2.1 Define a clear business purpose
An effective Business Management strategy is crucial to be able to articulate and reshape new business opportunities in order to design and implement innovative projects and execute management tasks in global contexts, which is particularly needed within CCIs sectors.
In this module, you will learn, reflect and apply specific business management strategies and tools to allow you internationalising your creative and/or cultural business.
To be able to properly position your business, its purpose has to be very clear.
A company’s purpose can be expressed in different ways and mainly through its missions and visions that could be described as the company’s ultimate and clear strategic goal that everybody follows.
This is needed to get a good cultural fit with strategic positioning.
Envisaging your vision and mission means focusing and gaining a clear direction for moving your business from where it is now to where it would like to get to.
Your very first step is the envisioning, that is thinking about “the Why”, the purpose of your business, which will help you putting a lot into perspective.
Then you shall move on to your mission that shapes your goals for your business: “the What” you do, you expressly well do better or more than other businesses and that will distinguish your business.
Having documented the goals, then you can move on to your initiatives and all Activities. For each goal agreed on, you need to articulate the activities you and your business will undertake to realise each goal.
Having done all that, do, execute by having timelines for the achievement of each initiative. To support you in execution, you might refer to a group of friends who you trust and who are professional enough to respect and value your business aspirations but also comfortable enough to ask you the tough questions about your business.
Internationalisation strategies should be defined and aligned with institutional mission, vision and values.
Mission and vision are typically communicated in the form of statements from the organisation answering questions about who we are, what we value and where we are going.
Here is the example of Google’s Visions and Mission statements.
Having said that, establishing the mission and vision (and obviously values) of your business is critical to setting its specific and clear direction especially throughout the internationalisation process of your business.
So, let us explore the Vision and Mission statements core details:
A vision statement describes your business as it would appear in a future successful state, in other words: “if your company were to achieve all of its strategic goals, what would it look like 10 years from now?”
An effective vision statement is inspirational and aspirational, creates a mental image of the future state that the organisation wishes to achieve and should challenge and inspire employees.
In drafting your Vision statement, ask yourself:
- What is unique about doing business with your brand?
- How would your customers describe your brand?
- Where do you want your company to be in five years?
A mission statement explains your business’ reason for existence describing what it does and its overall intention. The mission statement supports the vision and serves to communicate purpose and direction to employees, customers, vendors and other stakeholders.
In drafting your Mission statement, ask yourself:
- What are the specific market needs my company exists to address?
- What does my company do to address these needs?
- What are the guiding principles that define my company's approach?
- Why do customers buy from me and not my competition?
Watch this video explaining how to determine your mission and vision