Business Case Studies

Posted 20 Sep 2019, Editor's Desk

How to Make your Business Successful


Introduction

  • Do you clearly know the purpose of your business?
  • Have you planned to make your business successful in the long term?


In this article, we will analyze the Vision, Mission, Objective, Strategy and Action Plan (VMOSA) of some well-known organizations like Tesla Motors, Microsoft, Facebook, Burger King, Google, etc.


We will also discuss VALUES i.e. What, Where, When, How and Why of the company.


We will give you very simple frameworks which you can easily apply in your company.


Numerous small and large entrepreneurs have been benefitted by implementing these frameworks in their organizations. 


Some of the keys to a successful business are discussed as follows. 




Vision and Mission

To make your business successful, you should have a clear vision and mission statement of your company.


People generally don’t know the difference between vision and mission. Let’s understand this. 


Suppose you are at point A and want to reach point B, this projection is called Vision. It is generally five to ten years. 


“Vision is where you want to reach and mission is why you want to reach there.”


Profit should not be a mission, it is an outcome. When you will focus on purpose i.e. your mission, then profitability is just an outcome. 


Making money shouldn’t be the sole purpose of your company.


The problems of your customers which you will solve should be the purpose or mission of your company. 


Vision and mission act as a motivating factor for your employees, which is crucial for a company’s success.


“You cannot see the vision with physical eyes but from the mental eyes”.


Vision and Mission are the keys to a successful business.



Objectives, Strategy, and Action Plan

Objectives, strategy, and action plan are the keys to a successful business. 


What do you need to do to reach from point A to point B? This comes under objectives, strategy and action plan.

For this, you need to answer the following questions:

  • Where you want to go?
  • Why do you want to go?
  • What needs to be done to reach there?

Make your business successful by defining the objectives, strategy, and action plan of your company.



Values 

How will you behave in this process is called values. It includes nature, belief system, and work culture of your company. 


It is also one of the keys to a successful business. 


To make your business successful, you need to define the values of your company.


For Example:


Jack Welch, the founder of GE Company, said, “If any of our employees, irrespective of his/her performance, was not following the core values of our company, then he/she had to leave the company.”


Even Bill Gates does not hire the near-fit employees but perfect-fit employees who follow the value system of Microsoft.


This helps in forming a “strong and deep-rooted organization” with a clear sense of direction. Hence, clarity is power.


Vision and Mission Statement

Let’s have a look at some interesting Vision and Mission statements of a few companies.


Elon Musk’s Tesla Motors

VISION - “To create the most compelling car company of the 21st century by driving the world’s transition to electric vehicles.”


MISSION - “To accelerate the world’s transition to sustainable transport.” 

There are 3 important components to it.

  • First, “accelerate” i.e. they will work with high speed.
  • Second, “World’s transition” i.e. shifting from diesel/petrol vehicles to cleaner alternatives.
  • Third, “Sustainable transport” i.e. using renewable sources of energy.


Microsoft

VISION - “To help individuals and businesses realize their full potential.”

Individuals and business - clearly identify their key customers i.e. both individual and business


Amazon

VISION - “To be Earth’s most customer-centric company where customers can find and discover anything they might want to buy online.”


MISSION - “We strive to offer our customers the lowest possible prices, the best available selection, and the utmost convenience.”

Here, Amazon wants to sell a wide range of products at the best possible price by providing due comfort to the customers.


Intel

VISION - “If it is smart and connected, it is best with Intel.” Here, anything and everything which is smart and connected works best with Intel.


P&G

VISION - “Be & Be recognized as the best consumer products and Service Company around the world.” 


Google

MISSION - “Organizing the world’s information.”

Google may say that they are the best search tool for the web but by their mission statement, it is very clear that they need to work on the back-end to organize the information for you.


Nike

MISSION - “To bring inspiration and innovation for every athlete in the world.”

Here, Nike cleared that its sole mission is to inspire and bring innovation so that every athlete can optimize their potential.


Hindustan Unilever Limited

MISSION - “To add vitality to life.”


We meet everyday needs for nutrition, hygiene and personal care with brands that help people feel good, look good and get more out of life. 

It clearly states what they will offer and how it will help consumers gain vitality in their day to day life.


Burger King

MISSION - “Offer reasonably priced quality food, served quickly, in attractive and clean surroundings.” 


In their mission statement, they focused on the core of customers’ needs i.e. price, quality, quick-service, and hygiene.


Facebook

MISSION - “To give people the power to share and make the world more open and connected.” 

Here, Facebook wants to empower the people and provide them a platform to share and connect with the world. 


Let’s quickly summarize it-

  • VISION - Where do you want to go?
  • MISSION - Why do you want to go?
  • OBJECTIVES, STRATEGY & ACTION PLAN - How will you get there?
  • CORE VALUES - Your behavior and belief system which will help you achieve your vision.


You should also define the vision and mission statement of your company to make your business successful.


A businessman who solely works for money is doomed to decline. Money is only an outcome which will fuel the growth of your company. 


For Example:

1. If a doctor opens a hospital to make money, then he will definitely resort to malpractices.

Just to make money, he will suggest various costly operations like cesarean, angioplasty, open-heart surgery, etc. even when they are not required.

Within 30-60 months, the whole town will come to know about the unethical practices of that hospital. This may result in their debacle.

2. On the other hand, if a doctor has made a mission to provide affordable healthcare service to people, then his brand will become popular soon.

Within 30-60 days, the whole town will come to know him as a highly efficient & professional doctor and he will become famous across the town. This doctor will not only make a good profit but sustain in the long term.


Hence, the mission should be to solve the burning problems of your customers, and profitability will come naturally.

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