How To Set Clear Business Foundations

Many small business owners see the vision, mission and core values are big words large companies used to describe themselves.

They see no benefit in setting out time from their busy schedules to set their business’s vision, mission and core values.

In fact, as of today, a large portion of small business owners are operating their businesses without setting these essential pillars of their foundation.

But why does it matter?

Importance of Vision, Mission & Core Values In A Small Business

They are the foundation upon which every business activity and the decision is based. Here are a few specific reasons why they’re important:

1. Paints a Clear Picture of the Business – Setting the vision, mission and values of your business communicate its purpose to employees, customers and investors. This is important because the better stakeholders understand what the purpose of your business is, the better they can contribute to the achievement of its goals.

2. Directs Business Strategy – The strategies the business would set to achieve its goals are built on the foundation of what your business’s vision, mission and values are. Without them, businesses would set strategies that are vague, and ineffective.

3. Attracts Employees That Fit Your Culture – Attracting the right employees are not just about their qualifications, it’s also about where they are a good cultural fit in your company. Do they share your values and vision for the future? Setting up your vision, mission and values help you attract the kind of employees you want.

4. Organizational Alignment – If you want everyone in your company to be on the same page, then setting your vision, mission and values is the best place to start. The vision tells them where your business wants to go, your mission guides them on how you plan to get there and values define what the business beliefs are, and how stakeholders are expected to behave. This unity in goal, plan of action and beliefs are critical to alignment among various stakeholders.

How To Build The Foundations Of Your Business

1. Setting Your Mission – The mission statement of the business describes the current state of the business and what it needs to do to achieve its goals. It provides information on what the business does, how it does it, and who it’s doing it for.
Essentially, your mission statement describes your organization’s purpose.
In setting up your mission statement, ensure that it’s as specific as possible and honestly reflects where the business is currently.

Examples:

Emzor Pharmaceuticals – We have an unwavering commitment to provide our customers with healthcare products and services of consistently high quality, made readily available at prices which create value for all stakeholders. We continuously develop and reward people of integrity who subscribe to hard work and creativity as a means of achieving individual and corporate excellence.

First Bank of Nigeria – To remain true to our name by providing the best financial services possible.

MTN Nigeria – Our mission is to make our customers’ lives a whole lot BRIGHTER.

2. Setting Your Vision – Where do you want your business to be in the next 10 years? The vision statement of a business is what it hopes to achieve or become.

A good vision statement should be general, it should be durable, and able to inspire.

Examples:

First Bank – To be the clear leader and Nigeria’s bank of the first choice.

Emzor Pharmaceuticals – To be the leading healthcare company in Africa through the provision of world-class products and services.

MTN Nigeria – Our vision is to lead the delivery of a bold, new digital world to our customers.

3. Setting Your Core Values – The values of a business have been dubbed its DNA. Because they’re the underlying principles that guide the behaviour of a business.

In setting up the core values of your business, the goal is to capture the traits that are important to your business and what your business is like on its best day.

Examples:

MTN Nigeria – Our people drive our success and exemplify leadership, innovation, relationships, integrity and a can-do spirit.

Emzor Pharmaceuticals – Commitment, Passion, Energy, Excellence, & Character

First Bank of Nigeria – passion, partnership, and people.

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