INTRODUCTION This lesson is all about setting your business up for success with a solid foundation. When it comes to strong business foundations, a winning strategy is one of the most important aspects to guide your business from start-up to scale-up. This includes: Your vision statement Your mission statement Your core values Integration of your vision, mission and values Setting objectives and key results By the end of this lesson you'll have a clear understanding on why these strategic components are so important, how to create a winning business strategy and have your very own one-page strategic plan to guide your next 12 months. Ready to get started? Let's go. 🚀 THE PENNY DROP MOMENT™ Having no vision articulated is like hopping into the drivers seat of the car, turning the key in the ignition and setting off on a wild adventure with no destination. While that may sound like fun for a gap year, it's not going to be much fun when it comes to a business. Even at MBA level in business education, we are taught in strategic management that successful businesses rely upon an aspirational, future centric vision statement to guide them like a north star. If you don't know what your north star is – how do you know which star to follow on the horizon? If you haven't yet developed your vision statement, it's time to revisit the basics of your strategy to ensure this is mapped out. I promise you, it's worth it. 😇 WHY THIS MATTERS Starting any journey, whether it's a holiday adventure or a professional endeavour, requires a clear understanding of where you're headed. As the saying goes, "If you don’t know where you’re going, you’ll inevitably end up in the wrong postcode." The simplicity of this captures the essence of direction — without a defined destination, you risk wandering aimlessly, potentially veering off course. However, merely knowing your destination by the postcode isn't enough. It's like having the coordinates without a map or a plan for how to get there. In the realm of business, having a clear vision is not just a nice to have – it's a prerequisite for success. Imagine your strategy as the roadmap for your journey. Just as there are numerous routes and modes of transportation to reach a destination, there are various strategies and approaches to achieve business goals. Each choice you make, from the path you take to the vehicle you drive, shapes your experience and determines the efficiency of your journey. Yet, as with every journey – you need to have a set of ground rules and guiding principles to make it an enjoyable journey. These values serve as your moral compass, directing your decisions and actions at every juncture, from the early stages of startup to the growing challenges of scaling up. However, having a strategy and values is only the beginning. The real test lies in effectively articulating AND executing your strategy. Strategy without execution is merely a wishful thought; it's in the implementation where the true value is realised. CRAFTING YOUR VISION STATEMENT A good vision statement is inspiring and clearly defines the ultimate goal of the business. A good vision statement is your North Star and guides you daily like a compass. A good vision statement serves as your North Star and guides you on a daily basis like a compass. A good vision statement is a big picture, future-centric, and not something you’ll achieve within the next 10 years – it’s a long-term aspiration. HOW TO CREATE A VISION STATEMENT: Consider the emotional drive behind starting your business. What is the passion or problem that compelled you to launch your business? The key is understanding your foundational motive. Project your business 10 years into the future. Imagine the scale of your team, the nature of your customer relationships, and the influence you will have in your industry as part of your thought process. The next step is to determine how you will measure the success of your vision. Will it be the impact on your community, the number of customers served, or another tangible metric? Compile the insights from the previous steps into a concise vision statement. This statement should encapsulate your 'why', your aspirations, and your success metrics in a clear and compelling way. Reflect on the drafted vision statement to ensure it aligns with your core values and the essence of your business. It's important that the vision speaks to and is fully integrated with what you value most. Once you've completed this video, I encourage you to take a moment to write down your thoughts or any keywords or phrases that have come to mind as you contemplate your vision. CRAFTING YOUR MISSION STATEMENT YOUR BUSINESS PURPOSEA good mission statement is a simple, action-orientated statement that describes the purpose of your business. FOCUS ON THE PRESENTA good mission statement is NOT focused on the future, it is focused on the here and now – in the present tense. YOUR BUSINESS ROADMAPA good mission statement acts as the roadmap that will help you achieve your vision, which is your ultimate aim as a business. HOW TO CREATE A MISSION STATEMENT Start by clearly articulating the primary function or service your business provides. Focus on the key activities that define your business operations. This step sets the foundation for your mission statement by specifying what your business is about at its core. Outline the unique methods, technologies, or approaches your business uses to deliver its products or services. This includes your business processes, innovations, and or distinctive competencies that differentiate you from your competitors and ensure you stand out. Determine who benefits from your business. Who are your customers? Understanding your target audience is crucial as it not only defines who you are serving but helps tailor your mission to meet their specific needs or solve their problems. Discuss the purpose behind your business operations. This involves the deeper motivations and values driving your company. Why was your business created? What are its ethical or social goals? This connects your activities to a larger purpose, inspiring. Using the information gathered from the previous steps, draft a concise mission statement that weaves together what your business does, how it does it, who it does it for, and why it does it. Aim for clarity, ensuring it’s easily understood. Once you've completed this video, I encourage you to have a go at writing your first mission statement. CORE VALUES VALUES ARE YOUR OWNThe most important thing to remember is that your core values are deeply personal and are directly linked to your behaviour. They need to be congruent. VALUES ARE WHAT YOU PRIORITISEThe secret to discovering what your core values are is to ask yourself what you would prioritise over making money. VALUES MAKE DECISIONS EASYYour core values will guide your decision-making in business from startup to scale-up so it’s important to ensure they are resonant. HOW TO DEFINE YOUR CORE VALUES Ask yourself the question, what is important to me in the context of business? Write down everything that comes to mind until you begin to loop. Aim for 25 values or more for this exercise. Take your list of 25 core values that you have written down in step one and narrow it down to 15 core values by keeping, combining, or deleting. Take your list of 15 core values that you have written down in step one and narrow it down to 6 core values by keeping, combining, or deleting. Reflect on the core values list that you have and ask yourself if you would prioritise these values over making money. Write them down on a piece of paper or in a note on your phone and reflect on them every day for a week to determine if they feel resonant based on your business decisions and behaviour that day. INTEGRATION OF VALUES FOUNDATION OF IDENTITYClarify your core values early on and ensure they are communicated and upheld throughout all aspects of your startup's operations both internally and externally. SUPPORTS CULTURAL ALIGNMENTAlign your core values with your company culture to foster a positive and cohesive work environment. CUSTOMER CONNECTION IS KEYIntegrate core values into your products, services, and customer interactions to build trust and loyalty. INTERNAL INTEGRATION OF VALUES Incorporate core values into employee training and onboarding processes. Ensure that new hires understand and embody these values from the outset. Develop decision-making frameworks that align with your core values. When faced with tough decisions, refer back to these values to guide choices and ensure consistency. Infuse core values into internal communication and messaging. Use them as guiding principles in company communications, meetings, and announcements. Embed core values into client and customer interactions. Ensure that your business practices and customer service reflect these values, fostering trust and loyalty among your client base. Integrate core values into performance evaluations and recognition programs. Recognise and reward team members who consistently demonstrate these values in their work. EXTERNAL INTEGRATION OF VALUES Integrate your core values into your proposal documents and website content to ensure consistency and alignment with your brand identity. Train your customer service team to embody your core values in every interaction, providing a positive and consistent experience for your customers. Infuse your core values into your branding elements, such as logos, taglines, and visual identity, to communicate your brand's identity and connect with your target audience. Seek out collaborations and partnerships with organisations that share your core values, fostering mutually beneficial relationships built on shared principles and goals. Showcase your core values through your social media content and engagement, demonstrating authenticity and building trust with your audience. OBJECTIVES KEY RESULTS WHAT ARE OKRS?Objectives & Key Results are a goal-setting framework that help business owners implement and execute their strategies so that they can achieve their goals in a way that feels manageable.HOW DO THEY WORK?OKRs follow a simple but flexible template that can fit nearly every purpose: I will [objective] as measured by [key outcome]. An objective is the goal you want to achieve. A key result is the metric by which you’ll measure your progress towards your objective.WHY ARE THEY POWERFUL?They allow you to quickly set actionable goals, share them with your entire team, and stay on top of your progress as you work towards achieving them.FOCUS ON WHAT MATTERSOKRs help teams focus on important goals by setting clear objectives and measurable results.STAY FLEXIBLE AND RESPONSIVEOKRs encourage business owners and teams to adapt and change as needed, allowing for agility in a fast-paced environment.HOLD EVERYONE ACCOUNTABLEOKRs promote accountability by assigning ownership and making progress visible to the whole team.GUIDING QUESTIONS - CREATING YOUR OKRS What are our top priorities? Identify the most important goals or areas of focus. How will we measure success? Determine the key metrics or outcomes that will indicate progress. What are the most impactful actions we can take? Identify the specific actions or initiatives that will drive progress toward your objectives and key results. Who is responsible for each objective? Assign ownership and accountability for each objective to ensure that progress is made and results are achieved. How will we stay focused and aligned? Establish a cadence for reviewing and tracking progress on your OKRs. RECAP VISIONYour vision is the North Star that guides your business towards success. It provides a clear picture of where you want to go, inspiring your team to work towards a shared future. By defining your vision, you set the direction for your business and create a roadmap for growth. Without a clear vision, you don’t have a clear destination on where you’re aiming to go.MISSIONYour mission statement defines the purpose and identity of your business. It serves as a compass, guiding your decisions and actions towards fulfilling your unique role in the market. A well-crafted mission statement not only communicates your business's values and objectives but also aligns your team VALUESYour values are the foundation of your culture and identity. They shape how you conduct business, make decisions, and interact with others. By embedding them into your business practices, you create a framework for integrity, accountability, and alignment. Living your values strengthens your brand reputation, builds trust with customers, and drives positive culture.INTEGRATIONAligning your core values with strategic objectives and key results ensures that your business operates with integrity and purpose. By integrating values into your business both internally and externally, you can bring your values to life and ensure that they become embedded in the culture of the business.OKRSOKRs are powerful tools for driving performance and achieving results. They help you set specific objectives that represent your big-picture ambitions, like reaching a certain number of customers or launching a new product feature and break then down into measurable key results that act as signposts along the way, showing you how close you are to reaching your destination. PRESCRIPTION INSTRUCTIONS Create your big picture, aspirational vision statement. Craft your simple, action-orientated mission statement. Define your 4-6 unique core values that speak to what you prioritise over making money. Write down 5 business objectives and three key results or initiatives to track progress along the way including how you will measure them. Complete Your Strategic Roadmap™ plan for the next 12 months. GRAB THE RESOURCES HERE
