Writing A Mission Statement

According to a Dun & Bradstreet survey, 40% of all small businesses fail between the first and fifth year, 27% fail between the sixth and tenth year, and another 33% fail after the tenth year.

Another survey by Willard & Shullman Group found that only 14% of small businesses had an annual company business plan and that 60% had no written plans whatsoever.

Abraham Lincoln once said, “If I had 8 hours to chop down a tree, I would spend 6 sharpening my axe.” Make no mistake, creating a mission statement for your small business is not an option.

A mission statement is your customer focused business definition. It’s your sense of purpose. The reason why you get up every day and do what you do. It encapsulates your values and visions, your employees and community, your suppliers and stakeholders. It literally is the foundation for your company’s future.

It doesn’t have to be fancy. It doesn’t need to be written in complex language. In fact, the simpler the better.

What’s the best way to go about defining your corporate mission statement?

Just follow the simple two-step process below.

I have one last thing to add. You must evaluate your mission statement on a yearly basis.

No business is a static entity. You will find that as your business grows and changes, so will your values and sense of purpose. The only thing you can do is create a focused mission statement that is best for your business today. It’s truly one of the most important things you can do for your small business!