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Why your business needs a mission statement

Posted on May 17, 2018 by admin

A compelling mission statement will give your small business the purpose it needs to grow. In just a few clear and succinct sentences the statement should announce your driving business strategy.

However, it is not enough to merely generate a statement and slap it on your website. A mission statement will do little to impact your business unless you take active measures to embed its ideology into the workplace culture.

Apply your mission statement as a guiding principle when making any strategic decisions at management level.

This approach will influence you and your team to plan long-term by focusing core strategies on things that will remain constant, rather than those that will not.

Invest all your time and energy into things that are always changing, like technologies or the competition, and you will continuously need to revise your core strategies.

It is critical to use your driving purpose to form long-term strategies for your business that way they will still be relevant in five years from now.

While impacting the way you create strategies at a management level, the guiding principle must also influence how your staff complete their everyday tasks. In this way, the ideology can be embraced at every level in the workplace.

maximise your business's value

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Types of business structures and which is best for you

Posted on September 24, 2020 by admin

An important decision to make before you start a business is what structure your business will run under. This will reflect into all facets of your business, so you should spend time understanding the implications of each structure.

Sole Proprietorship

Partnership

Company

Trust

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