Step 9: Write Your Business Vision Actions

Task 1: Identify your business. (One paragraph)

1. What is the name of your company?
2. What is the legal form or structure of your business?
3. Where is the business headquartered, licensed, registered?
4. When did or when will your business start?
5. What is the nature of your business (home-based, retail, services or products)?
6. What is the scope of your business (local, regional, national, international or global)?
7. What industry is your business in?

 

Task 2: Develop your mission statement. (One sentence)

1. What business are you in?
2. What product(s) or service(s) do you provide?
3. Who are your customers?
4. What is your competitive advantage?

 

Task 3: Write your vision statement. (One sentence)

1. What kind of company do you want to be?
2. How do you wish to be viewed by the individuals and communities you serve?
3. How will you treat your customers, both internal and external?

 

Task 4: Describe your product(s) and/or service(s). (One paragraph)

1. What proprietary features (patents or trademarks) do you hold for your products and services?
2. What are some innovative characteristics of your products and services?
3. What are the benefits and features of your products and services?

 

Task 5: Describe your industry trends and the niche your business will serve. (One paragraph)

1. What size is your industry in terms of quantity and value of goods sold?
2. Is your industry static, shrinking or growing?
3. What are the main challenges currently faced by your industry?
4. What are the most prominent new developments in your industry?
5. What are the major trends affecting your industry?
6. What gap or niche will your business serve?

 

Task 6: List your overall business objectives. (Three to five main points)

1. What are your sales projections for year one, two and three?
2. How many workers will you employ in year one, two and three?
3. What major achievements will you accomplish in year one?

 

Task 7: Describe your customers. (One paragraph)

1. Who will buy your products and services?
2. What are your customers’ age, gender, and family status?
3. What best describes the area where your customers live?
4. How many customers are there?
5. How much will your customers spend on your products and services?
6. If your customers are businesses, describe their size and type, their numbers of employees and their locations.

 

Task 8: Describe your major competitors. (One paragraph or a table)

1. Who are your main competitors and how many are there?
2. What key product or service characteristics motivate your customers to buy?
3. What are your advantages over the competition?

 

Task 9: Explain why you and/or your team are qualified to operate your business. (One paragraph)

1. Who will own and/or manage your company?
2. What related business, educational or experience qualifies you / your team to operate this business?
3. How and why are you qualified to operate this business?
4. If there are weaknesses, how will you compensate for them?

 

Task 10: Outline your financial requirements. (One sentence to one paragraph)

1. Will you finance your vision yourself or will you need to use others money?
2. How much money do you need?
3. When do you need the money?
4. If you are approaching other organizations for financing, what type of loan or grant are you seeking?
5. What terms will you request or offer?

 

Task 11: Describe what security you will provide to finance your venture. (One paragraph)

1. What can you offer to your lender or financial institution to reduce their risk?
2. How much will you invest in your business and what form will your investment be?

<Return to Step 9