The New Year and the Powerful Business Purpose Statement
A powerful business purpose statement is a foundational guide. Establishing a new company takes ideas, and commitment fueled by passion. Whether through invention, or innovation founders believe that they can offer a needed, wanted and readily accepted product or service.
In the beginning there was the PLAN. After developing the business concept, entrepreneurs begin to develop a Plan with the help of professionals. Before the pouring of the concrete or the space is leased, rented, or purchased, building the foundation of the company comes first. Legal, accounting, consultants, marketing specialists should all be part of the initial team in developing an executable plan of attack when starting a new business.
After the business plan has been established and the concept is off and running, a purposeful statement to solidify the plan is often cast aside. When the business begins to run on autopilot, that is the time to take a step back and re-examine the plan and develop a powerful business purpose statement.
The New Year and the powerful business purpose statement go hand in-hand. It is the perfect time of year to look back and begin anew, Companies with a fiscal year that does not coincide with the calendar year will have to decide when to undertake developing a business purpose examination. No matter when, on the calendar year or fiscal year, it is a must happen for every business.
The Annual Wellness Checkup
In health care the annual wellness checkup is a key part of an overall health plan. For businesses, the annual purpose statement plan is a wellness checkup. Just as the annual wellness checkup starts with the numbers, blood pressure, heart rate, respiration rate and more, developing a powerful purpose statement should begin with the numbers.
A powerful purpose statement meeting should look at sales numbers, growth rate, productivity, marketing ROI as well as top line and bottom-line accomplishments. Start with what went right and build out from there. Acknowledge and recognize the team members who were instrumental in the success and solicit their ideas on how to continue the accomplishment
Older companies and businesses tend to become complacent with success. Most feel that with year over year consistency and steady growth there is no reason to make waves. The problem with this approach is that without an annual business purpose statement, if and when the waves begin, the response plan will be lacking.
The Annual Business Purpose Meeting
The annual meeting to develop a powerful purpose statement for the coming year should also contain long term objectives. Learn from the past, address the failures, celebrate the successes, and discuss how to achieve goals.
Use the New Year, calendar or fiscal, to review growth drivers, these should include:
Branding – A clear brand is necessary for any business. Seek help from Professional Branding, Marketing and Promotional Specialists to tie it all together. Professional consultants who have their pulse on effective branding will incorporate the coming marriage of technological innovations and social media interactivity.
Integrating New Tech – There is no escaping it, even the oldest, largest, most successful companies are embracing the power of marketing and branding with new tech. Artificial Intelligence, Virtual Reality and the Internet of Things will affect and influence the bottom line of every business. As part of a POWERFUL Business Statement and Plan, investigate, and integrate new tech in branding and marketing.
The founding ideas of every business need refreshing in adapting to changing marketplaces. With a tidal wave of change about to happen in how businesses achieve and fulfill sales, an annual purpose statement that is concise, powerful, and forward looking is fundamental to future success.
