Part-time CFO | Making The Vision Statement Priority A Priority
Even if business owners understand how important the business plan says part-time CFO. Like Benjamin Franklin has been famous for saying. If you fail to plan, you are planning to fail. However, that does not convince all entrepreneurs that they should have a business plan. And even if they do have a business plan, chances are even slimmer that they have a problem, mission, and vision statement within that business plan.
The reason why it is so important for all business owners to have a problem, mission, and vision statement. Is because it helps keep the entire business plan focused. As well as the business owner themselves focused. And it helps communicate the goals of the business to the employees.
In fact, Palo Alto a software manufacturing company. Did a survey in order to find out how effective business plans were at going revenue in small businesses. What they discovered according to part-time CFO. Was that business owners who had a business plan are 50% more likely to grow their business. Then entrepreneurs who did not have a business plan at all for their new business.
Even if business owners take the time and effort to create a problem, mission, and vision statement. It is not going to help them focus their business and themselves. If they do not utilize it properly. Part-time CFO recommends the first thing that business owners do with their problem, mission, and vision statement once they have completed them. Is to put them in the business plan.
However, it is not just enough for an entrepreneur to put the problem, mission, and vision statement in the business plan. But where it is in the business plan is just as important. For example, business owners should be putting it in the executive summary of their business plan.
The reason why it should be there is that the executive summary is the most important part of the business plan. And even if the business owner does not review their business plan in its entirety. On a regular basis like they should be doing. As a business owner gets busy with accomplishing their strategic priorities. As well as all of the other tasks of their business. Reading a forty-page document can be difficult. So that is where reading a two-page executive summary is far more feasible for most business owners.
As long as they are reviewing the executive summary says part-time CFO. They will be able to remind themselves of the important information. And use that to focus themselves, and to communicate that message to their staff members.
Once a business owner has written a great problem, mission, and vision statement. And have put it in their business plan. The next aspect of utilizing the statements. Is to regularly communicate them with their staff. This means more than just once in a while.
Business owners should get into the habit of communicating their problem, mission, and vision statement to their staff every day. So that everyone can reap the benefits of utilizing the information.
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Even though having a problem, mission and vision statement is not something that all business owners do say part-time CFO. It is highly recommended. Because of its ability to help business owners stay on task and be focused.
However, it can be very difficult to craft an effective mission and vision statement. And many business owners either struggle at doing this.” Before they have a completed statement. A paragraph or, they finish crafting a problem, mission, and vision statement. But they are still too long and wordy for the statements to be effective at guiding the business plan and company culture.
Part-time CFO recommends that business owners keep each of the problems, mission, and vision statements down to one sentence each. And while this can be very difficult. Business owners who accomplish this. Will have an extremely impactful sentence that they can use in their business.
When writing the problem, business owners should think of it in terms of every time of their customers purchase a product or service from them. There are solving a problem that they have. And when business owners can figure out what that problem is, they can be closer to figuring out how to find more customers with similar problems.
That can help them write a mission and vision statement about how they are going to help solve their customer’s problems while accomplishing the goals of the business. Part-time CFO says that the vision differs from the mission statement. Because it will have a long-term goal that is also measurable.
One of the reasons why it is important to keep it very short. Is because it needs to be easily understood and memorized by all employees of the organization. Not just an entrepreneurs manager. But every person that works there. Needs to be able to read or hear the mission and vision statement. Committed to memory, and know exactly what it means.
This will be how business owners can build a company culture of accomplishing all of the business’s goals. While helping their customers solve all their problems. Therefore, business owners need to devote enough time to this task to accomplish it completely. Even if that means they need to get help from outside sources.
Business owners can ask their part-time CFO to help them fine-tune their statements. So that they can ensure that they are effective. As well as contain simple enough language, and are down to a single sentence.
In order for a business owner to use these sentences to build its company culture. They are going to need to communicate the problem, mission, and vision statements to employees. Far more often than they might initially believe they need to.
Part-time CFO recommends business owners getting into the habit of communicating this on a daily basis with their staff. Either at the beginning of their day, the beginning of the shift. Or even by putting it in every room of the business. So that all employees can see it is every day.