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Creating a Mission Statement |
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Written by Administrator
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Wednesday, 15 April 2009 16:31 |
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Most good businesses have adopted a Mission Statement, a one or two sentence or short paragraph that describes the firm's overarching purpose for being in business. I like establishing a Mission Statement as it's also a vital step to branding. It usually defines not only what you plan to do with your business, but also it encompasses your attitude and company culture.
Here's one that I've had for many years:
As a Brand of One, I Share and Implement Meaningful Information that Builds Businesses, Enriches Lives and Benefits Humanity while giving me the opportunity to Make an Excellent Income Enjoying my Expression of My God-Guided Talent.
When you establish a written mission statement, it becomes a filter for the activities and direction of your business. My statement is personal as well as universal. I "enjoy" as a result of doing good works that positively affect life on earth. That's simply what I love to do. My Mission Statement leaves plenty of room to change the strategies I employ to accomplish my mission. I'm not a creature of habit; I love change. So I'm always looking for new ways to fill needs and deliver my services.
I have helped hundreds of individuals and businesses over the years make healthy progress toward realization of their personal and company goals. I have done this through the passionate application of my natural gifts supported by energy, enthusiasm, inspiration and experience. It has become such an integral part of who I am that I live my mission all of the time. I am my brand, my brand is me. Here's a little exercise that will help you determine your Mission. First, do this exercise: Define the business you are starting or operating. Describe the markets you are targeting. How do you see your company, and yourself, when you are operating at full strength? How do you feel while you are doing this? Write it down as if had already been accomplished so that it is a present tense description of how you see yourself in the future. It can be quite interesting to look at other businesses and see what they've chosen as their mission. You'll find it enlightening to look at statements of your competitors. You may be able to find a company's mission statement on their website or in a brochure. I generally don't broadcast my mission public; on the other hand, it pervades everything I do, say and am. I no longer feel a need to state it. The best idea on mission statements is to keep writing them until you're quite clear that the statement embodies what you do, how you do it, what it means to you, and . . . it gives you a rush when you say it or think it! |
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Last Updated ( Wednesday, 13 May 2009 16:40 )
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Thinking about Selling Your Business? - Some Quick Tips |
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Written by Administrator
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Monday, 13 April 2009 02:18 |
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Follow these tips for a successful business sale or merger and you'll be rewarded with a higher business valuation, a better buyer, tax savings and a better deal outcome. In my years in business I have bought and sold many companies of my own. As a consultant, I have assisted in the purchase and sale of many companies. Here are a few things I've learned that will help you do better with your own sale transaction:
- Best time to sell. Sell at a time when your sales and profits are growing. It is extremely difficult to explain the reverse of this.
- Decide whether you would stay with the firm for a period after selling, under a form of management agreement. This would make the business more valuable.
- Will you accept an "earn out" contract which pays you part of the total consideration based upon the performance of the company over some period of time after the sale? This can also increase the value of the transaction.
- Get an appraisal of your company. This can be as basic as researching sales of similar businesses and coming up with an estimated market valuation. You must justify your price to your prospective buyers, so be ready to explain your position in logical terms. You may want to get a 3rd party appraisal by a reputable firm who knows your industry. If you don't know one, ask around and do some research on the internet. Interview several before selecting one.
- Determine a fair range of pricing that makes sense. Be realistic.
- You can usually get more for the business if you accept terms. There are an infinite number of possible scenarios on how you will structure the deal.
- Decide whether you will sell the business as a going business or break things down into an asset sale, which is usually based upon both assets and market valuation including goodwill.
- Perform Due-Diligence on the Buyer. This is incredibly important, especially if you are taking any part of the consideration as a short- or long-term payout. Many transactions have resulted in hardship, disappointment and lawsuits after time because the buyer failed in their promises to pay.
- Talk to your CPA about tax ramifications. Various parts of the total consideration have different tax handling. Mistakes here can cost you thousands.
- Get professional representation. Business sales/purchase transactions are complex. You need representation from an experienced consultant beginning at the time you start considering a sale or merger.
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Last Updated ( Friday, 15 May 2009 18:34 )
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