101: Mission statements

A mission statement – usually part of an organization’s executive summary in its business plan and posted on its website for stakeholders – is a brief message explaining a company’s purpose. It can be expressed in many different ways and sometimes includes information such as how the company goes about achieving its goals. Paint a verbal picture, using questions. Entrepreneur.com says these questions can consist of queries such as, “Why are you in business?” This can describe the spark that drew you to your industry, or what you want for customers. “What image do you want your business to convey?” might be another one. Figure out how to create the picture you want customers, suppliers, the public, and employees to see. “How do you differ from competitors?” This is where you state how your company does it cheaper, better, or faster. Break it down. Susan Ward at The Balance Small Business suggests a final phase: Seeing if your mission statement captures your message, or if there is a better way to express it. A way to do this? Substitute the phrase “my company’s purpose” with the name of your company, then make it more basic. For example, she said, “’My company's purpose is to grow market vegetables using organic, sustainable farming practices to give people safe and healthy food choices,’ might become, ‘At Earth's Bounty, we grow market vegetables in a way that's good for the earth and good for the table.’” Solicit feedback. Drafts are meant to be shared. Ask colleagues and other internal shareholders for their opinions, so your mission statement is as concise and coherent as possible. “Since you'll use your mission statement for a variety of purposes, like seeking investors and engaging with customers, it's worth taking the time to ensure it's ideally worded,” according to Indeed.com.