Business Plans Kit For Dummies®, 3rd Edition

Chapter 3. Defining Your Business Purpose

In This Chapter

• Evaluating your industry

• Crafting your company's mission statement

• Establishing your company's goals and objectives

• Stating your company's vision and values

• Charting a path to profitability

In any kind of work, you can get buried in the day-to-day demands and so caught up in the details that you miss the bigger picture altogether. That's why the business-planning process is so valuable. Writing a business plan allows you to step back and think about where you've come from and where you want to go. It offers you the chance to ask and answer questions like the following:

• Why are you in business?

• What does your business do?

• What do you want your company to become?

• What are the competitive challenges you face?

• How will you get where you want to go?

If you're thinking that these questions are pretty basic, you're right. But that's exactly what makes them so important. We've heard too many scary stories about companies with great promise — and often tons of money to boot — that suddenly falter and fade away. Many of these companies could have avoided a lot of trouble along the way if the people steering the organization had taken the time to address basic issues during the planning stage.

To lead your business toward success, start by really focusing on why you're in business and what you want to achieve. Put your business values and vision into words, write a clear and compelling mission statement, and set goals and objectives to turn your ...