How to Write a Compelling Mission Statement

Most individual or corporate mission statements contain industry buzzwords, are so complex that no one can recite them, and do nothing to inspire. The more elaborate it is, the less likely it is understood and remembered. Having a clear and concise mission statement for yourself and your Company becomes your guiding compass as you journey through life. The following tips will help you write good sample mission statement and vision statement.

1. Your mission is larger than a job.

Ideally your job will align with your mission. For example, you could be employed as a teacher while your mission is education. To limit your personality and unique abilities to such boundaries causes a profound loss of identity when your job or career changes. The average person can expect to have seven employment changes in a lifetime.

2. Your mission is much more than your role.

We all have various roles we fulfill: spouse, parent, manager, friend...In our culture, men tend to define themselves by what they do professionally. Often, women define themselves by their roles or relationships. Linking your role to your mission places you in a vulnerable position because your role is likely to change--most notably through death or divorce. Who were you before your roles?

3. Your mission is not your To-Do List.

As Stephen Covey so masterfully points out in First Things First, there is a huge distinction between what is important and what is urgent. Most people fill their to-do lists with activities which appear to require immediate attention. When writing your mission statement, contemplate the big picture and focus on your core values. Develop your mission first, then list corresponding goals. Otherwise, you can be very busy following a to-do list without creating anything worthwhile.

4. You are already living your mission on some level.

Living your mission may not require massive changes. You can begin right where you are now. Increase your awareness daily of what's really important to you. What do you want to be known for? Increased focus allows you to receive, recognize and fully integrate your mission.

5. You are born with a purpose.

Everyone's life is important enough to warrant a mission. In the classic movie: It's a Wonderful Life, Jimmy Stewart portrays a suicidal businessman who experiences what the lives of his friends and loved ones would be like WITHOUT him. Mostly, we don't have this overview or the understanding of how interconnected we are. Every thought we have, word we speak and action we take affects the entire universe.

6. Your mission may not appear to be grand.

You don't have to be another Mother Theresa or significantly contribute to the Gross National Product. You've heard the saying: For want of a nail, the shoe was lost; for want of a shoe, the horse was lost; for want of a horse, the battle was lost. The blacksmith responsible for Paul Revere's horse's feet indirectly helped lead a nation to freedom. Positively affect one life and you can be considered successful.

7. Your mission is a perfect fit for you.

Your mission is not something you loathe doing. Years ago, I feared God would want me to be a missionary living in a grass hut and I wanted to postpone this event as long as possible. It was irrational. Think of this: what CEO in his/her right mind would have the sales team switch to accounting? When you are living your mission, you experience pure joy. It is not hard and does not involve suffering. Rather, it resonates with the essence of who you are 100%: at work, at home, at a party and alone. Accept a mission that fits you, not the needs or expectations of others.

8. Your mission is not the same as that of your peers.

While crafting your mission statement, temporarily disassociate yourself from your peers. We are often influenced by and take as our own the values and goals of those in our network, thus inhibiting self-discovery. This distancing will allow you to concentrate on what is important and unique to you.

9. Your mission is your true heart's desire.

You may be in a career that parallels your dream. I'd like to have a dollar for every magazine editor, advertising copywriter or reporter whose real dream is to be a full-time novelist. Go for the REAL THING. Ask yourself: Is this the highest thing I could do in my life?

10. Your mission inspires you to take action.

Great leaders can state their mission succinctly. Nelson Mandela's mission was to end apartheid; Mother Theresa 's mission is to show compassion to the dying. If you don't feel passionate about your mission, it isn't your mission. Choose action verbs that are meaningful to you. For example, my mission is to breathe, ignite and magnify personal power. Join the 1% of the people in the world who have a clear sense of who they are and where they are going.

Company Financial management in the small firm is characterized, in many different instances, by the necessity to face a somewhat
different set of problems and opportunities than those faced by a large corporation. 1 immediate and obvious difference is that a
vast majority of smaller firms do not normally have the opportunity to publicly sell issues of stocks or bonds in order to raise
capital. The owner-manager of a smaller firm must rely mostly on trade credit, bank financing, lease financing, and personal
equity to finance the business. One, hence faces a much more severely restricted set of financing choices than those faced with
the monetary vice president or treasurer of a large corporation.

On another Hand, when small business financial management is concern, many financial problems facing the small firm are extremely
similar to those of larger businesses. By way of instance, the investigation necessary for a long-term investment decision like
the purchase of heavy machines or the evaluation of lease-buy options, is fundamentally the same whatever the size of the firm.
Once the decision is made, the financing alternatives available to the business may be radically different, but the decision
process will be generally similar.

1 area of Special concern for the smaller business owner lies in the effective management of working capital. Net working capital
is defined as the difference between current assets and current liabilities and is frequently thought of as the"circulating
capital" of the business. Lack of management in this vital area is a primary cause of business failure in both small and massive
businesses.

The business Manager must continually be alert to changes in working capital accounts, the reason behind these changes and the
implications of those changes for the financial health of the company. One convenient and effective method to underline the key
managerial demands in this area would be to see working capital in terms of its major components:

Cash and Equivalents. This most liquid type of present assets, cash and cash equivalents (usually marketable securities or
short-term certificate of deposit) requires continuous oversight. A well planned and maintained cash budgeting process is
essential to answer key questions like: Why is the money level sufficient to satisfy current expenses as they come due? What are
the time relationships between cash inflows and outflows? When will summit cash needs happen? What will be the magnitude of bank
borrowing needed to meet some cash shortfalls? When will this borrowing be required and if will repayment be expected? Accounts
Receivable. Almost all companies must extend credit to their customers. Key issues in this field include: Is the number of
accounts receivable reasonable in relation to earnings? On the average, how rapidly are accounts receivable has been accumulated?
Which clients are"slow payers?" What actions should be taken to speed collections where required?Inventories.Inventories frequently constitute 50 percent or more of a firm's current assets and therefore, are worthy of close
scrutiny. Key questions which must be considered within this area include: Why is your level of stock reasonable concerning sales
and the working features of the business? How quickly is inventory turned over compared to other companies in the exact same
industry? Isn't any funds invested in dead or slow moving inventory? Are earnings being lost due to inadequate inventory levels?
If appropriate, what actions ought to be taken to increase or reduce inventory?

Accounts Payable and Trade Notes Payable. In a business, trade credit frequently provides a significant source of financing for
the company. Key issues to investigate in this category include: Is the amount of money owed to suppliers reasonable in relation
to purchases? Is the firm's payment policy such it will enhance or detract from the firm's credit score? If available, are
discounts being taken? Which are the timing relationships involving payments on accounts payable and collection on accounts
receivable?Notes Payable. Notes payable to banks or other lenders are another significant source of funding for the business. Important
questions in this class include: What is the quantity of bank borrowing employed? Can this debt amount reasonable in regard to the
equity funding of the company? When will interest and principal payments fall due? Will it be available to meet these payments in
time?

Accrued Expenses and Taxes Payable. Accrued taxes and expenses payable represent obligations of the company as of the date of
balance sheet preparation. Accrued expenses represent these items as wages payable, interest payable on bank notes, insurance
premiums payable, and related items. Of primary concern in this region, especially with regard to taxes payable, is the magnitude,
timing, and availability of funds for payment. Careful planning is required to insure that these obligations are met on time.

As a final Notice, it's important to recognize that although the operating capital accounts previously are listed separately, they
need to also be viewed in total and from the point of view of the connection to one another: What is the overall trend in net
operating capital? Is this a healthy trend? Which person balances are responsible for this trend? How does the company's working
capital position relate to similar sized firms in the industry? What can be done to fix the fashion, if needed?

Obviously, the Questions posed are much easier to ask than to answer and there are few"general" answers to the issues raised. The
manuals which follow provide suggestions, techniques, and instructions for effective management which, when tempered with the
experience of the person owner-manager along with the distinctive requirements of the particular sector, might be expected to
improve the ability to handle effectively the fiscal resources of a business enterprise.

There's one Simple reason to understand and observe business financial planning in your company - to avoid failure. Eight of ten
new companies fail primarily because of the dearth of good fiscal planning.

Business Financial preparation impacts how and on what terms you will have the ability to pull the funding required to establish,
maintain, and expand your business.

Financial Planning decides the raw materials you'll be able to afford to buy, the products you'll be able to produce, and whether
or not you will be able to sell them efficiently. It affects the physical and human tools you'll be able to acquire to operate
your small business. It'll be a major determinant of whether or not you will have the ability to make your hard work rewarding.

This section Provides an overview of the vital components of financial management and planning. Used sensibly, it is going to make
the reader the small business owner/manager - familiar enough with all the principles to have a fighting chance of success in
today's highly competitive business environment.

A clearly Conceived, well recorded financial plan, establishing goals and including the Use of Pro Forma Statements and Budgets to
ensure financial management, will Demonstrate not just that you understand exactly what you want to do, but that you know how To
accomplish it. This demonstration is essential to attract the funds Required by your company from lenders and investors.

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