Successful businesses aren’t built overnight. Rather, they are created on a solid foundation that ultimately leads to success. Many Nigerian entrepreneurs are of the flawed opinion that the foundation is nothing but a simple business plan. Unfortunately, a single business blueprint is not a sure-fire formula for success. Below are three key elements needed to build a successful and sustainable venture.
What is the ultimate goal for your business? A business vision clearly identifies the long term goals. According to Elaine J. Hom, a vision is ‘a declaration of a company’s goals’. Because it is inspirational, a company’s vision serves as a motivational tool for both the managers and employers of a company. It encourages them to develop a business strategy that will help them envision their business goals.
Many Nigerian start-ups fail because they have a blurry vision. When a vision is not clearly identified, the goals are difficult to accomplish because there is no clear direction towards achieving them. If you want to become a success story, you need to define your vision. You can start by writing a line or two, detailing the long-term vision of your business and you must work tirelessly towards achieving that vision.
Why do you build your business? A company’s mission is simply a declaration of its purpose. In other words, it’s a comprehensive plan to guide a business towards achieving its vision. A mission statement is not a marketing pitch, but a catchy phrase – in a line or paragraph – about your company. Your mission statement should contain what your company does, the needs it addresses and its target customers. It should be short, succinct and must resonate with your vision.
How do you achieve your business goals? You need to answer this question clearly to be able to fulfil your business objectives. Unlike a business goal, which details where you want to go, a business objective details exactly how you’ll get there. There are specific actions you must take in order to achieve your business goals. By accomplishing your business objectives, it will ultimately set you on the path to accomplishing the vision.
Outlining the Elements
If your vision is to become ‘the world’s best content producer’, you need to first understand who and where you are, before embarking on that journey. Now, suppose you’re a freelance writing firm based in Nigeria. As a service company, you need to understand why you set-up your firm in the first place, i.e. your mission statement. If your mission statement for example is, ‘To communicate your business better and increase your traffic with our SEO strategies’, then you must work towards achieving that in every business process and implementation.
In order to achieve the objectives of your business, you must define the goal of your mission statement. An objective for a freelance writing firm for example, is: ‘We build your business by writing engaging, high-quality content for your readers.’ Once you have identified your mission and objective, you have a clear road map that will help you achieve the ultimate vision for your venture.
234Finance.com is an online platform that promotes African entrepreneurship. We achieve this by bridging the gap between investors and early stage startups in Africa’s emerging market.
234Finance.com is strategic for promoting entrepreneurship through the power and effective use of information.