Growing a business can be an exciting journey, but unfortunately, success is not guaranteed. For a business to thrive, it needs to have a solid foundation upon which it can grow and scale. That is why the Mission, Vision, and Core Values of a business are the three essential foundations that any entrepreneur must have. These elements are the building blocks that help focus daily action and allow your business to stand the test of time.
Think of your business as a building. The higher a building is, the more solid its base must be to ensure its structural integrity. This same principle applies to business. Having clear and defined mission, vision, and values will provide the foundation your business needs to succeed and grow.
Mission
A mission statement acts as an internal compass that guides decision-making and creates a sense of purpose. This statement should be concise, memorable, and reflective of the business’s purpose. Ultimately, it should provide direction for your business and inspire your employees and customers.
Building Your Mission
A mission statement should include:
- who you serve
- what you do
- and the transformation you provide.
And most importantly – it should be uniquely yours. If it sounds like it could be every other business out there, revise it and get to the heart of what you do. This is why I recommend adding in the transformation. If you struggle to figure out your internal driver, try the 5 Whys Method.
The 5-Whys Method
First start with your “I help statement.” It might go a little something like this:
I help _____ do _______ because ______
Example:
I help ambitious business owners streamline their operations to ditch the daily hustle and work in their zone of genius.
Then you ask yourself “Why?” 5 times.
Example:
- Why? Business owners shouldn’t have to spend every waking hour working on their business.
- Why? Their lives are more than their business. They want to enjoy what they do.
- Why? Entrepreneurs get into business to create a business around their terms and around their goals.
- Why? Because they have their own version of success.
- Why? Because when you’re building success your way, it creates alignment, confidence, and a business that they love.
This helps you get to the heart of what you do and why you do it. Then add this internal driver into your mission.
Example:
My mission is to empower ambitious business owners to ditch the daily hustle, build a sustainable business they love, and reach their version of success through strategic action and streamlined operations.
Vision
A clear vision statement can help set long-term goals and a direction for a business, helping to identify and define what you need to grow. It should paint a picture of what your business will look like in the future, providing inspiration and motivation to you and your team. It should also be aligned with your mission statement, guiding the development of your business over time.
If your vision doesn’t inspire you to take action or propel your business forward – get rid of it and build a different one. When you have no interest in the goal, it will be tough to focus and work toward achieving it on a daily basis.
Results of Creating Your Vision
Creating a clear vision can have a profound impact on the success of your business. It can help you:
- become proactive instead of reactive
- step into the leadership role instead of just managing day-to-day operations
- take intentional action – which becomes a driving force in your business as every decision is made with the long-term goal in mind.
- get rid of the feeling of uncertainty and confidently move forward with goals and make strategic decisions that drive your business toward success.
A well-defined vision acts as a roadmap for your business, guiding you toward your desired outcome and ensuring that your efforts are focused and aligned with your ultimate goals.
Building Your Vision
- The future time-table should be between 3-5 years. Small business changes so fast! If you plan too far out in the future, you’ll find that you often change all of your goals based on technology, wants, the economy, your stage of life, etc.
- Don’t get caught up in the how. Instead, focus only on the what. The how will come later.
- Write it as if your goals have already happened or are happening now.
Example:
Don’t do this: In 2026, I will have a successful podcast.
Choose this instead: In 2026, I have a successful podcast.
Core Values
Core values serve as a compass for your company culture, actions, and your reason for being. They should reflect the beliefs and principles of your business, providing a foundation upon which all decisions are made.
Choosing Your Core Values
- Choose 3-6: If you choose under 3, it’s hard to guide decision-making. If you have more than 6, it’s hard to hold strong to all of them equally. If you’re not keeping to your values on a consistent basis – they become aspirational instead of tangible.
- Define what they mean to you and your business: They will help you define who you want to work with and who you’d like to hire. Make sure to define how they will look in a real-life business environment.
- Start with a love/hate list: Let’s be honest, it probably feels like there are a million words or phrases you could choose from. Instead, create a pros and cons list. What things do you love? What do you strongly dislike? Prioritize the ones that matter the most to you and choose these as your Core Values.
Take Action
- Set aside time to work on these foundational pieces of your business.
- Download the Workbook to help guide you through probing questions and create meaningful statements
- Involve your team
- Keep your statements in a place where you can see them
- Revisit often! Review them once a quarter, and do a deep dive refresher once a year!
Looking for a community to connect with? Join us in the Grow Your Business Facebook Community!
Listen to this post on our podcast: Mad Couch Cast
Related Posts
The 8 Pillars of Business Growth: Moving from Chaos to Clarity
Strategic Planning: It’s Time to Elevate Your Business Growth