategic marketing. We are standing ready to support your organization to achieve its goals.