A Strong Foundation for Success - Teri Smiley

Expert Article – May 2024

A Strong Foundation for Success

In the ever-evolving landscape of business, establishing a strong foundation is crucial for long-term success. This foundation consists of your business' core values, mission statement, vision statement, strategic plan and annual plan. Regardless of the size of your business, these elements are essential for guiding your organization's growth and ensuring alignment among your team members.

Importance of Core Values:  Core values serve as the guiding principles for decision-making within your organization. They define your company culture and shape the way your team interacts with each other and your customers. When core values are clearly defined and integrated into your daily operations, they become the driving force behind your business's success.

Crafting a Mission Statement:  A mission statement clearly defines the purpose of your business. It communicates why your organization exists, what it aims to achieve, and how it serves its customers. A well-crafted mission statement provides clarity and direction, helping your team stay focused on the big picture and make decisions that align with your business's goals.  Everything you do as an organization should be related to fulfilling your mission.

Writing a Vision Statement:  A vision statement outlines the future state of your business. It paints a clear picture of what success looks like and inspires your team to work towards a common goal. A compelling vision statement motivates your employees, attracts customers, and sets the direction for your business's growth and development.

Your Strategic Plan:  A strategic plan serves as your roadmap between your mission and your vision.  It clearly defines your business' goals and the actions needed to achieve them. It helps you identify opportunities and allocate resources effectively. A well-defined strategic plan provides a framework for decision-making and ensures that everyone in your organization is working towards the same objectives.  Most strategic plans are created with 3–5-year goals.  This is not a “plan for the shelf”.  Instead, this is an active plan that is reviewed with the team monthly at a minimum. 

An Annual Plan:  While the strategic plan serves as a 3-5-year roadmap, it is also great to create an annual plan which includes SMART goals – specific, measurable, attainable, relevant and timebound.  It outlines your objectives for the current fiscal or calendar year, detailing how you will execute your strategic plan. It breaks down larger goals into actionable steps, ensuring progress towards your long-term vision.

This framework applies to both for-profit businesses and non-profit organizations.  Creating this strong foundation can be challenging and time-consuming.  Bringing in an outside facilitator can bring a fresh perspective and expertise to the process, helping you clarify your goals, align your team, and keep you focused on what really matters.  It’s so worth the time it takes as these foundational elements will provide clarity, direction, a sense of purpose and will guide your organization towards sustainable growth and success.