The Mission Statement
The mission statement lays out the overarching purpose of the business plan. It is a general answer to the question, “what do we do and why?” The answer should express your value proposition and what you hope to accomplish. You mission statement should correspond closely with the overall goals and objectives of the business. The mission statement doesn’t have to be long. Generally a single paragraph of 1-5 lines can adequately describe your mission.
The product statement is a concise statement of what is your product and service and what makes it valuable. Like the mission statement, the product state does not have to be long. However, unlike the mission statement, it should be very detailed in laying out the value proposition that your product or service offers. It should indicate the unique characteristics that allow it to exist in the market and what differentiating features (if any) give it a competitive advantage.
- Note: If you have multiple products, you will need to do this and each of the following steps for each product.