Monday, August 3, 2015

The Importance of Developing a Family Business Mission Statement


I try not to be a party pooper, but family gatherings of any kind are my opportunity to get information. My family lives far apart from each other. Most still live in Liberia, a few in England, and the few of us who live in the United States live in different parts of the country. When I get any of them in a room, I asks questions to document the values, thoughts and ideas that we share. It’s vital for my personal and professional development, but it’s also the building material for my family business mission statement.

 Why a family business mission statement?

Your mission statement is key to building unity and is effective for the communication trials coming your way. When you have to make decisions, you can refer to the values stated in the mission statement to help you. When there’s conflict, both sides can refer to the mission statement to help resolve it. Developing and living by a family mission statement is the first step to building a family business from the inside out.

Stephen Covey helped many families craft a family mission statement. In 7 Habits of Highly Effective Families, he  shared the importance of writing a family mission statement. Covey said,  “A family mission statement is a combined, unified expression from all family members of what your family is all about, what it is you really want to do and be, and the principles you choose to govern your family life.”
Read more about the importance of developing a Mission Statement

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