Business Purpose Statement
What do companies like Nike, Adidas, New Balance, and Puma just to name a few, have in common? Apart from the fact that they are huge, very well known companies, and they are also shoe companies, the common thing they all have is the fact they have their own purpose statement. You may wonder what a business purpose statement is about and why do you need them to begin with? When you think of doing business, you know for a fact that you will also need a purpose statement. Business purpose statements are what people often associate your company with. So when you think of starting out a business, think of a business purpose statement too.
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What Is a Business Purpose Statement?
A business purpose statement as the term suggests, is often described as a single statement that describes or conveys what your business is about. It does not only describe what your business is about, but it also describes the very reason for starting up the business. In addition to that, a business purpose statement also gives the customer a general overview or a general idea of what the products or services your business is offering. Just as how a mission statement is used when starting out an educational business. Starting a business without a purpose statement has little to no chance of success. Purpose statements are there to explain to future customers what your business is about, especially if the name of your business is not as clear or well known.
How to Create a Business Purpose Statement
Creating a business purpose statement is an important factor in your business. Whether it is in the form of continuity or a new business. We know for a fact that a business purpose statement is and how useful it is. To make a business purpose statement, there are things you need to take into consideration. With that, here are steps you should take to create a business purpose statement.
Step 1: Do Some Brainstorming about Your Business
The first and most basic thing you can do is to brainstorm some ideas on how you can approach this business purpose statement. From these guided questions, you are able to think of the kind of business purpose statement you will be writing about. “What should your customers expect?” “What products or services are you offering?”
Step 2: Create a Draft for Your Business Purpose Statement
From the guided questions in the first step, you are now ready to create a draft for your business statement. The draft helps in outlining how you want your business statement to look like and how it will affect your overall business statement.
Step 3: Make a Short Description
Make a short description of what your customers or future clients will expect from your business. The purpose statement does not only mean that it states your vision and mission statement, but it also states what your business is about, how you plan on solving future issues with your customers, what products and services you offer, and what makes your business stand out from your competitors.
Step 4: Be Open for Changes and Feedback
The last step is to be open for changes in your business statement. Never assume that your business statement may not go through a lot of changes. Always be prepared for other business statements you can use for the business.
FAQs
What are other types of statements?
The other types of statements are as follows:
- Business statement
- Income statement
- Financial statement
- Mission statement
How do you define a business purpose statement?
A business purpose statement is a tool, a document, or a short description of what your business is, the nature of your business and of course the services and products you provide. This short and simple statement carries a lot of weight depending on the information or details you are sharing to your future clients.
Why do you need a business purpose?
In starting up businesses, you will always expect a reason to start one. The business purpose helps in aligning what you want and what you expect in your business.
So what do companies or businesses like the most common and famous businesses have in common? You know by now it’s the business purpose statements that make them what they are now. In order to stand out from competitors, make your business purpose statement as unique as your statement.
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