Vision and Mission Statements
Do you have a vision? Visions are often ways in which you are going to change the world. If you struggle with coming up with a statement worthy of being called a vision, then either do your best, or use the mission statement as the source of your overall direction. Small companies are often in business to make a living for the owners, and not to be a global force to be reckoned with. A vision statement is good, but not critical to a business plan.
The mission statement is a concise statement about what your business stands for and what is the plan for the future. Sometimes the entrepreneur struggles with what accurately encompasses the mission. If in doubt, keep it simple and focus on what it is that captures the market.
The famous business authors Ries and Trout wrote about market perception and the battle for the mind. To this end they indicated that a company needs to be first or second in the minds of the consumer within their chosen market segment. If the consumer did NOT relate to the company in this manner then the segment should be revised and the strategy to capture the hearts and minds of the consumer should be revisited. What do you want your business to be known as (or for) in the mind of the consumer segment?