What the family stands for and what it aspires for are very critical questions. Clarity on the same helps develop harmony among the family members as well as gives them a sense of belonging for what they stand for. The mission statement is the tool that helps the family achieve this purpose. During the process the family discovers their core values and principles on which it operates, that becomes the guiding force for all decision making for the family in personal as well as in business life.
The mission statements tries to identify the:
- Goals for the family business
- Values on which the family business should operate on
- What is the role of family in the business?
- Family’s vision for the family business and for contribution in social development
All such questions are answered through the developing the Family Business Mission Statement. The mission statement gives the guiding principles for the business to make decision and operate. At the end, the business exists to create a difference in the society; and how the family business is going to achieve that objective? A carefully constructed mission statement is especially critical to the success of a family business. It promotes cohesiveness among family members as well as non-family members working in the business. It allows family members to understand and work towards the stated goals of the business.
What is the Purpose of Your Family Business?
The purpose of the business is to create wealth. But wealth is an outcome from the efforts, and when people working in the business gets a well-defined mission or purpose, it gives a different vision to them. For a family business, a mission statement creates a buy-in of all family members and commits them to strive for success, together as a group.
A Mission Statement gives meaning to the teams that work in the family business
Many family businesses start as a small venture and then grows over a period, winning trust of the customers and building loyal base of employees. With growth, the family business requires more and more employees with different skills to manage various functions in the business. Most of the employees are recruited from different backgrounds. With newer generations getting inducted in the business, the team needs guiding principles to operate. The Mission Statement provides that guidance by stating what the family business stands for and what are the values it fosters. As the business expands and grows, these values become the principles on which the business processes and practices are built. This is why it is important for the Family Business to publish their Mission Statement.
Set your business apart from competitors with a Mission Statement
A mission statement is a unique for the business. It is a declaration that articulates what the business stands for. It helps the business differentiate itself from the competitors in the same industry. It creates the unique identity for the business and the people working in the business. Generally, the Mission Statement of a family-owned business reflects the goals and values of the family who runs the business.
Create Harmony, not Conflict with a Mission Statement
It is important to involve all working family members while developing family mission statement. It is also important to educate family member on the business values and practice the values in daily personal and business life. Values in action have great impact on people. It is important to keep in mind that a mission statement does not have to be written in stone. A family business mission statement can evolve and change as the business grows and changes over the course of time.
Does Your Family Business Need Help?
With extensive hands on experience of assisting family businesses, we understand the wide variety of challenges that families face as they work together to build, grow and sustain a thriving family business generation after generation. Through orientation programs, one to one as well as common meetings, workshops, public talks, mentoring, coaching, Family retreats and private family business consulting services, we help family business owners chart their way through family business issues of all shapes and sizes.