Mission, vision and strategy
By means of your mission, vision and business strategy, you can clearly express why customers are choosing you, and not a competitor. However, these terms are often used interchangeably, but we will explain them for you:
Difference between mission and vision
Do you know the difference off the top of your head? These terms are very often used interchangeably. Your mission is the raison d'être of your business: how do you want to make a difference in society? Your vision is an extension of that but in the shorter term, over 3 to 5 years. In your vision, you make your mission much more concrete by linking it to objectives.
Your business strategy
Just as your vision is a more concrete manifestation of your mission, your strategy is to turn your vision into an action plan. How do you want to realise your vision (and mission)? Think of SMART objectives in the short and medium term.
Here are a few examples:
- Achieve a turnover of 60,000 euros in 6 months.
- Be able to sell your product in 24 shops within 1 year.
- Recruit a first employee in 2 years.
Carry out a market and competitive analysis
No matter how one looks at it, a market and competitive analysis is a lot of work. The former focuses on whether your business has a place in the market, and the latter on how your competitors do it. If you have no competitors, either you have found a market niche or it isn't a viable activity. It’s only by carrying out the necessary research that you will find out.
Market analysis questions:
- Is there a market for your product?
- Are consumers ready for your idea?
- Can your project be profitable?
Competitive analysis questions:
- Which other players are on the market?
- Why are they competitors?
- How do you make a difference?
The answer to both analyses will influence your business plan, as you may discover new opportunities or factors which set you aside from competitors. Either way, you get to know your market and sector better, and that's an added value.
Tip: In addition to researching potential customers or competitors, spend time with suppliers.