Family Business Mission Statement
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? These questions can be answered in a clearly defined Family Business Mission Statement.
For many businesses, a mission statement has been around for years, but developing a new mission statement for a family business can be challenging. A carefully constructed mission statement is especially critical to the success of a family business because it can promote cohesiveness among family members. A family business mission statement allows family members to understand and work toward the stated goals of the business.
What is the Purpose of Your Family Business?
All business owners have a goal of creating wealth. But when a business has a well-defined mission or purpose in addition to making money, its employees can work with a specific vision in mind. In terms of a family business, a mission statement that has the buy-in of all family members allows everyone to strive for success, together as a group.
“What if you look forward to what lies ahead in your family business? One family adopted the following mission statement: â€œWe will be a strong economic force in our country for 100 years.â€ What would you have to do in your family business to be around for 10 years? For 100 years? Start nowâ€¦”
Blog Post Jan 12, 2009 “It is in the Sauce”
A Mission Statement Formalizes the Goals of a Family Business
Many family businesses start as a small venture. But over time, the business grows and requires more employees. Often times, additional family members are recruited to the business and eventually become integral members of the family business team. Over time, the family business transforms from something small and informal into an organization that requires more structure and a more formal management style. This is often the point at which owners of the business decide that a family business mission statement should be officially declared.
Set Your Business Apart From Competitors With a Mission Statement
A mission statement is a unique declaration that articulates what the business stands for. You might have one or more competitors that sell the same products or services, but there is little doubt that your competitor’s mission statement will never exactly match yours. A mission statement is unique and personal to every business. Since your business is family-owned, you may choose to create a mission statement that reflects the goals and values of family members who run the business today.
Create Harmony, Not Conflict With a Mission Statement
When it comes to developing a mission statement for your family business, it’s important that all family members involved in the business agree with it or find the statement inspirational. However, it’s also 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.
Does Your Family Business Need Help?
Family Business Matters has extensive experience assisting family businesses in the development of a Family Business Mission Statement. With many decades of experience, we understand the wide variety of challenges that families face as they work together to build, grow and sustain a thriving family business generation after generation. Through conferences, continuing education programs, family business retreats, speaking engagements and private family business consulting services, Family Business Matters has assisted more than 450 family-owned businesses around the world chart their way through family business issues of all shapes and sizes.
For more information on how Family Business Matters can help your family business survive and thrive, please contact us today at (970) 948-5077.