By setting your small business mission and goals, you’re giving voice to your small business vision. Here is a step-by-step guide to help you identify your goals, purpose, and business mission.
Identify your business' unique value proposition.
Question: What makes your business unique?
Question: How does your product or service meet the needs of your customers in a way that your competitors don't?
Consider what you offer that is novel or innovative. Think about how you will distinguish yourself against peers. (Need a little help? Check out SCORE’s free guide for identifying your core value proposition.)
Define your target audience.
Question: Who are the customers you'll be targeting with your products or services?
Consider demographics, location, and needs when identifying your target audience.
Clarify your business' purpose.
Question: Why does your business exist?
Question: What need or problem are you trying to solve?
Your business' purpose should be more than just making a profit — it should be about making a positive impact on your customers, your community, or the world.
Define your core values.
Question: What are the guiding principles that will inform how you operate your business?
These could include things like honesty, integrity, innovation, or sustainability.
Create a mission statement.
Question: What is your purpose?
Question: What are you seeking to achieve with your small business?
A mission statement is a brief statement that encapsulates your business' purpose, target audience, and core values. It should be clear, concise, and memorable.
By following these steps, you can define your business mission and purpose, which will help inform your goals.
Example Mission and Purpose Statement
Here is an example of a mission, purpose, and goals for a small bakery in Albuquerque, New Mexico, owned and operated by a Latinx family.
These goals are specific, measurable, achievable, relevant, and time-bound (SMART). They outline specific actions and objectives for the bakery to achieve over the next year, and they are aligned with the mission of providing delicious, high-quality baked goods while also supporting and giving back to the local community.
Curious About How to Create SMART Goals for Your Business?
SMART goals are specific, measurable, achievable, relevant, and time-bound goals that can help you achieve your business objectives. Here's how to write SMART goals for your business plan:
Be specific about what you want to achieve.
It's not enough to say, "I want to make more money." That's too vague. Instead, try something like, "I want to increase revenue by 10% within the next six months." This gives you a clear target to aim for.
Make sure your goal is measurable.
How will you know when you've achieved your goal? By setting measurable benchmarks, you can track your progress and see if you're on track to reach your goal. In the examples above, we're measuring progress by aiming for a percentage of increased revenue.
Ensure your goal is achievable.
There's no point in setting a goal that's completely out of reach. Make sure your goal is realistic given your current resources and constraints.
Make sure your goal is relevant.
Is your goal aligned with your business' overall mission and objectives? If not, it might not be the best goal to focus on.
Set a deadline.
Giving yourself a timeline will help you stay focused and motivated to work toward your goal. In the example above, we've set a deadline of six months.
Example Goals
Your goals should be deeper reflections of your mission and vision. Returning to the family-run bakery in Albuquerque, let’s take a look at some sample goals.
These SMART goals are specific, measurable, achievable, relevant, and time bound. They outline specific actions and objectives for the bakery to achieve over the year, while also including clear metrics for measuring progress towards these goals.
By following these guidelines, you can create a clear mission and purpose statement and identify actionable goals that will help you achieve success in your business. Happy goal setting!
