Ensuring that your own business has these essential elements is crucial for long-term success and can give you an advantage over your competitors. Here are five elements that every business needs:
1. Vision Statement
A vision statement sets out your company’s objectives and explains what you want to achieve, both in the short and long term. Your vision statement should be used to inform your decision making and also to provide employees with inspiration for achieving your company’s aims. When writing your vision statement, aim to define your company’s purpose and structure, along with the long-term goals for moving your business forward. At my company DiversyFund, our mission is to “disrupt traditional alternative asset investing and empower the average investor by giving them the same wealth-building opportunities available to the 1%.”
2. Strong Brand
A strong brand forms the backbone of your marketing strategy and should portray the right image to your customers, potential customers and the media. A strong brand brings together all elements of a business to create a desirable image that makes a memorable impression. It also helps to set your business apart from your competitors and makes it easier to build a reputation in your field.
3. Strategic Plan
A strategic plan provides a roadmap for achieving your goals and should contain step-by-step plans for your budget, marketing, competitor strategy, business development, expansion and other important aspects of your company. Break your goals down into manageable and measurable tasks. Your strategic plan should set out your priorities and enable you to focus your attention on the most important tasks.
4. Clear Marketing Message
A clear marketing message should be simple, specific and concise, using as few words as possible. Try to see your product or service from a customer’s point of view, as this helps to focus your attention on what is important to potential customers. Where possible, use plain language to explain the benefits of your product, as customers are easily put off by jargon and complicated explanations. Because our mission statement is so clear, it makes it easier to present our marketing to the public: we empower the average investor by giving them the same wealth-building opportunities formerly limited to the 1%.
5. Effective Business Processes
Business processes are the steps you take repeatedly throughout different areas of your business operations, including development, manufacturing and delivery processes. The aim is to create the most effective processes for each area of your business. Effective processes save time, money and other resources, so it’s often worth consulting an independent adviser to help develop better processes for your company.
Taking the time to plan ahead is crucial for succeeding in business. There are several elements that can help to increase your chances of success. Having a vision statement, strong brand, strategic plan, clear marketing message and effective business processes can make all the difference to your business.
Craig Cecilio is the CEO and Founder of DiversyFund, Husband, and Father to three daughters. Craig’s mission is to break down the barriers that keep most Americans from investing like the wealthiest 1%.