The “why” of the business
The “why” of a business refers to the purpose, cause, or belief that drives a company. It’s the reason the business exists beyond just making a profit.
Having a strong sense of purpose can be a powerful motivator for both the business and its customers. It can help a business stand out from its competitors and build a loyal customer base.
Defining the “why” of your business can also help you make strategic decisions and stay true to your values. It can be a guiding principle for how you operate and how you interact with your customers, employees, and the wider community.
Some companies choose to make their “why” a part of their branding and marketing efforts, using it to connect with customers on a deeper level and differentiate themselves from competitors.
Ultimately, the “why” of a business should be something that inspires and drives the business forward, and that resonates with its target audience.
Examples of vision statements
A vision statement is a statement of the company’s long-term goals and objectives. It defines what the company wants to achieve in the future and serves as a guide for decision-making and action. Here are a few examples of vision statements:
- Nike: “To bring inspiration and innovation to every athlete in the world.”
- Amazon: “To be Earth’s most customer-centric company, where customers can find and discover anything they might want to buy online.”
- Google: “To organize the world’s information and make it universally accessible and useful.”
- Microsoft: “To empower every person and every organization on the planet to achieve more.”
- Starbucks: “To inspire and nurture the human spirit – one person, one cup, and one neighborhood at a time.”
- Toyota: “To be the most successful and respected car company in the world.”
- Disney: “To be one of the world’s leading producers and providers of entertainment and information.”
- Coca-Cola: “To refresh the world in mind, body, and spirit, and to inspire moments of optimism and happiness through our brands and actions.”
- IBM: “To be essential to our clients, to the world’s best-run businesses, and to the prosperity of the communities in which we live and work.”
Identify what business problem you’re solving
Identifying the business problem you’re solving is an important first step in starting a business. By understanding the problem you’re trying to solve, you can develop a solution that meets the needs of your customers and sets your business apart from competitors.
To identify the business problem you’re solving, you should consider the following questions:
- What needs or pain points do your customers have?
- How does your product or service address these needs or pain points?
- What benefits does your product or service provide to your customers?
- How does your product or service solve a problem or improve upon existing solutions in the market?
- What makes your product or service unique or different from competitors?
Answering these questions can help you clarify the value that your business brings to the market and how it addresses a specific problem or need for your customers. This understanding can inform your marketing and sales efforts and help you position your business for success.