The Importance Of A Mission Statement In A Business Plan

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When you are writing a business plan for a franchise, you will always need to include a mission statement. Creating a formal business plan is what is required these days when it comes to franchise financing. You really will need to have a carefully crafted business plan.to be able to run a business.

 

The Importance Of A Mission Statement In A Business Plan

A mission statement will allow the reader of the business plan to know what the true commitment is for the company and where the company plans to go as a whole. Mission statements are important in every business plan for franchises. The formal business plan that you’ll be submitting to lenders for approval will shine brighter with a mission statement that’s well thought out. For information on how to start your franchise business plan, go here.

Franchise business planning takes some effort and you need to make sure that the details are listed correctly.

Speaking of details, there are a lot of them included when starting a franchise. You’ll need to follow the operations manual-the business instructions listed step-by-step by the franchisor. In addition, you’ll get a list of what needs to be purchased, paid for, suggested rent amounts, and rules about your franchise’s hours of operation.

There are many reasons as to why you should create a business plan for a franchise. The main goal of a business plan is to help you get a small business loan approved. Another important reasons for creating one is so know where you want to be in the future once the business is up and running.   The list goes on when you think about what a formal business plan can do and will do for your franchise business.

 

Back To The Mission Statement

From Entrepreneur.com:

The mission statement reflects every facet of your business: the range and nature of the products you offer, pricing, quality, service, marketplace position, growth potential, use of technology, and your relationships with your customers, employees, suppliers, competitors and the community.”

The writers over at Inc.com say that 4 things need to be included in your mission statement.

They are:

  • Value
  • Plausibility
  • Inspiration
  • Specificity

 

Hopefully, I’ve got you thinking about some of the things that you need to include in your mission statement. The importance of a mission statement in a business plan can’t be understated.

Remember to always include a powerful and clear mission statement. The importance of a mission statement clarifies where you want to be as a company and the true commitment of the company. Most companies share their mission statements with their guests and their employees to show what the goal of the company is. Mission statements should never be left out of your franchise business plan.

Start writing it now! In LivePlan.