How to Develop Your Company's Purpose

The second foundational question (FQ) in the Revenue Development Action Plan is:

What is your company’s purpose? Why are you here?”

In the early stages of creating a business there is a strong focus on developing a vision, a formal mission statement and company values. However, the company purpose is something that is often more elusive.

Most new businesses are primarily focused on generating enough revenue to be sustainable. Business owners may have a strong personal sense of why they formed the business, but that purpose is not always reflected throughout the company. As businesses grow, however, they may naturally begin to develop a purpose that drives strategic decision-making. This direction must be refined into a clear purpose statement or the company will aimlessly wander.

Topics: Brand Management Strategy Business Development Brand Integrity Revenue Development Action Plan

How to Develop Your Company Mission Statement

While creating a mission statement is typically an early step in starting a business, many mature companies have outdated versions, poorly written attempts, or are missing them altogether.

Most frequently, time is the limiting factor. Business owners and founders can be reluctant to invest the time needed and effort required to craft an effective mission statement. They wonder whether it is truly essential for growing their businesses and if customers will ever read it. These doubts can relegate creating or updating a mission statement to non-critical status, freeing up valuable time for other essentials.

However, a mission statement is a crucial document that describes the purpose of the business. It states what the business is going to do, for whom, and why. A successful organization should know the answers to these questions because they speak to the most basic elements of a business plan. As such, the company mission should essentially write itself. Yet, owners, founders, and executive leadership still struggle with formulating an effective mission statement.

Topics: Business Development Planning Revenue Development Action Plan

How to Determine What Success Should Look Like for Your Organization

Profitable revenue is the lifeblood of any organization. As such, many business owners correlate revenue with success, presuming that companies making money are, indeed, successful. However, revenue does not necessarily equate to success. While profitability, sustainable growth, and significant revenue can be components of success, true success is achieved when long-term goals are met.

The first foundational question in the Revenue Development Action Plan is “What does success look like for your organization?” This question precedes 27 more that help business owners, founders, and CEOs evaluate what is working within their organizations and what needs to be modified. Visualizing success helps identify competitive advantages, strengthen value propositions, locate gaps in existing plans and processes, recognize barriers to success, find operational areas for improvement, and seize opportunities in the market.

Topics: Strategic Revenue Growth Revenue Development Action Plan