Part-time CFO | Put The Vision Statement In The Business Plan
While it is extremely important for business owners to have a business plan says part-time CFO. Many business owners start their businesses without one. And as Benjamin Franklin says if you fail to plan, you are planning to fail. And also, Palo Alto the software manufacturing company. Wanted to find out if his plans were actually effective in helping entrepreneurs grow. What they found out, was those who had a business plan are 50% more likely to grow the revenue in their business. And entrepreneurs without a plan at all.
However, business owners need to also take into consideration that the quality of those business plans can also help increase their chances of success as well. Therefore, if they are going to go through the trouble of creating a business plan for themselves. They need to put in the effort to ensure it is the best business plan possible.
This means writing an effective executive summary says part-time CFO. The executive summary is one of the most important sections of the business plan. Because it summarizes all of the most important information within the business plan itself.
And while many entrepreneurs write the executive summary of their business plan. With getting approved for financing in mind. This is not the only reason why a business owner should have a well written executive summary in their business plan.
While the business plan is designed to be a living document. Where an entrepreneur can update information and numbers as they grow their business. Many entrepreneurs do not have the time to read the entire thirty or forty-page document as often as they should.
But if they do have the time to read through the executive summary. Ensuring that all of the most important aspects of the plan are included there. Is very important. Part-time CFO says that one of the most important parts of the executive summary.
Can be the problem, mission, and vision statements of the business. The reason why is because these statements can actually keep the entire business plan focused. As well as keep the entrepreneur themselves focused as well.
And while many business owners might take the time to create an effective business plan. Even fewer take the time to write a problem, mission, and vision statement. And miss out on an important opportunity to affect their business success.
The problem statement can help remind a business owner how they are helping their customers. The mission and vision statements can help remind business owners of how they are helping them. Part-time CFO says that business owners should take the time to write these important statements. And then communicate them regularly and effectively just in their business plan and to themselves. To every single one of their employees.
So that they can build a company culture of accomplishing the business’s goals. And create a company culture of helping all of their clients get all of their problems solved. In order to accomplish those business goals.
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Writing a problem, mission, and vision statement can be very difficult says part-time CFO. But the rewards are well worth the effort. These simple sentences can actually help keep the entire business plan focused. As well as help the business owner and all of their staff know how to conduct themselves to accomplish the business goals.
The first thing that business owners need to keep in mind, as they craft these important phrases. Is that they need to ensure that the language stays very simple. And that the statements need to be very short. Part-time CFO says that it can be very tempting for business owners to try to write a problem, mission, and vision statement with very complex and flowery language.
However, lengthy statements can be very difficult to memorize and remember. And the more complex the language. The more that the message can get lost. Therefore, part-time CFO recommends that business owners focus on ensuring that their problem, mission, and vision statements are a single sentence long each.
Once a business owner has created these statements, and their part-time CFO has let them know that they are effective. What a business owner does them next is extremely important. If an entrepreneur simply puts them in their business plan and forgets about them. Then they are not going to help an entrepreneur accomplish their goals.
However, if a business owner puts this information in their executive summary so that they can be reminded of it on a regular basis. And then communicate with their staff on a daily basis. Then they can build a company culture of accomplishing the business’s goals to helping their clients solve their problems.
A business owner may have to communicate the problem, mission, and vision of their business with their employees far more often than they assume that they will have to. But if they are able to communicate this on a daily basis or more often. And it is going to become ingrained in their employee’s mines. And help them remember what is most important in the business. If they have a problem, that the business owner is not around to help them solve.
Business owners need to remind themselves to communicate this message regularly. By communicating it with their staff every day. Ideally at the start of each day. Or the start of each shift. Putting it on all company correspondence says part-time CFO.
Some business owners opt for putting the problem, mission, and vision statement on a poster in every room of the business. So that coupled with their regular communication of it. Can become second nature not just of the employees. But to the business owner themselves.
By keeping the problem, mission, and vision in mind every day. The business owner can remember what is truly important. And help them keep their business plan in mind as they accomplish all of their strategic priorities. As their staff does their tasks as well. They’re able to keep what is most important top of mind as well.