There is a lot of work that goes into growing your business. Are you ready for the challenge? Are you doing it for the right reasons?
Base your decision on your core values and your vision and mission statements. Your values, vision and mission statements become your foundation. The stronger your foundation, the stronger your business will be.
Core valuesCore values are the fundamental beliefs of a person and/or organization. These guiding principles dictate behaviour and can help you understand the difference between right and wrong. Core values also help you to determine if you are on the right path and serve as a guide.
Here’s a small quiz to help you identify your core values.
Mission StatementThe mission of a company is a statement describing your reason for existing. Every company produces something. It's their mission. The mission helps align the efforts of all to a common goal.
To describe the mission, be sure to include:
- Your business area
- Your expertise
- Your products and services
- Your target clientele
- What distinguishes you from the competition
Example: “Our veterinary hospital specializes in pet care.”
VisionA vision statement reveals what an organization hopes to be and achieve in the long term. It is meant to inspire and serve as your road map, giving you direction for growth. It is important to be brief, produce dynamic text and use action words.
Example (Using the same veterinary hospital): “We are constantly improving our services by providing the continuous training of our professionals.”
Unique Selling Proposition (USP)A Unique Selling Proposition (USP) is a factor that differentiates your product from its competitors, such as the lowest cost, the highest quality or the first-ever product of its kind.
A USP could be thought of as what you have that your competitors don't.
Market ResearchThe more you know about your market, your competition and your products, the better informed you will be to make your decision. Here are some great resources for market research.
Canada Business Network can help you connect to various market information free of charge.
Do you need strategic information about your suppliers, partners, competitors or the main players in your business sector? Business lists and profiles are excellent starting points for each step of your business project.
Other sources of market information:
- Statistics Canada
- Canadian Grocer
- Canadian Health Food Association
- Social media
- Store employees
You must align your:
Core values → Vision and Mission Statements → Growth strategy → Action → Business Plan