Are you considering starting a business? A franchise might be an excellent opportunity.
With significant government assistance, FRANdata predicts that nearly all of the economic damage created by the COVID-19 pandemic could be erased in 2021. Specifically, franchising is projected to open more than 26,000 locations, add nearly 800,000 new jobs, and contribute $477 billion to the US GDP. This kind of anticipated growth is excellent news!
A critical part of starting any business, franchise or not, is having Vision and Mission statements. They give your business direction and, without them, your business will be rudderless. Not having them will stop you from being taken seriously by the people you’ll need the most, banks and loan companies.
If you’re considering starting a franchise with your business or becoming a franchisee, then you want to keep reading. We’ll give you all you need to know not to confuse the two, which many do, and be able to write compelling statements.
What is a Vision Statement?
A vision statement describes the future state of your business. Its purpose is to tell what you want the company to become and its meaning to all stakeholders, so they come aboard inspired and ready to fulfill their parts.
You write a Vision Statement to be aspirational, inspirational to others, and motivational.
Here is an example of a vision statement:
XX Coffee will be the best coffee shop in the tri-state area, providing the most exemplary customer service along with exceptional coffee, savory treats, and a peaceful atmosphere for all.
What is a Mission Statement?
A mission statement describes the current state of your business. Its purpose is to provide detailed information about the company’s objectives, including what it does, how it does it, and the customer base it serves. It explains what your business will do on a day-to-day basis and helps make your vision statement, future state, a reality.
Here is an example of a Mission Statement:
XX Coffee Shop exists to give its customers the best in-store coffee experience in an atmosphere that provides a refuge in the middle of their busy lives.
Now that you’re clear about the difference between vision and mission statements and understand the distinction between the current and future states, it’s time to offer help in writing both of them.
How To Write a Vision Statement
Don’t do it alone. You don’t write a Vision Statement in your head. Writing it requires others to help you through the process.
Gather the people that you trust and make an Advisory Board. The board can include:
People who are investing in your ideas and plans.
People with successful business backgrounds who have been through the process before.
Someone who knows you well knows where you might not think clearly or knows your worst habits that could stop you from succeeding.
Invite a solid facilitator to lead the session (could be more than one). Too often, these kinds of visionary meetings can end up in the weeds without accomplishing much, so a good strong leader who can facilitate and keep everyone on track is GOLD!
Spend time just dreaming and ask some of the following questions:
What is the purpose of the business?
What problems does your business solve?
What do we want the business to look like in 5, 10, 20 years?
Who does your business serve?
*NOTE: Use the internet to help you look at other businesses similar to yours. What’s their vision statement? Don’t be embarrassed to do this. Getting this help is one of the beautiful attributes of having the internet.
Spend time as a group writing down answers to these questions. This time is an excellent time for flipcharts. This is a time of possibilities and fun! Now isn’t the time for anyone to be shut down by others. If anyone is shut down, they will stop sharing.
Take all the answers to these questions and start to draft sentences that express the vision. Keep going until the group has nothing left. If you can’t accomplish this in one meeting, set another, but do your best to finish up. If you have to bring in lunch or dinner, do so.
Test the sentences, solicit feedback, and finalize. Test until the entire Advisory Board agrees with one statement that succinctly reflects the ideal state of the business’ future. Encourage honesty. Look for genuine excitement.
How To Write a Mission Statement
As with the Vision Statement, when constructing your Mission Statement, don’t do it alone. Pull together a group of trusted advisors similar, or even the same as, the group you worked with on your Vision Statement.
Invite a strong facilitator for the same reasons you brought them in for your Vision Statement design.
Spend time dreaming and asking basic questions such as:
What is it we do?
Why does it matter?
Who will care?
How does it make a difference?
Brainstorm answers. Again, This is a time of possibilities and fun! Write efficiently and openly. This isn’t the time for anyone to be shut down. If anyone is shut down, they will stop sharing. Open the conversation and writing to every idea anyone wants to share.
Test sentences, solicit feedback, and finalize. Write down all the sentences and ask each other how they make you feel. Keep going until you get the mission that you can all get behind. Get to the mission that tells you what you do, why it matters, who it matters to, and how it makes a difference.
A Final Thought
“Individuals with a connection to their purpose experience, among other things, increased levels of income, wealth, leadership effectiveness (+63%), fulfillment (+64%), learning (2x), engagement (4x), productivity (5x).”
You write the Vision and Mission Statements for your business to assist you in going forward in the creation of your business and aiding in your ability to run it daily. On the flip side, these statements are also about helping you when you forget the “why,” when you’re having a bad day or week (which you will), and when you need reminding of the great mission your business carries.
