Creating a mission statement is like drawing a map for where you want your business to go and how you plan to get there. It's a clear, concise declaration that explains the purpose of your business, who it serves, and what makes it unique.
We're not just talking about a random collection of words; a good mission statement is a foundational tool that can significantly influence a company's culture, strategic direction, employee engagement, and overall success. It articulates the business's purpose, values, and aspirations, acting as a guiding light for decision-making and inspiring stakeholders to support the organization's journey.
Here’s the simple three part mission statement formula that we use in our company, Grizzly Junk Pros:
We’ll achieve X by Y because of Z
But before we dive in, let’s start off here… Why are you in business in the first place? What could’ve possibly possessed you to do one of the most challenging things in the professional world, and start a business? Check the stats on this, the odds are really stacked against people like you and I. Many start their business and work in it until they either retire, sell, or fail. Once their head goes down it rarely comes back up and they often wonder what the heck happened over however many years they were working. “Where’s all my money” is a common retort, but we’ll uncover this in our cash management articles.
Why Creating a Mission Statement Matters for Your Business
When you’re working with others on your team, whether it be employees or contractors, businesses need some basic leadership functions in order to keep people united around a common goal and to keep them pointed in the right direction. Famous author Stephen Covey says, "If the ladder is not leaning against the right wall, every step we take just gets us to the wrong place faster."
So let’s start off your mission statement and write it as if you’re going to battle and need to get your warriors head in the game! What work are you really doing? In the junk removal industry it would be easy to write something like “we haul away people’s junk and we want to do a good job at it”... but that’s not going to be helpful to anyone on your team, let alone spark that inner fire within them.
Don’t let your mission statement fall short. There are a couple of reasons why most business mission statements aren’t memorable and don’t work and because they don’t include the following three parts:
3 Essential Steps for Creating a Mission Statement that Inspires Success
#1 - Include specifics.
What does your business want to accomplish? A good mission statement will include real economic objectives that you’re looking to achieve.
Your business was created for only a couple of reasons: To serve customers, and to make money (more specifically, PROFIT). Whether you’re an owner operator or strictly on the equity side, the business exists (and the reason you’re a part of it) to make profit and making profit is a byproduct of serving customers (more specifically solving a customers pain point).
You want your 3 goals (objectives) to:
Be clearly defined and measurable
Drive company top line revenue
Drive company bottom line profit
If you try to prioritize more than this you’ll end up appearing to prioritize everything and when you do that you’re actually prioritizing nothing. Or in other words, what gets measured gets improved.
#2 - Include a Deadline
A mission statement is not meant to last forever, you shouldn’t write it once and forget about it for the years to come.
A good mission statement will be more like a living document that is updated every year as your business grows and changes. How you started your business is most certainly not what it is going to look like down the road 5 years from now. A good mission statement will also create some urgency with those it involves and by setting a deadline to the goals you listed, you’ll create this urgency.
Your team's focus and intensity as it relates to successfully fulfilling the mission counts on it.
A study from Bain & Company indicated that companies with clearly defined Vision and Mission statements align their employees more effectively towards the organizational goals. Employees in organizations with strong, well-communicated missions are more engaged, which can improve productivity by up to 30%.
#3 - Answer the Question “Why” With “Because”
When you include a reason your mission matters you and your team will be energized around a cause. When your priorities are clear and compelling, your entire team will unite around a common goal and your business will grow.
In Closing
By including these 3 parts in your mission statement, you’re inviting your team into the company adventure. You’re giving people a role in the mission and this will act as their guide throughout their time working on the company’s bigger picture.
Remember, your mission statement is the heart of your business. It should reflect your passion, values, and the essence of what you aim to achieve. When done right, it can be a powerful tool for aligning and inspiring your team.
Justin Hubbard
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