Free consult & free copy of book

E-Myth – “Why most small businesses don’t work & what to do about it”

Contact Us

Stars

Most 5 star CPA Google reviews in Canada

Read Reviews

Chartered Professional Accountants E Myth

1 Fixed Monthly Fee - Planning | Accounting | Taxes | Consulting

Helping Canadian businesses beat the odds!

Part Time CFO | The Mission and Vision of the Business

 

Many entrepreneurs may not realize, but the most important aspects of their business plan may be the last things that they write says part time CFO. These are the problem statements, the mission statements and the vision statements of the business. These are extremely powerful sentences. That can help unify the entire business plan, and helped create the cultured they need in their business.

Each of these is a unique summary, of what’s the business owner is trying to accomplish in their business. Part time CFO says that they need to spend enough time to ensure that the phrase they come up with encapsulate completely what they’re trying to do. But in a very simple way.

Many entrepreneurs don’t understand what it is referring to when part time CFO says the problem statement. Every time a customer purchases something, no matter what it is. They are solving a problem that they have.

If they are buying groceries, the problem they are solving is needing food to feed their family and themselves. If they are buying gasoline, they need fuel to make their vehicle function. If they are buying food from restaurants, they needs to eat and stay don’t feel like cooking.

By understanding completely what problem they are solving for their customers when people buy their products or services. Will help a business owner understand what their problem statement will be. When business owners are able to identify what problem their customers are solving. They will be much more successful at finding those customers, and helping them understand why buying their product or service will help them solve their problem

The mission of the business says part time CFO. Will be how the entrepreneur is going to solve that problem. Whether it’s through exemplary customer service, or by filling a need that isn’t being messed with by other businesses selling the same products and services. It also needs to be simple and to the point. So that it also can be easy to read, understand, and remember.

Finally, they will need to create their vision statement says part time CFO. And what a vision statement has, that’s not in the mission statement are quantifiable goals and a timeline. This can be the most difficult one to write. Because in order to ensure that it is the smart school. It needs to be measurable and achievable and also has a timeline.

Once a business owner has a complete problem statement, mission statements, and vision statements in their business. They should be running it past their accountants and their part time CFO. To ensure that its is complete, simple enough, and resonates. Once they have agreed that it is an effective group of statements. A business owner should be putting it into their executive summary.

So that it is forever encapsulated in their business plan. So that it can govern not only the business-owners actions, but all of the employees that work in that business.

Part Time CFO | The Mission and Vision of the Business

Many entrepreneurs may not understand how important the problem, mission, and vision statements are for their business says part time CFO. That they might not even have them. And even if they do, it might be listed in their business plan. But they don’t keep it in mind as they run their business.

This can be a huge mistake. Understanding the problem, mission, and vision of their business can help them build the culture that they need in order to service their customers to an extremely high level. But also, it can be an important way that a business owner builds the culture in their company. So that all of their employees understand what’s the goals of the business are, and how they can help accomplish them.

The first thing that business owners need to do once they have come up with an effective problem, mission and vision statements. Is put it into the executive summary of their business plan. Instead of being buried on some Backpage, on page 35 of 40 of their business plan. They need to put it in the executive summary of their business plan. Because this is the most important section of the planet self

The reason why is because it is a summary of all the most important parts of their business plan and marketing plan. And while many entrepreneurs writes their executive summary. With obtaining financing in mind. It’s not just the financial institutions or banks that are going to read this is part time CFO.

The business owner should also be reading their business plan. The most effective business owners are going to read their business plan regularly, monthly if not more often than that. The business plan should be a living document. That will be updated as business owners accomplish goals, hit Revenue milestones, and enact the next steps of their marketing plan.

However, the busier an entrepreneur gets. And the more difficult it can be for them to read this entire 40-page document on a regular basis. Therefore, part time CFO says if all they do is simply read the executive summary. If their problem, mission, and vision statements are listed here. They are at least getting the most important aspects of the plan. To keep them inspired.

Also, part time CFO says that business owners need to ensure that their statements are written so that anyone can read and understand them. In order to build culture, every single employee of the business needs to know what the problem statement is, and what the mission and vision of the business are. Whether this is high-level managers making business and financial decisions. Or part-time staffers, who work evenings and weekends.

Everyone needs to be able to understand upon reading the statements mean. Therefore, business owners should resist the urge to write a very flowery, or sophisticated statement. Because that could be misinterpreted by any number of people. And be a lot more difficult to remember.

Therefore, business owners should write their problem, mission, and vision statements with the lowest level employee in mind. Keeping in mind that they have to be able to inspire everyone in their business.By inspiring everyone in the business, and giving everyone missions and Visions to rise up to. Business owners can help ensure that they are helping their customers. In the most beneficial ways possible.