A mission statement is a declaration that articulates what the business stands for. It is unique and personal to every business.
A carefully constructed Mission statement is particularly critical to the success of a Family Business as it effectively defines the cohesiveness among Family Members.
Developing a new Mission statement for a Family Business can be challenging. The Family Members should identify with the mission and keenly committed to work towards the stated goals of the business.
Addressing the following queries thoroughly would certainly simplify and strengthen the Mission Development process.
- What are the goals of your family business?
- What values do you want the business to promote?
- Does your family business have a vision?
- What does your business stand for?
It’s important to keep in mind that a Mission Statement does not have to be written in stone. A Family Business Mission statement can evolve and change as the business grows and changes over the course of time.