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Business owners may not understand how important it is to identify the problem that they are solving in their business says part time CFO. They might think it’s self-explanatory. Or they may not realize how important it is to focus on the problem that they are solving. But they need to remember why they are in business.
What the problem of the business is, is what they are solving for customers who buy their product. Ultimately, all consumers are solving a problem when they are making a purchase. For example, a customer who calls a plumber is solving the problem of a leak in their basement. I consumer who buys food from a grocery store is solving the problem of needing to eat food.
Part time CFO says that when an entrepreneur can understand what that problem is. That people are selling when they make a purchase from their business. It is going to help them understand their purpose. And what’s most important for them. And how they are solving this problem for those customers.
Writing what problem they are solving for their customers should be a single sentence long. But be a powerful reminder of what they are doing by creating their products and services.
The mission and vision of the business say part time CFO should relate back to the problem. And are essentially how an entrepreneur is going to accomplish that’s goal. The mission of the business. Is how they are going to deliver that problem to Consumers. And the vision of the business is to give the deliverables.
Therefore, the mission of the business. Needs to be a single sentence long, explaining how they are accomplishing solving the problem for their customers. Like getting to the Crux of the issue. Part time CFO says that business owners can be reminded very simply and very quickly. What problem they are solving. So that they always are reminded of what their business does.
The vision of the business says part time CFO needs to have a goal in it and a timeline. The goal itself and to the timeline need to be quantifiable. That is, they need to be achievable. It cannot quickly be achieved either. Therefore, it can be a little bit more difficult to create a vision that is measurable and specific.
But once a business owner has created an immeasurable and a specific goal with a time limit. This can be a very powerful tool. An example of this would be a business that says they want to help 500 business owners stay in business for 5 years. It is specific, and measurable. And it cannot be achieved quickly.
The mission of the business is how they are going to accomplish the problem in the business. Often, business owners create their mission by looking at their desire for profit. And there’s absolutely nothing wrong with this says part time CFO. When entrepreneurs start thinking about making a profit so that they can achieve their business objectives. It can often be easier to accomplish. And remind business owners, that they cannot operate at a loss.
Coming up with an effective mission and vision and problem for business can be a very powerful exercise. That reminds the business owner of exactly what they are doing and why.
Once a business owner has come up with the problem, the mission and vision of their business say part time CFO. He needs to ensure that they remember it. That they are reminding their employees of it often. And one way a business owner can do that is by putting the problem, the mission, and division of the business directly into their executive summary.
Typically, business owners write their executive summary in such a way that it can help them get financing. And while Banks don’t care about the problem or the mission or vision of the business. Putting it here is not for the benefit of financial institutions or Banks.
If a business owner gets too busy, that they cannot keep up with reading their business plan on a regular basis. All they might have time to do says part time CFO is read their executive summary. therefore, putting the most powerful phrases that a business owner comes up with into the executive summary.
Can ensure that even if a business owner can only read one small section of their business plan. They are being reminded of their purpose and the goals of their business. And how they want to achieve them.
One thing that’s part time CFO says business owners that should keep in mind. When writing their problem, their mission, and division of their business. Is consider who is going to be needing to read, remember, and identify with these sentences.
They might have a significant number of employees, high-level managers who are in charge of many aspects of the business. But they might also have lower-level employees that are just coming out of school, or who are even still in school. Stocking shelves, being a cashier or helping keep the office clean.
these employees as well need to be able to hear and understand and put into practice the problem, Mission and division of the business. It needs to be understood simply by all employees. And it also needs to be remembered and acted upon.
Therefore, business owners should not come up with a complex, grandiose sentence for each of those aspects. Because even though it might sound good. It might be difficult to understand. And simplicity will help ensure that all staff members can commit to memory. And let it be a guiding force.
The next thing that business owners needs to keep in mind with their problem, mission, and vision. Is they need to communicate this with their staff on a regular basis. This doesn’t mean mentioning it once when they get hired and then never again. And it doesn’t mean mentioning it only at their staff meetings which might happen monthly.
I’m mentioning it to every staff member every day, at the beginning of the day or the beginning of the shift. Written in every room so everyone can see it all the time. However they need to communicate this to their staff members. Should be every day and as often as possible.
