Why are vision and values are important to a new business?
Because you need to know where your business is going (vision), and you need to have a plan to get there (mission) and the standards (values) on how to operate your business.
Vision statements define your business purpose, it focuses on its goals and future aspirations. As Dr. Stephen R. Covey once said ‘start with the end in mind’.
So this is my list of why having vision and values are important to the success of a business:-
- Business values are the key to success
- it energises business/individuals/customers/products/ services,
- it promotes inspiration
- it keeps business on track
- it helps keeping people motivativated
So, take a moment, and write your vision and mission statement and don’t forget to review them on a regular basis to make sure you keep on track and take any actions as necessary.
The potential opportunities and risks in a new business
Starting a business is really, really exciting especially at the moment as the startup economy is rich with opportunity, innovation and potential.
However, it is also fraught with high-stakes risks. It may be scary to take that leap of faith, but by looking at some of the potential risks and opportunities this can be far less scary.
Here is my list on how to identify new business opportunities?
- SWOT analysis
- exploit opportunities identified
- identify threats
- consider opportunities if threat removed
- use information to plan for growth
- current/ long term threats
- plan for change
- adapt business
- establish your USP (unique selling point)
- know your customer’s needs
- fill a gap
- introduce new products
- alter prices
- change marketing methods
- add value to customer experience