Entrepreneurs are often gung-ho impatient people who are driven to forge ahead with their latest idea for a business. It is rare for an entrepreneur to pause long enough to answer the question: WHY does this business exist?
If you are in practice, have you ever stopped to answer that question – from the bottom of your heart?
On the surface it would seem a “duh!” answer – “to take care of patients, of course!!” But I would argue that there are lots of physicians doing that.
The deeper questions are: What are the special benefits my patients (or customers) get from my business that is hard for them to get all in one place elsewhere?
These questions must be answered by all businesses.
At its core, a Mission is a promise.
It’s a promise made by the company to the customer about how their needs will be met.
Think of The Nature Conservancy’s Mission: Protecting Nature. Preserving Life.
Or The American Medical Association (irrespective of your politics!): Helping doctors help patients.
There is an implied promise in these two examples, as well as a sense of who benefits from the existence of the business.
A good Mission Statement answers three questions:
1. What are the key customer needs that we are serving?
2. What is the key competitive edge or unique quality we have in serving those needs?
3. What promise are we making to our customer (or patient)?
The most powerful Mission Statements contain some of all of the following elements:
1. Short (ideally less than 8-10 words)
2. Visual or sensory
4. Punchy or humorous
So, why does YOUR business or practice exist?
Once again, I challenge you to look at your existing business or job, and continue your business planning work to develop your Mission. Please feel free to e-mail it to me at philippa@entrepreneurialMD.com — I look forward to hearing from you!
Have a great month!
PS: Look out for details this month about our Mastermind group that will be starting before the end of the year.