DIY BUSINESS STRATEGY II: Your Mission Statements Are Impressive: Step 1

Going Bananas

 

The Purpose of This Series

In this series I am going to show you the steps we take in working with clients.  The area, which we call Performance Enhancement Strategy, which we will be covering here is called Your Mission Statements Are Impressive.  This is the first step we undertake.  Note that we use the uncapitalized mission statement to denote any type of mission statement and the capitalized Mission Statement to define what’s commonly referred to as the Mission Statement.  Note that each article is brief.  This is out of respect to your time commitments and because high performing businesses are not build overnight.  Thus, we suggest you create a notebook or file, ideally one for each Performance Enhancement Strategy.  Their are twelve in all, each with multiple steps.

Step 1: Describe Your Target Customers

  1. In order to form a set of mission statements we need to know something about the customers you sell to, particularly your Target Customer Groups.  Without doing a full market analysis, we ask
  2. What drives your customers to buy?
  3. What impresses the customers about a business they buy from?
  4. How socially minded are your customers?
  5. Are they more likely to do business with a small family owned (so called Mom & Pop) business or a large well-known organization?

Don’t spend more than 15 minutes answering these questions.  The answer will determine which mission statements we need and as well hint at their content.  You see, a mission statement can backfire if it doesn’t address your Target Customer Group.

 

About Performance Business Design and the Author

For those new to Performance Business Design, we collaborate with businesses of less than $10 million to improve weak areas of our 12-Area Performance Check, which are the 12 areas we’ve deemed, in our 30 years of being Wall Street securities analysts, most contribute to business success.  Anyone wishing to know more about how we work with existing clients to improve their business performance using strategies such as the one described here, can contact us to receive information sent by mail. Michael Emerald, CFA, meets with publicly held corporations weekly to evaluate business performance with the goal to determine investment value.  Michael has an MBA from Chapel Hill and co-founded an institutional investment management firm in Boston.  He now owns and manages Performance Business Design.