A Mission for Success

True Story: a spinning, racing, dying practice was victimized by Mr. X, CLU, ChFC, CFP himself. He had started his private practice with all sorts of great ideas and a modest client base. As he worked busily to move it along, he discovered many options for markets, directions he might take, equipment he might buy, territory he might open . . . and on and on. Imagining the endless opportunities and possibilities, he seemed to be off to a great start.

Soon, however, he found himself going in too many directions at once. Decisionmaking grew increasingly difficult as Mr. X became more and more confused. Should he approach this or that market? Should he purchase or lease a computer? Should he hire a telemarketer or concentrate on developing relationships and new business himself? Why doesn't wave mail work?

Like a cat after a flock of birds, diffusion fission crept up on Mr. X. He was soon split so many ways he couldn't manage the practice. Interruptions became routine. Details and efficiency overrode priorities and effectiveness. Momentary issues supplanted critical long-term objectives. Bye-bye X Financial Group. It needn't have failed, but it did, because Mr. X did not take some basic steps. He failed to focus.

Start with a Mission

Business planning comprises but a few activities:

1. create or re-affirm the company's mission;

2. establish strategic (long-term) objectives;

3. set measurable goals;

4. prescribe required activities;

5. implement the plan;

6. monitor and adjust.

Establishing the mission and the related strategic objectives (1&2) help a practice set its direction. Together they can be considered the global perspective for a business. The other steps in the planning process (3-6) can be thought of as tactical--addressing the more immediate issues.

A business' mission is, simply, a fundamental statement of purpose. When it is written, it becomes a mission statement. I've seen firms with Purpose, Vision and Values statements displayed. No matter what you name it or how you divvy it up, the basic statements about who you serve and what you do for them combine to tell people your mission--why you are in business. A good mission statement is perhaps your most important marketing collateral.

Your mission statement should be brief, clear, concise and dynamic. It should encourage your practice to grow, not inhibit your growth. Your mission statement should use correct grammar and not use jargon because you will share it with many audiences.

Review it regularly yourself. Print, frame and hang it in a prominent place where clients, employees, family, prospects and centers of influence can see and read it. Many practitioners print their mission on the back of their business cards, more than doubling the impact of that small piece of paper and encouraging stimulating discussions.

Build on the mission

Of course, many small-business owners have never thought about making a mission statement. Indeed, they may have been in business successfully for years without ever writing one down. But unquestionably, if you asked, they could recite what they do for you. In their cases, they have a clear sense of mission, with or without the formal statement.

Two examples of mission statements:

"We guide our clients through a continuous process of financial decision-making, so they can achieve their own rewards."

"I teach my clients to do what squirrels have known for centuries, but what the IRS/Revenue Canada makes harder and harder year after year."

Each of these missions describes financial planning and, in a sense, the styles of the planners.

Reaffirmation

Creating a meaningful mission excites the imagination, although it may seem tedious at first. Copping an attitude like: "I don't have time to do that now. I'm too busy working to plan (or think). I'll do it later." Later may arrive too late, because completing this one step will help focus and guide your practice to a profitable future. Being succinct and concise is not easy, but. . . as David Belasco (the great advertising guru) once said, "If you can't write your idea on the back of my calling card, you don't have a clear idea."

How to Write a Mission Statement

• Here are some steps to follow and ideas to keep in mind when you set out to write your mission statements.
• Focus on the verbs that describe what your business should be doing. If you enlist the help of others, first individually, then as a group, write down the verbs, making sure you all agree on what actions those verbs portray.
• Decide what the priority activities are and agree on them. There should be no duplicate priorities.
• Identify which verbs describe the essence of what your business is all about. You should isolate between 2 and 6 verbs that truly describe the essential activities of you firm.
• In light of those verbs, identify who should benefit directly from your business activities (target customers, clientele, etc.) and why you do these things.
• Remember, profit is not a dirty word, nor is it unexpected in business. Many missions begin with the phrase, "To profit by...".
• Organize these ingredients into a simple statement that describes your business purpose and priorities. Once you have down something that feels right and makes sense, let it sit overnight or for a few days. It should sound as good (or better) tomorrow as it does today. If it doesn’t, change it.
• Your result should be a clearly written, concise, dynamic statement of your reason for being in business. It will evolve with you as the business develops, will serve as a foundation for decisionmaking by you and your employees, and should be the first consideration in the development of your business plan.
• Test its ability to communicate your business purpose. If it generates discussion, it may be a good statement. If it creates real questions or is too vague to be easily understood, it needs editing.

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