Awhile back, we wrote about how an important part of starting your business is creating a mission statement identifying the proverbial “who, what, where, why, and how” of your business.
Now that your business is up and running, however, have you noticed that the snapshot vision you created for your future doesn’t align with the reality? If this sounds familiar, ask yourself the following questions:
- Am I reaching the target audience I thought I would?
- Perhaps you were targeting Baby Boomers and ended up servicing more Millennials instead – have you updated your vision, plan, and marketing to reflect this adjustment?
- Who runs the business?
- Have you added new employees to your leadership team whose decisions add value to your business? Do you need to?
- What is the business? What is the product?
- Ultimately these might not have changed significantly since the launch of your business. But should your company or product be altered to meet new demographics you did not realize you would reach?
- Why does the business exist?
- You started this business because you had a dream and a market to enter. But now that you have been operating for awhile, what makes you competitive enough to stay in the marketplace?
- How does the business operate?
- Is it time to hire a new manager? Are you solely an online business and would like to move to a storefront – or vice versa? Could you cut costs or do you need to develop your inventory more?
Admittedly these are a lot of questions; however, it is crucial to question your business several times per year to justify the sustainability of your company. If you aren’t questioning it, someone else could be, as well as developing their own company that might be your direct competitor. Questioning your mission statement that you created with the original bullet points gives you a chance to look at your business as if you were your own competitor. The best way to maintain your mission is to stay ahead of it!
Have a question about business planning, products, or services? Contact Business Development or leave a comment below.