Blog

Do our much publicised drop-offs in activities and numbers across various areas with China have more to do with market forces than concerns over perceived government relationship issues?

defining your vision, mission and position

The most important thing you need to do as a business owner is define your vision, mission and position.

• What is your vision (what you want your business to be)
• What is your mission (your purpose and values)
• What is your position (what is unique about your business and offering, and what differentiates you in the market)
  
  

You need to do this whether your business is just yourself, or you have a team. And whether you’ve just started or whether you’ve been going for years. Believe it or not, there are large, long-standing businesses that operate without one, two, or even all of these things!

I wanted to start by talking about the importance of having a business plan… for your business. I emphasised that last bit, because it’s vital to what we’re talking about - it has to be a plan for your business. You can have a standard format, but you should not have standard content. There is no one-size-fits-all formula for writing a business plan.

I often talk about the importance of knowing your ‘why’. What is the purpose or reason for being of your business? Why are you doing – often at great effort and expense – what you’re doing? You need to be able to answer this before you can even start your business plan. Once you have, then developing your business plan will be like a roadmap for your business to achieve your objectives and vision.

A thorough business plan is priceless for any business, and if you’re trying to grow your business in a crowded marketplace, it could be your biggest asset.