The end of the year is the perfect time to develop a mission statement that will focus your business development efforts, says Sara Gilbert, coach and founder of Strategist Business Development in Montreal.

“When the phone is ringing, the markets are moving, the clients are calling,” she adds, “you don’t have the mindset to step back from the business and think strategically.”

A mission statement is a short statement that will help you define the scope of your business — to yourself, your team and your clients.

Gilbert offers a mission statement’s three key requirements:

1. It must be simple and tangible
Your mission statement should contain the following components:

  • who you are;
  • what you do;
  • whom you do it for;
  • how you help your clients.

The shorter the statement — provided it includes those four elements —the better. Stay away from industry jargon and business clichés, and keep your message to the point.

Says Gilbert: “The only questions [people] want answered is: ‘Why should I do business with you?'”

Your message should answer that question while including a concrete example of what you do. Don’t say you provide peace of mind to your clients. Instead, identify your market and explain briefly how you help people within that group.

For example, if your specialty is developing financial plans for small-business owners, make sure your statement says that you develop financial plans for small-business owners. People in your market will want to know that.

2. It starts with you
“The advisor is the focal point of the business,” Gilbert says. “You bring in the vision and sign a majority of the clients.”

So, you are the one who must develop your mission statement’s core message. If you are part of a team of advisors, get your partners’ input. Once you’ve developed a draft of your statement, bring it to other team members and ask them if the practice you run is aligned with what you have declared.

3. It must be visible
“You want to see it; you want to repeat it; you want to know it by heart,” Gilbert, says, “because that’s how you’ll stick with it.”

Make sure all team members have a copy of your mission statement and it is easily accessible. Because your mission statement specifies where you want your practice to go, it is a good reminder for everyone as they perform their day-to-day tasks.

Any time you develop a new business strategy, you should refer back to the mission statement, because it needs to be aligned with any new plans.

You may choose to include your mission statement on marketing materials. But if it will be read publicly, you should ensure it is professionally written. Develop and write your core message and then use a communications professional to go over it and give it a final edit.

This is the third instalment in a four-part series on preparing for the new year.

Next: Developing a client-appreciation strategy.