Why is a Strategy and Mission Statement Critical?

What would you do without a strategy and mission statement?

“I would freak,” says Jeff Leo Herrmann, CEO of The Business Journal.

As The Business Journal explores opportunities for expansion – such as Brain Gain, Rally Around Small Business and The Growth Report – a strategy and mission statement helps keep things grounded to avoid trying to take on too much, Herrmann says.

“It can be so easy to head down a rabbit hole chasing something that looks good, but might not be best for our business,” he says.

Test those expansion options against a strategy and mission statement allows marketing teams to better decide what options will help move a company’s mission forward. This is critical to avoid wasting finite resources, thereby ensuring the strategy is effective and profitable, Herrmann says.

“Picking what not to do is just as important, if not more important, than picking the things you do,” he says.

In this installment of Creating Your Unfair Advantage, Herrmann explains why crafting a strategy and mission statement is critical for your business.

Watch the video for more, then visit The Business Journal on YouTube to offer your thoughts on crafting and sticking to a strategy and mission statement.

Copyright 2020 The Business Journal, Youngstown, Ohio.