Exempt vs. Non-Exempt Employees: How To Categorize Your Workers Correctly

If someone were to ask you to sum up your business in a quick sentence, you’d probably feel a little uncertain about what to say. We all know that making a great first impression is priceless, which is why you can’t afford to fluff your lines when it comes to the crunch. With the right mission statement, you won’t.  As a business owner, creating a great mission statement may not feel like an overly important task, but it is a key ingredient in the recipe for building a strong company profile. Whether you want to learn more about their importance in business or need a free mission statement template to help you get your goals in order, this guide is just for you. Mission Statement Definition The term mission statement is just one of many that you will hear in the business arena. So, the first question you’ll want to ask is: what is a mission statement? Oxford Languages defines it as: A formal summary of the aims and values of a company, organization, or individual. It should be a brief statement no longer than one paragraph (or 100 words) that clearly defines the purpose and objective of the business, covering what it does and why. It should set out the core values of the company in a way that resonates with workers and clients alike.  As such, it should be more than just a catchy slogan and should focus on establishing and expressing the true purpose of the company. We’ve listed some good mission statement examples from major organizations below to help inspire you: To inspire and nurture the human spirit – one person, one cup, and one neighborhood at a time. (Starbucks) To accelerate the world’s transition to sustainable energy. (Tesla) To be Earth’s most customer-centric company, where customers can find and discover anything they might want to buy online. (Amazon) The mission statement examples above show how they define the company profile to cover what, why, and how the company performs in just one short and succinct paragraph. As such, the mission statement you settle upon should feel unique to your business and industry. Why Is a Mission Statement Important for Your Business? A deeper appreciation of the role that a personal mission statement can play in your business should motivate you to get it right. A strong mission statement is a foundation on which you can continue to build your business.  For starters, it gives your company a brand identity that employees and customers can buy into. This can be an important feature, as over 80% of millennials actively want to work with companies that they feel aligned to. However, the mission statement can additionally direct all future planning, performance analysis, and goal-setting activities. It provides clear guidance for all stakeholders and employees. Whether you’re dealing with internal dilemmas or interacting with customers, a powerful mission statement is something that can be revisited time and time again to reestablish a sense of clarity. In turn, this may help the business stay on track while avoiding distractions and wasting time or money. If you don’t have a mission statement, ambiguity can impact your productivity and profitability. Mission statements can be used by companies across all industries; they’re just as good for local brick-and-mortar firms as they are for eCommerce retailers. How to Write a Mission Statement for Your Business You’d be forgiven for thinking that writing a paragraph of no more than 100 words could be completed in a matter of minutes. However, the influence a mission statement has on your daily and overall functions means that you absolutely must get it right, not least because the content of the paragraph is unlikely to change much over the years to come. As such, you can expect the process to take hours, days, or even weeks depending on the size of your business. Indeed, many companies will hold several in-depth meetings to perfect their mission statement. The following business mission statement template should help you master the process in style. Step 1: Research Before writing your mission statement, you must first take the time to interview key people to gain an understanding of how they view the business. You should ask them about the following issues: The challenges your company works to solve What attracted them to the company The company’s purpose  What separates you from other firms The company’s overall public brand image After this, you can analyze the findings to spot trends and common themes. In turn, you’ll be able to build a mission statement that is clear, attainable, and motivational. It should feel unique to your company by setting out its USPs. Aside from inspiring your team, it can create the consistency to boost sales by up to 23%. Step 2: Write After collecting the necessary and relevant information about your company profile, you can focus on actively using the template mission statement to confirm your core values. To complete your mission statement, you should: Write down a sentence or two about the fundamentals of what your business does. List the core values and then combine them into a sentence or two. Write down why your company serves the purpose it does. The final stage is to combine the sentences and turn them into a more concise paragraph. The statement must be all killer, no filler while simultaneously showcasing your brand personality. There should also be room for inspiration and interpretation rather than just facts. This way, employees can turn back to the statement for motivation when they need to improve their productivity or get their ideas back on track. In most cases, it’s also wise to avoid industry jargon or buzzwords. Your mission statement should be clear, concise, and relevant to you, not just a series of cliches. Step 3: Review After writing your mission statement, you should be left with a single thought that encapsulates your company's purpose and values. However, you should be prepared for the idea to be finalized through the process of iteration. This is because: The company mission statement needs to be approved by all leaders. It must cover all key aspects without missing any relevant info. You will probably use the same mission statement for several years. With this in mind, you’ll find that you have several options to present to the leaders of your company. This is what allows the iterating process to hone in on the perfect solution. It can be a little frustrating, especially when your short defining paragraph feels close to the mark. Nonetheless, it will all feel worthwhile when you land on the right choice. And you’ll know when you do. Mission Statement Templates for Business and Beyond While a generic mission statement template can be used by all companies, you may want to think about your specific industry or sector too. This is a step that can improve all of your intended outcomes, from sounding more professional to providing guidance to your teams. For example, a real estate mission statement template can give you a real edge over firms that focus on a more generic approach. As a service-based business, you will be focused on the customer and what you can achieve for them. The statement should be simple, humble, and authentic while focusing on the problem your business solves. If you’re running a nonprofit organization, you’ll want to use a nonprofit mission statement template, because the purpose of the organization is different to that of a business. Rather than being driven by financial gains, it’ll exist to support a cause or community. This philosophy should feature in the mission statement. Mission Statement for Non-Business Matters Mission statements do not have to be limited to businesses either. A family mission statement is defined by Stephen Covey as follows: 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. A family mission statement template is very similar to a business one. You will want to call a family meeting to discuss the key issues (family purpose, what you want to be, what issues you see within the family, and family responsibilities and principles). In turn, you should be able to develop a concise statement that your family can live by and use for guidance. Meanwhile, personal mission statement examples show that a statement can be used for guidance and motivation in your own life. The personal mission statement template is very similar, except the research phase is completed alone. Think about who you are and what your purpose in life is for optimal results. Mission Statement vs Vision Statement As well as a mission statement, most companies will find that they can benefit from writing a vision statement. These two brief definitions of your business are certainly in the same ballpark, but individuals who use the two terms interchangeably are technically incorrect. The mission statement sets out to establish what the company is, looking at its purpose and how it differentiates itself from the crowd. Conversely, LifeHack.com offers the following definition of a vision statement: A vision statement is like a photograph of your future business, which gives your business shape and direction. As such, it’s really a tool used to think about what the company wants to be, which will subsequently allow all parties to consider what steps are required to make that happen. Like a template mission statement, it helps identify the company’s unique characteristics to promote clarity across the organization. However, the vision statement gives further insight into the company’s strategy, whereas the mission statement focuses on the values. Some vision statement examples are listed below: To move with velocity to drive profitable growth and become an even better McDonald’s serving more customers delicious food each day around the world. (McDonald’s) To become the worldwide leader of all retailing. (Walmart) Our VISION, quite simply, is to be: “The World’s Premier Food Company, Offering Nutritious, Superior Tasting Foods To People Everywhere.” Being the premier food company does not mean being the biggest but it does mean being the best in terms of consumer value, customer service, employee talent, and consistent and predictable growth. (Heinz) The above examples show why many people think that the two statements are the same thing. However, the wording highlights that the focus of a mission statement is different to that of a vision statement. As such, the latter often builds upon the foundation established by the former. Further Reading What Do Customers Want? - 37 Customer Service Statistics What Is a CRM Software? A Beginner's Guide Best CRM for Small Business: Our Top 6 Picks Conclusion As shown by customer loyalty statistics, keeping people focused on your company and developing strong bonds is a tough job. Mission statements are a valuable tool that can help define your business and make it a household name that will stick in everyone’s minds.  And it’s not just that - vision statements make business owners, employees, stakeholders, and clients think about the purpose the company serves while also considering the how and why. Crucially, a mission statement should do this in no more than 100 words. Businesses of all sizes across all industries can benefit from taking this approach. When writing yours using a mission statement template, be sure to make it concise, accurate, attainable, and unique. The right statement is one that can support the organization throughout its business journey.

Your company has achieved great success, and you’re anxious to blow the horn. Before you impatiently hit that Send button and reveal the good news to the public, think again. Is this the very best time to send a press release to the news agencies and post it on your website? Will the editors have better things to do on, let’s say, Monday than to check their emails and write an article based on your press release?  What day should you pick for sending out a press release? In this post, we’ll answer that and any related questions you might have, so stay with us and learn how to boost your brand visibility. What Is the Best Day for Sending a Press Release? Timing your press release distribution is of crucial importance for getting media coverage and can be even more important than checking it for grammatical mistakes. Press release dates should be hand-picked and carefully thought out. Since most people work from nine to five, Monday to Friday, you should probably rule out weekends right away. On weekends, getting editors’ and journalists’ attention is much more difficult: The rate of opening emails is as low as 2%, and your PR can easily end up lost in tons of other messages. The same goes for holidays.  Now, let’s take a look at weekdays. If Monday is the first day that comes to your mind as the ideal day for sending a PR, you should know that research shows that the first day in the week is, in fact, decidedly not the best time for a press release. Mondays in newsrooms tend to be extremely busy and hectic. With more than 1,000 emails in their inboxes, editors might not even consider your PR worth reading at the time, as they’ll likely have more important tasks on their plates.  How about Friday, then? That’s the end of the work week, and those in charge of reading press releases will have plenty of time to give yours enough time and appreciation. You’ve packed your perfectly-styled press kit and you’re ready to send it out on Friday afternoon, thinking it’s the perfect timing, but we have to disappoint you - it’s not. Sending out press releases at the end of the work week is a bad idea as most journalists and editors are wrapping up and prepping for the weekend. They’ll probably leave your press release for the following week.  We’re left with Tuesday, Wednesday, and Thursday to figure out on which day your press kit has the biggest chances of being noticed. Research shows that Tuesdays, with 19% of opened emails, are not significantly better than Mondays and Fridays. On Wednesdays, the percentage of opened emails is even lower - about 15%.  Thursday, on the other hand, has excellent rates, better than any other day in the week - more than a quarter of emails sent on a Thursday will get opened that same day. That’s why Thursday is the best time to send a press release to newsrooms. As the work week approaches its end, journalists and editors have probably already crossed out all of the most important tasks. Now they can dedicate their time to reading all their unopened emails and sift through the press kits and releases they’ve received during the week.  How About the Time? Now that your press kit is ready for Thursday, let’s figure out the best time to send a press release to the media. Even though you’ll probably be anxious to send it right away in the morning, that isn’t the best idea, judging by the statistics. Namely, if you decide to hit the Send button between 6 a.m. and 10 a.m., you’ll be dealing with an open rate of only 20.5%. Early birds don’t catch worms when the “worm” is media coverage. Submitting your press release in the afternoon or evening isn’t the best choice, either.  The best time to send a press release falls between 10 a.m. and 2 p.m., with a rate of opened emails higher than 45%. Just make sure to pay attention to time zones in various states and countries to avoid time conflicts, and don’t send your PR on the hour. You can also use a time zone converter to avoid sending emails to foreign journalists in the middle of the night. Press Release Embargo Here’s a thing: You don’t always have to conform to journalists’ schedules. There are occasions when they are the ones who have to follow your rules. If you need your news to be confidential until a specific date, or if you estimate that your announcement will be more newsworthy if published later, you can send an embargoed press release. Unlike regular PRs, these have a note saying “Not for immediate release” and a date when they should be published instead.  Embargoed releases are usually sent when businesses want to reveal mergers, acquisitions, new partnerships, new leadership, or announce product releases before they hit the market. They give journalists more time to write an article and ask for additional information, but they also expose you to the risk of your news being leaked.

You probably already know what dropshipping is, but just in case you are not familiar with this type of business, here’s a short explanation: Dropshipping is an online business model that enables you, as a seller, to sell products without the obligation to ship them or stock the products on your own. Basically, your role is to list a wholesaler’s product on Amazon, eBay, or your own dropship website and find the right audience for it. When it comes to reverse dropshipping, it’s an even newer business model and as such, unfamiliar to many online sellers. So if you’re wondering “What is reverse dropshipping?” that’s the next topic we’ll cover in our SmallBizGenius guide. Reverse Dropshipping Definition Reverse dropshipping is a business model in which online sellers procure high-quality products for customers whose countries usually house mass-production sites, like China, Indonesia, etc. Products sold through reverse dropshipping are made in the US, UK, or other countries which usually outsource their mass production to Asian countries. If you are wondering why an industry giant like China is a hotspot for reverse dropshipping sellers, there’s a logical explanation. Many Chinese consumers are seeking fine products, but finding them inside their own country is difficult. The result of China’s high-production level is lower quality for most domestically made products. Therefore, Chinese consumers, especially the rich ones, must find other ways to buy products that would satisfy their expensive taste. If we want a more precise reverse dropshipping definition, we would say that a reverse dropship means buying high-quality products produced in the West, and selling them to wealthy, primarily Asian customers through your eCommerce website. Reverse dropshipping is a business model similar to regular dropshipping, with one significant difference. Instead of obtaining lots of poor-quality stuff that comes at a lower cost, reverse dropshipping companies procure top-notch, artisanal products. Hence, when it works, reverse dropshipping comes with much higher margins. How Reverse Dropshipping Works We introduced the basics of reverse dropshipping, meaning that the next thing we will explain is how it works. Generally, if you know how regular dropshipping works, you won’t have any problem understanding the concept of reverse dropshipping. The only thing you need to have in mind is that reverse dropshipping involves expensive and high-quality products produced in Western countries that are sold to rich Asian customers. As an owner of a dropshipping company, you will collaborate with domestic dropshipping suppliers. They will be responsible for manufacturing and storing products, packing them, and distributing orders to your customers. On your website, you will create a gallery with the products, set the price for them, and manage the inventory. You will be responsible for advertising your offer and finding customers. For example, you can choose a product available on eBay, Etsy, or some other eCommerce platform and sell it on your site. You’ll need to set a price that will cover both the dropshipping supplier’s price and marketing costs, and bring you profit. For example, if a product you choose to sell costs $30 when bought wholesale, you can display it in your store for $75. The wealthy customer will order a product from your site and pay your price. Then, you forward the order to your manufacturer and pay the wholesale price, keeping the rest as profit. Your manufacturer will be in charge of distribution. You can decide if you’ll leave the shipping costs with the customers, or pay them yourself. Dropshipping Pros and Cons If you’re asking yourself: “Is dropshipping worth it?” the answer is yes. In 2020, China purchased $99.9 billion-worth of goods and services from the US. There are lots of reasons why you should choose reverse dropshipping over regular dropshipping. One of the most important reasons is that reverse dropshipping comes with higher margins. A regular dropshipping business works with low-quality products which are cheap for you to buy, but also cheap when sold. Reverse dropshipping sellers work with high-quality products and rich customers willing to pay more than someone ordering pants in bulk from Wish. Another good reason to choose reverse dropshipping over traditional dropshipping is a less competitive market. If you decide to open a dropshipping service, you will have only a few competitors, as this niche section of eCommerce has yet to fully develop. However, you need to be more prepared than when entering a regular dropshipping business, meaning that you’ll need to know everything about the trading laws and regulations of the countries you’ll ship from and to. For example, many countries have strict policies on which products can be sold. In some countries, people can buy food and beverages only from domestic suppliers. There are also country-specific rules when it comes to selling medication. If you consider starting a business with food, drugs, or alcoholic drinks, reverse dropshipping is not the kind of business model that will be good for you. Further Reading Drop Surfing vs. Dropshipping: How to Choose the Right Business Model All Rights Reserved: The Meaning of the Phrase and Its Applications Cross-selling vs. Upselling: What is the Difference? What Is the Best Time To Send a Press Release? Bottom Line In our opinion, reverse dropshipping is a good option for business owners ready to find the right buyer for high-end products and find dropshipping sources that are allowed to operate in Asian countries. Especially now, while the market is still very far from saturated, getting into reverse dropshipping may just be the best move an aspiring eCommerce businessperson can make.