Your Mission Statement explains what you offer, who you serve, how you serve them. There are many definitions of a mission statement. There is no agreement on exactly what should be included. Just remember to explain what your your idea is for measuring your success.
Develop your Vision Statement with your dream in mind. Describe your dream and how you see it becoming reality. See your Vision Statement as the big picture idea. See your Mission Statement as how you will deliver on your vision.
Objectives describe the purpose of creating your plan. You are creating this plan to find additional funding sources. You may be creating the business plan to set boundaries within your management team. Your document might serve as a tool to develop a new marketing strategy. Many small business owners develop a plan to get a big picture view of the operation and examine the foundation of an operation.
Keys to Success is exactly how it sounds. Develop this statement based on what you believe will keep you in business for years to come. Good foundational concepts like servant leadership, competitive pricing, charity, service to the community and satisfaction guarantees are all good keys to success.
This Six Step Business Plan process will help you focus on the reader. Your executive summary is like the trailer to a great movie or the first page of a best selling book. You must catch the reader with excitement. This summary is often considered the most important part of any business plan. Conventional wisdom says that it should be approximately two pages long. That is not correct.
Our attention spans are shorter than ever. Your reader will likely be a loan officer, a banker or even a busy venture capitalist. They have no time to read long narratives. Keep your executive summary short. Write concise statements that answer exactly what the reader wants to know.
Remember that your plan cannot and should not offer every detail of your business idea. Your goal should be to show your reader that you know what you are doing. Show just enough information to encourage an engagement between you and your reader. For your executive summary, Include these three elements:
- Mission Statement and Vision Statement
- Objectives for Your Business Plan
- Keys to Sustainable Success