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Even though many business owners may not even have a business plan in their business according to part-time CFO. Not only do business plans significantly help an entrepreneur succeed. Just as Palo Alto, the software manufacturing company discovered. They did a survey in order to find out how effective business plans were at helping business owners grow. They discovered that those who had a business plan are 50% more likely to grow their business.
But also, the higher quality that business plan, the more effective it is at helping business owners accomplish their goals and grow their business. Therefore, part-time CFO recommends that all entrepreneurs create a problem, mission, and vision statement in their business.
This can be quite difficult to do properly and effectively. But when done right, it can help not only keep the entire business plan itself focused. But keep the business owner focused as well. Therefore, the business owner has completed its business plan. They should sit down with their part-time CFO in order to create an effective problem, mission, and vision statement.
The first thing that a business owner should do is create a problem statement. This can be done if a business owner simply figures out what problem their customers are solving when they purchase their products or services. Every consumer is solving a problem new matter what product or service they buy from any company.
When a business owner can figure out what problem their customers are solving. They can figure out how to find more customers with the same problem. And services customers to the best of their ability. Once they do that, they should ensure that their problem statement is written in as plain language as possible. And that they are able to write it in a single sentence.
Once a business owner has their problem statement, they can write their mission and vision statement. Again, ensuring that it is only a single sentence long and as plain English as possible. Many entrepreneurs wonder about the difference between a vision statement and a mission statement.
But part-time CFO says the biggest difference is that the vision statement will have a measurable goal with a time limit attached. The time limit should be a long-term goal. And something that cannot be accomplished within a short period of time.
Once a business owner has their problem, mission, and vision statements all complete. The next thing that they should do with them is to put them into their business plan. And more specifically, into the executive summary of their business plan.
Many entrepreneurs think that the executive summary is only for the benefit of their financial institutions when they are applying for a loan. But a business owner should also be reviewing their business plan on a regular basis. And as long as they’re a problem, mission, and vision statements are in the executive summary.
They will be reminded of those important phrases whenever they pick up their business plan themselves. Since these will serve to help keep the entrepreneur focused. Including them in the business plan is in an important way that business owners can be reminded of how to reach their business goals.
When the most important things that a business owner can do to help their business according to part-time CFO. It is by creating effective problems, mission, and vision statements for their business. While some business owners do this, and then do not implement them. And others do not do it at all. These statements are very powerful. Because not only can they help focus on the business plan and the entrepreneur. Because they are very powerful in building company culture.
Once a business owner has taken the time to craft effective and powerful problem, mission, and vision statements. The next thing that they should do says part-time CFO communicates that with their staff. Part of the reason they need to ensure that the statements are only single sentence long. And that is written in very simple language.
It is so that no matter who they have is an employee, and what their role is. All employees should be able to hear, understand, and memorize the problem, mission, and vision statements of the business. In fact, not only should it be a way that they build a company culture.
This is going to be how all employees make decisions in their business. And how they carry out tasks. If they keep in mind that they need to help all customers solve their problem. And how they are going to help an entrepreneur accomplish the goals of their business. That can help ensure that no matter what problems employees encounter. There able to keep what is most important in mind when they solve those problems.
However, it may be more difficult than an entrepreneur thinks to ensure that the problem, mission, and vision statements are top of mind for all staff members. Part-time CFO says that business owners need to get to the habit of regularly communicating these statements with all staff members. Ideally, a daily basis or more.
An entrepreneur is going to have to communicate this more often than they assume they will have to. So staying on top of it and continuing to remind employees regularly is going to be an important task of the business owner. And it is one that they cannot delegate to senior members of their team. It is something they must do themselves, as well as demonstrate in all of their actions.
By building into the company culture of the business. Part-time CFO says that all staff can start to hear and see the mission and vision and problem statements in action. And start utilizing it themselves. Business owners should get into the habit of communicating this not just verbally. But in all company literature, and even written in every room for employees to see every day.
Part-time CFO says that when business owners can not only create an effective one, mission and vision statement. But use it to their benefit. Can help ensure that they are staying focused on their business plan. But that their employees help them accomplish their goals as well.
