The world of public administration teaches me many things. And even as an instructor of the subject five years, I learn something new each time I review the content prior to beginning a class.
Public administration is administration in public organizations but the concepts learned are applicable to the private sector, elements such as developing a sound vision and mission statement and business plan.
If you’re thinking about starting a business, what I’m writing about is essential for the successful launch and growth of your business. Before sales start flooding your phone and inbox, the foundation to handle those calls must be laid out.
Vision statements are the eyes of an organization
A vision statement works nearly identical to our eyes, without sight, we blindly walk. It lays out the values, which are passed down to employees.
Research shows half of businesses fail with the first five years, primarily due to fiscal mismanagement. Could it also be because businesses don’t have a clear vision of what the money is used for?
Mission statements carry out the vision
With a clear, well-defined vision statement in place, ensuring the vision is carried out is the purpose of a mission statement.
A mission statement lists the objectives for the company. Many confuse vision and mission statements, as their definitions mirror one another. Make no mistake there is a clear difference between the two.
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A mission statement provides purpose as to why employees are working hard day in and day out for. It lays out what the company does and who it does it for. A vision statement is generally inspirational in nature, whereas, a mission statement may be detailed in what it plans to accomplish.
Here is an excellent resource for examples of mission statements.
Bring it all together with a business plan
If a business expects to succeed in this global market without a business plan, they might as well as stop while they’re ahead. No successful business exists without a business plan.
A business plan maps out the businesses course of action from beginning to end. It details the vision and mission statements, financials, strategic plan, SWOT, competitor analysis, marketing plan and five-year outlook.
I only provided key elements of a business plan in this article, thorough research must still be done to tailor the business plan toward your business.
I tell students, write your business plan as if you were approaching an investor, what information do investors want to know? In the end, a well-defined business plan exhibits organizational skill and expert knowledge of the business, two essential elements I believe express confidence in the product or service your business represents.
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