Advertising
Advertising

4 Reasons Why Events Are Good For Running A Business

4 Reasons Why Events Are Good For Running A Business

There is a litany of reasons why hosting a series of events is crucial for your business. For starters, the main objective of business events is to connect with the current and prospective customers, as well as, build business relationships with them.

Sales executives understand that sharing experiences are a great way to create and establish business connections. Events help to create a forum to cultivate those experiences. Below are four reasons for that hosting business events are good for business:

1. Generating Leads

Hosting an event is a surefire way of landing new prospects. While you’re at it, involve your sales team. There, your sales team can help come up with the most viable prospects in new leads. Moreover, they have a deeper and specific understanding of the potential leads. The sales team will conjure up custom signup questions that will pre-qualify people and companies attending the event. They’ll also help them through the signup process.

Advertising

After they’ve signed up for the event, you should keep tabs on them to ensure the event stays in the front of their mind. Keeping in touch here does not mean the mere communication of event logistics (for example, the time and venue of the event). It also means impressing upon the prospective attendees the importance of the event and how it will help them overcome their challenges and achieve their goals.

Lastly, what do you think of charging a nominal fee up-front? Event organizers can attest that making an event free (intending to bring everybody on board) can prove counterproductive. On the other hand, charging a nominal fee upfront can ensure those who sign up for the event actually attend. Experience has shown that people tend to despise and undervalue free things.

A small financial commitment, on the other hand, will encourage them to show up for the event. Considering the fact that you can channel the nominal fee to cover some expenses, this has to be one of the most ingenious ways of killing two birds with a single stone.

Advertising

2. Brand Awareness

Do you want to raise your brand awareness? There is no better way to do that than through hosting an event in that respect. That is the reason why lifestyle and fashion brands love launch parties and relevant events that give them the opportunity to convey the value of their product or brand. Your business, too, can use events to convey a brand message.

There is a host of ways your business can go about this:

  • Showcasing your abilities: You can invite prospects to an event where you get to showcase your business’s expertise and creativity, especially if your business is in the creative industry. Use your skills to organize an awesome event that will wow and interest all the visitors that show up for the event.
  • Network: Most businesses in the service-related industries thrive on pertinent connections. And, such businesses need to demonstrate to their clients and prospective clients how well-connected they are. Localizing a website or a business overall can be achieved with much success through events. If this is your goal as well, then assemble all the bigwigs you know in one room, and let all of them mingle and network accordingly.

At the end of it, you have demonstrated your business’s influence and reach. Wondering what nature of events to hold for this purpose? Well, conferences, award ceremonies, and dinners are ideal for this objective.

Advertising

3. Education And Information

Sometimes it is necessary to educate and/or inform your client base, especially if you are rolling out a new service, or when there is a significant misunderstanding of something concerning your company or business.

“People may not appreciate the full spectrum of solutions or benefits one or more of your services offers until you educate them accordingly. For that reason, you should invite your clients and prospective clients to a conference, breakfast briefing, exhibition, panel debate, or a round table where you’ll have an opportunity to put things aright,” reports Seetickets.us.

4. Retaining Customers

You can use business events to project a poignant message of “Thank you” to the hearts of your most loyal and most valued customers. Has a supplier, partner, client, or staff member proven themselves an indispensable asset to your business? Organize an event to say a hearty “Thank you” to them. By doing so, you’ll keep them as customers for longer.

Advertising

Take, for example, one business that arranged a surprise party at a restaurant for a loyal client who was a great source of referrals to them. The event provided a unique opportunity for the business to show how much it cared about the client. Moreover, it offered a rare opportunity for the business to meet the client’s extended network of friends and family.

Therefore, it is important to utilize milestones such as retirements, promotions, and birthdays to communicate your gratitude. That will definitely set your business apart as a company that cares about its customers.

Featured photo credit: Pixabay via pixabay.com

More by this author

Nabin Paudyal

Co-Founder, Siplikan Media Group

Benefits of Sauna: 8 Ways It Makes You Healthier and Happier 25 Websites Other Than Social Media To Upgrade Your Life Think That Positive Mantras Help a Lot? Try Value Affirmation Instead 6 Successful Entrepreneurs Who Struggle Through Dyslexia Every Family Has Its Problems, This Is How Some Stick Together No Matter What

Trending in Entrepreneur

1 Advice for Entrepreneurs: How To Find A Mentor Worth Listening To 2 How to Be a Successful Businessman (The Complete Guide) 3 How to Brand Yourself and Make Your Business Stand Out 4 How to Start a Company from Scratch (A Step-By-Step Guide) 5 15 Best Books for Entrepreneurs to Start Reading Right Now

Read Next

Advertising
Advertising
Advertising

Published on March 20, 2019

How to Write a Powerful Mission Statement for Your Business

How to Write a Powerful Mission Statement for Your Business

Have you ever felt lost in the minutia of your job?

As a business owner, I can relate to getting bogged down in the day to day operations of my business. Things like inventory, payroll, scheduling, purchasing and employee management take up the bulk of my day.

While these things are important and need to get done, focusing too much on the details can make you lose sight of the big picture. This is why having a good mission statement comes in handy.

What is a Mission Statement?

Put simply, a mission statement is an internal document that provides a clear purpose for the organization. It provides a common reference point for everyone in the organization to start from.

In other words, after reading your company’s mission statement, managers and employees should be able to answer the question “What are company’s main objectives?” For example, Southwest Airlines mission statement reads:[1]

“Southwest Airlines is dedication to the highest quality of Customer Service delivered with a sense of warmth, friendliness, individual pride, and Company Spirit. We are committed to provide our Employees a stable work environment with equal opportunity for learning and personal growth.”

In this single statement, Southwest conveys the company’s goals of providing the highest level of customer service as well as providing a good working environment for their employees.

Mission Statement VS. Vision Statement

While the mission and vision statements are related, there are subtle but distinct differences the you should be aware of.

First of all, a mission statement is designed primarily as an internal company document. It provides clarity and direction for managers and employees.

While there’s nothing wrong with sharing your company’s mission statement with the outside world, its intended audience is within the company.

While a mission statement provides a general framework for the organization, the vision statement is usually a more inspirational statement designed to motivate employees and inspire customers. Going back to Southwest Airlines, their vision statement reads:[2]

“To become the world’s most loved, most flown, and most profitable airline.”

This statement inspires good feeling from the customer while motivating the employees to achieve that vision.

What Does a Good Mission Statement Look Like?

When coming up with a mission statement, it’s important to take your time and do it right. Too often, people (especially entrepreneurs) just write down the first thing that comes to mind and they end up with worthless or (worse yet) a generic mission statement that is utterly useless.

Advertising

Remember, a mission statement should provide a common framework for everyone in your organization.

When writing a mission statement, you should always try to incorporate the following;

  • What we do?
  • How we do it?
  • Whom do we do it for?
  • What value are we bringing?

Now, you can see how tempting it is to just come up with something generic that ticks off those four boxes. Something like “We provide the best widgets available online for the consumer.”

After all, that did check off all the boxes:

What we do? Provide widgets.

How we do it? Online.

Who do we do it for? The consumer.

What value we bring? The best widgets.

The problem with this mission statement is that it could apply to any number of companies producing the same widget. There is nothing to distinguish your company or its widgets from any of your competitors widgets.

Compare that mission statement to this one:

“We provide the highest quality widgets directly to the consumer at an affordable price backed up with a 100% satisfaction guarantee. If our clients aren’t 100% satisfied, we’ll make it right.”

What’s the difference?

Both mission statements answer all the same questions of what, how, whom and value. But in the second statement, they are differentiating their company from all other competitors by answering the question “what makes us unique”.

Another way to read that is, “Why you should buy from us.” In this example, it’s because our widgets are of the highest quality and we stand behind them 100%.

Advertising

You might have noticed the statement didn’t say that we sell widgets at the lowest possible price. That’s because we are emphasizing quality and satisfaction over price.

A different company’s mission statement may emphasize selling widgets at the lowest possible price with little to no mention of a guarantee.

Hallmarks of a Good Mission Statement

1. Keep It Brief

Your mission statement should be no longer than three sentences. This is not your company’s magnum opus.

You should be able to distill the what, how, who and why questions into a succinct message.

2. Have a Purpose

A company’s missions statement should include the reason it even exists.

Make clear exactly what the company does with statements like “We strive to provide our customers with …….”

3. Include a “How”

Take this as an opportunity to differentiate your company from its competitors.

How do you provide a product or service that’s different or better than how your competitor provides it?

4. Talk About the Value You Bring to the Table

This is where you can really set yourself apart from the competition. This is the “why” customers should buy from you.

Do you offer the lowest prices? Fastest delivery? Exceptional customer service? Whatever it is that sets you apart and gives your particular products, services or company an advantage talk about it in the mission statement.

5. Make Sure It’s Plausible

It’s okay to shoot for the stars just to settle for the moon, but not in a mission statement.

Being overly ambitious will only set you and your employees up for failure, hurt morale and make you lose credibility. You will also scare away potential investors if they think that you are not being realistic in your mission statement.

6. Make It Unique and Distinctive

Imagine if someone who knew nothing about your business walked in and saw how it was operating, then they read your mission statement. Would they be able to recognize that mission statement was attached to that business? If not re-work it.

7. Think Long Term

A mission statement should be narrow enough so that it provides a common framework for the existing business, but open enough to allow for longer term goals. It should be able to grow as the business grows.

Advertising

8. Get Feedback

This is very important, especially from managers and employees.

Getting their input can clarify how they currently see the company and their role within the organization. It’s also a good way to get people “on-board,” as studies show that people are more likely to go along with an idea if they feel included in the decision making process beforehand.

9. Review Often and Revise as Necessary

You should review the missions statement often for two reasons.

First, as a reminder of what the essence of the company is. It’s easy to forget when you are in the day to day grind of the business.

And two, to make sure that the mission statement is still relevant. Things change, and not everything can be anticipated at the time a mission statement was written.

For example, if a mission statement was written before the advent of the internet, a company that use to sell things door to door now probably has a website that people order from. You should always update the mission statement to reflect these changes.

The Value of Mission Statements: Why Go Through All of These in the First Place?

It may seem like a lot of work just for a few sentences that describe a company, but the value of a well written mission statement should not be discounted.

First of all, if you are an entrepreneur, crystallizing the what, how, whom and value questions will keep you focused on the core business and its values.

If you are a manager or other employee, knowing the company’s basic tenants will help inform your interactions with both customers and colleagues alike.

Strategic Planning

A relevant mission statement acts as a framework for strategic planning. It provides guidance and parameters for making strategic decisions for the future of the company.

Measuring Performance

By having the company’s mission in a concrete form, it also allows for an objective measurement of how well the organization is meeting its stated goals at any one time.

Management can identify strengths and weaknesses in the organization based on the criteria set forth in the mission statement and make decisions accordingly.

Solidifying the Company’s Goals and Values for Employees

Part of a well run organization is nurturing happy and productive employees.

As humans, we all have an innate need for both purpose and to be part of something larger than ourselves. Providing employees with a clearly defined mission statement helps to define their role in the larger organization. Thus, fulfilling both of these needs.

Advertising

Now I’m not saying that a mission statement can overcome low pay and poor working conditions, but with everything else being equal, it can contribute to a happier and more productive workforce.

To Hold Management Accountable

By creating a mission statement, a company is publicly stating its highest values and goals for the world to see. By doing so, you are inviting both the public and your employees to to scrutinize how well the company lives up to its ideals.

So if you state that you only provide the highest quality products, and then offer something less, it’s fair for both the public and the employees to question, and even call for a change in management.

If management doesn’t take the mission statement seriously, no one else will either; and the legitimate authority that management rely’s on will be diminished.

To Serve as an Example

This is the opposite side of the coin from the previous statement. If the highest levels of management are seen taking the mission statement seriously and actively managing within the framework of the statement, that attitude filters down throughout the organization.

After all, a good employee knows what’s important to their boss and will take the steps necessary to curry favor with them.

Finally, use the company’s mission statement as a way to define roles within the company. You can do this by giving each division in the company a copy of the mission statement and challenge the head of each division to create a mission statement for their respective departments.

Their individual mission statements should focus on how each department fits in and ultimately contributes to the success of the company’s overall mission statement. This serves as both a clarifying and a team building exercise for all parts of the organization.

Final Thoughts

Developing a mission statement is too often just an after-thought, especially for entrepreneurs. We tend to prioritize things that we perceive will give us the biggest “bang for our buck.”

Somehow, taking the time and effort to sit down and think seriously about the what, whom, how and value of our business seems like a waste of time. After all, we got in the business to make money and become successful, isn’t that all we need to know?

That mindset will probably get you started okay, but if you find yourself having any success at all, you’ll find that there really is such a thing as growing pains.

By putting in the time and effort to create a mission statement, you are laying the groundwork that will give you a path to follow in your growth. And isn’t building long term success what we are really after?

More Resources About Achieving Business Success

Featured photo credit: Fab Lentz via unsplash.com

Reference

[1] Southwest Airlines: About Page
[2] Fit Small Business: 10 Vision Statement Examples To Spark Your Imagination

Read Next