A Mission Statement may not be a critical part of your business, however it will give a solid base to who you are as a company, and what you are offering to your clients. As your company develops it will also give guidance to future employees. Taking the time to think about what your Company wants to project and what differentiates you from your competition can be powerful. Another way to look at your Mission Statement is a “why” you are in business.

A Business Plan can be a simple document, or very complex depending on the Company you lead. If you are looking for a business loan from a banking institution, or independent investors, a detailed business plan s essential. If you require investment, it is critical that you invest time in building a Business Plan that is comprehensive. It is an overarching document that details the who, what, why and how of your company. It should include the following.

• Executive Summary

• Products and/or Services

• Marketing Analysis

• Marketing Strategy

• Financial Planning Projections

• Budgets

You have a great idea for a product or service……………. or do you? I truly believe before investing the time and effort to start up a business or launch a new product or service that a market analysis be completed beforehand. The analysis will give you a much better understanding of competitors in the market, the size of the market, potential product margins, openings for new products/services. It will also allow for much better targeting of marketing and strategies, as well as confirm your products or services are viable in the market.

Developing Strategies is a very intricate segment of your business. You may want to develop an overall company strategy, then break that down into individual department strategies. However you decide to structure this segment, it is critical that time is spent to develop a realistic and comprehensive plan. Afterall, this is what will drive your company forward. One must also keep in mind, that strategies need to be measurable and evaluated regularly. In most cases, your sales strategy will be the most comprehensive as well as the driving factor in determining revenue.

I believe this is where most companies experience frustration. Strategies put together are for the most part well thought out, and realistic. However, they are just words and ideas until put into action. Generally, the execution is restrained because of poor communication to those that need to complete the tasks necessary to attain the strategy. The execution is the action. Every strategy needs a strong execution plan complete with detailed tasks and timelines. Involvement from all individuals, and strong communication skills are required. A team with excellent strategy execution plans will enjoy success.

An examination of the competitors in the market, as well as your own company, will allow you to gain a much better understanding of where you are positioned, and help you develop your strategy execution plans. A SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis is an excellent tool to accomplish this task. Getting a better understanding of your competitors’ strengths and weaknesses will allow you to position your products or services correctly and profitably. In turn, it will also allow you to gain a better understanding of improvements your company may require.

It is vital especially in the early stages of your business that a financial budget be developed, adhered to, and reviewed frequently as the business dictates. You will have bills that need to be paid, invoices that will need collection, staff to be paid, assets to be purchased, etc. Without a well-thought-out budget, and diligent adherence the company can find itself in financial woes quickly. Reviewing your budget regularly will also allow you to make changes before problems arise.

Keeping a precise monthly balance sheet will greatly help in determining how your business is progressing. In the early stages of your business, this will be quite simple, as it is a statement showing your assets, liabilities, and shareholder value. As your business grows you will need to develop a P&L program that adds more detail.

As your business grows, HR and HSE will become a larger tax on your time. Finding the right people to fit the positions, and ensuring your company is adhering to HSE guidelines and laws can be time-consuming. The right fit for new personnel is of utmost importance. One needs to understand exactly what is required to fill the position, and the skill set required. One can use the analogy of any team sport. Each individual on a team has an expertise or skill set they possess. However, put these individual skill sets together, and work towards the same goal, and you have a team with a wide variety of expertise. This makes a much stronger company or team.

This is quite likely the biggest disappointment faced by employees of a company. Those who guide the company make the decisions, which is logical. Where the breakdown happens is when those decisions are not communicated throughout the company in a clear and precise fashion. Simply handing out information is not communication. You have communicated only when the person you are speaking with understands the company decisions, and how they fit it. Once you develop this skill, you will have a loyal team working towards to same objectives, as they understand what is needed, and are a part of the plan.

I can’t stress the importance of developing teams that enjoy working together, supporting each other, and winning together. There are few things in a person’s work life more rewarding than being part of a winning team and sharing the success together. This starts from day one by building a culture that attracts and rewards your employees, customers, stakeholders, and shareholders. Remember, the company supplying your company is just as important as the customer. Working together benefits all involved. The acronym TCO (Total Cost of Ownership) really sums it up. Everyone in your organization from top to bottom, including customers, suppliers, contractors, consultants, etc. contributes to the company’s success and adds both cost and value.