Before starting Bronwyn’s Boutique, Betty Brown developed a

mission statement and a business plan, in keeping with the
fundamental business principle of

What are your choices? Which do you think is the best answer?

being prepared. A mission statement is a concise statement that outlines the purpose and goals of a business. It serves as a guide for decision-making and helps to communicate the company's values and objectives to employees, customers, and other stakeholders.

To develop a mission statement, Betty Brown would have followed these steps:

1. Identify the purpose and core values: Betty would have thought about why she wanted to start Bronwyn's Boutique and what values the business would uphold. This could include aspects like providing high-quality clothing, promoting sustainable fashion, or offering personalized customer service.

2. Define the target market: Betty would have determined the specific group of customers she wanted to serve, such as women of all ages looking for trendy and affordable clothes.

3. Outline the unique selling proposition: Betty would have identified what sets her boutique apart from competitors and how it will provide value to customers. This could include factors like exclusive designer collections, limited edition items, or a curated selection of styles.

4. Draft a statement: Betty would have put all the information together to create a concise and meaningful mission statement. The statement should be clear, memorable, and aligned with the business's goals and values.

Once Betty had the mission statement in place, she would have moved on to developing a business plan. A business plan is a comprehensive document that outlines the objectives, strategies, and financial forecasts for a business. It helps entrepreneurs like Betty assess the feasibility of their business idea, secure funding, and map out their path to success.

Here are the key components of a business plan:

1. Executive summary: A summary of the business idea, goals, and key highlights of the plan.

2. Company description: An overview of Bronwyn's Boutique, including its history, mission statement, legal structure, and location.

3. Market analysis: A detailed analysis of the target market, including customer demographics, competition, and trends. This helps Betty understand her customers, identify opportunities, and plan marketing strategies.

4. Organization and management: Betty would outline the organizational structure of the boutique, including key roles and responsibilities. This helps identify any skill gaps and plan for future hires.

5. Product or service line: A description of the clothing and accessories Betty plans to offer, including their unique features and pricing strategy.

6. Sales and marketing: Betty would outline her marketing strategies, such as online advertising, social media, partnerships, and customer loyalty programs. The sales forecast section would estimate sales volume and revenue projections.

7. Financial projections: Betty would develop a financial plan, including cash flow projections, profit and loss statements, and balance sheets. This helps her evaluate the financial feasibility of her business and plan for future growth.

By following these steps and preparing a mission statement and business plan, Betty Brown demonstrates her commitment to being prepared and aligning her business with fundamental principles that increase her chances of success.