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There are many things for an entrepreneur to do to be successful says part-time CFO. And for those things is creating an effective business plan. In fact, the software manufacturing company, Palo Alto did a survey. In order to discover how effective business plans were at helping businesses grow. What they discovered, was that businesses who had business plans were 50% more likely to grow their revenue than businesses without a plan at all.
However, the quality of the business plan can help increase the effectiveness of the business plan. This is why part-time CFO recommends entrepreneurs putting into their business plan their problem, mission, and vision statements. These can be incredibly powerful statements that not only help keep the business plan focused.
They can also help an entrepreneur stay focused on the business plan. And help the business owner build the company culture that they want. And the company culture they need to help them accomplish all of their business goals.
However, many business owners do not know how to create a problem, mission, and vision statement for their business. Or, they do not know how to ensure it is done effectively. Many businesses end up with a great big long multi-sentence mission and vision statements. That is full of buzzwords and flattery corporate language. But can be difficult to understand what they are trying to accomplish.
Therefore, any entrepreneur who is creating a problem, mission, and vision statement for their business. Should keep in mind that it is recommended to keep them down to a single sentence each says part-time CFO. This is what makes crafting good statements very difficult. Because while it is easy to communicate a complex idea in many words. It is much more difficult to create the same thing in just a few.
How business owners can start crafting effective problems, mission, and vision statements is by thinking about their customers first. Type CFO says that all consumers are solving up will not they have when they are purchasing anything whether it is a product or service from a business.
Some businesses, the problems that their customer have is very easy to understand. For example, hours know that the items that their customers have our plumbing problems. Or accountants know that their customers need accounting done, either because they are too busy to do it themselves. Or because they do not have the skill set to do their own accounting.
When business owners can figure out what problems their customers are solving by purchasing products or services from them. They will be able to figure out how they can help customers solve that problem better or sooner.
Once they have the problem statement written out. Creating the mission and vision statement around helping those customers is the next step. Part-time CFO says that business owners should not try to do this all in one step. But come back and review, revise and get an outside opinion to ensure that it is saying what they are hoping it is saying. In order to be effective.
There are many things that business owners can do that can improve their chances of succeeding in business says part-time CFO. Having a business plan is one of them. And as Benjamin Franklin, one of the founding fathers of the knighted states of America was famous for saying. If you fail to plan, you are planning to fail.
Something else that business owners can do that can increase their chances of succeeding in business is creating a problem, mission, and vision statement. The reason why these are so important. Is because not only will they keep the business plan focused. But it will also help keep the entrepreneur focused on what is most important as well.
A business owner should be able to read their problem, mission and vision statements and be reminded of why they are doing what they are doing, and what their business goals are. And, part-time CFO says that when entrepreneurs share their mission and vision their employees. It can be just as powerful.
In fact, that is great they were a business owner to start building the company culture they would like to see. By empowering each of their employees. To know what problems their customers are solving. So that they can help them solve those problems. As well as what the mission and vision of the business is. So that they can be empowered to help the entrepreneur accomplish those goals.
One of the first things that a business owner should do with their problem, mission, and vision statement they have crafted them. Is put them in their business plan. But not just anywhere in their business plan. It needs to be in the most important section of their business plan which is the executive summary.
The executive summary is a synopsis of the most important parts of the business plan. While there will be a lot of information about financing here. There will also be things such as the marketing plan. And, the problem, mission, and vision statement.
While their bankers we will not be impacted by knowing what the business’s problem, mission, and vision are. It is very important to be in this section of the business plan. So that whenever an entrepreneur reads their plan. They can be reminded of the most important aspects of their business.
The next thing that a business owner needs to do according to part-time CFO is to communicate their problem, mission and vision to put their staff. They need to communicate more than just once. Or more than once a year or once a month. It needs to be repeated daily, or more often than that. Every employee needs to not just know and understand their mission and vision.
But every staff member needs to be able to have it memorized, and utilize that mission and vision statement through every task they complete for the business. This is going to be important they how an entrepreneur can build the culture that they want within their company. And how they ensure that everybody including themselves is working to accomplish the goals of the business.
