| by Kathy Bryan, Georgia SBDC They can achieve the impossible. They juggle multiple tasks, acting as sales manager, delivery person, accountant, HR manager, and sometimes cleaning crew. They work 18-hour days and are exhilarating and exhausting to be around. Who are these people? They are entrepreneurs. The entrepreneur's mind moves at light speed and is always creating a stream of possible new ventures. But with these extraordinary skills comes one common flaw: lack of focus. Before one product is brought to market, the entrepreneur is already thinking about a second location, a new product, or another market to conquer. As a result, some companies never establish a product or service. This lack of focus causes serious damage. The entrepreneur may work longer hours but never see any results. Employees become unsure of priorities. Customers disappear. Success becomes MISSION IMPOSSIBLE. The entrepreneur can avoid this trap by creating a mission statement, goals, and objectives. Writing these is not a job for the entrepreneur alone. Key managers, employees, and outside advisors should be part of the process. Mission Statement A mission statement defines the company's purpose and management philosophy. The statement should be one to two sentences long¾a length easily remembered by the owners, managers, employees and customers. Need an example? Look at Southwest Airlines statement: "The mission of Southwest Airlines is dedication to the highest quality of Customer Service delivered with a sense of warmth, friendliness, individual pride, and Company Spirit." Goals Next, create the company's goals. Goals are more specific than the mission statement and state the company's desired achievements. Short-term goals are achieved in a year. Long-term goals are the entrepreneur's vision for a longer period. "Increase revenue by 20% in 2000" is a goal. Objectives Last, determine the company's objectives. Objectives are measurable accomplishments achieved within a specific period. Objectives provide detail about how a company will achieve its goals. "Increase the average revenue per client to $300 per month by July" is an objective.
To be effective companies must 1) live their mission statement, goals, and objectives on a daily basis; 2) communicate these aspirations to all employees, and customers and suppliers when appropriate; 3) establish individual objectives for everyone within the company including the entrepreneur. When tough decisions are required, the company can use the mission statement, goals, and objectives for reference. Is this action consistent with the mission statement? Will this action move the company closer to its goals? Will this action help achieve the company's objectives? If the answer to all of these questions is yes, the company is staying focused. If the answer to any is no, the company is straying off course.
To obtain small business assistance in creating mission statements, goals and ojbectives, contact a consultant at a Small Business Development Center.
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