Your initial business strategy or concept covers all aspects found on this website, but should begin with its Mission statement: Once you have decided upon your business idea, you need to structure your business accordingly to ensure you identify it’s direction and purpose.

The Mission Statement determines the organisations’ fundamental purpose for existence and the way it perceives itself. They are broad in purpose whilst reflecting the views and the philosophy of top management. It should clearly identify the customers, the needs it is satisfying and the key products as well providing employees and other stakeholders with a vision they can believe and want to adopt as their own. An apt mission statement may read “ we provide unrivalled service and superior goods at a competitive price”, since this appears to incorporate the company’s main objectives and vision of quality, price and excellent service for repeat custom.

The vision is the long term view and aspiration of the owner and is a perception of what the firm could achieve. The mission and vision are in interchangeable and this provides the framework for the objectives of the company which in turn should support the mission, these are however expected to change in time.

SMART
S – Specific

M – Measurable

A – Agreed

R – Realistic

T – Timetabled

Companies will have multiple objectives which can be both long and short term, should be SMART and are likely to include: market share, shareholder payments, and social responsibility. These may conflict and priorities will be established and some form of measure to quantify and define the objective.

VISON

V -Vital

I – Involving

S – Specific

O – Ownership

N – Now

If the vision of the company is apparently unclear beyond survival, staying independent and relatively small. This could be a factor which holds back progression due to the fear of loss of control. To successfully market itself, the business needs to focus on what’s special and different about its products and in turn how to market this effectively. It is apparent that the company has both the resources and experience to become highly competitive within the relevant field but lack the direction and vision to achieve this.