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Record Keeping 101

Keeping accurate records is something every business owner must do.

Good record-keeping is an important part of running a successful business. For example, you can minimize losses, manage cash and meet tax authority requirements with good records. Your accountant can help.

What you'll learn

  • What is a Mission Statement

  • What Questions to Ask Yourself About Your Mission 

  • What is a Vision Statement

  • What Questions to Ask Yourself About Your Vision

  • An Example


A mission statement helps you describe what a business wants to do now. It concentrates on the present. It helps you define your customer and critical processes, and it informs you about the desired level of performance.

It should answer the following questions:

  • What does your business do today?

  • Who are you doing it for?

  • What is the benefit?

Effective mission statement examples should identify:

  • What are the purpose and values of your business?

  • What business area or sector do you want to be in (products or services, market)? Who are your primary clients or stakeholders?

  • What are your responsibilities toward these clients?

  • What are the main objectives that support the business in accomplishing its mission?



It should be dynamic, clearly articulated and arouse visual images while inspiring action and support.

        Mission v. Vision Statement video

In this video you can learn the difference between a vision statement and mission statement.

This video covers:

  • What is a Mission Statement 

  • What is a Vision Statement 


A vision statement focuses on the future and is a source of inspiration and motivation. It describes not just the future of your business but the industry's future.

It should answer the following questions:

  • What do we want to do going forward?

  • When do we want to do it?

  • How do we want to do it?


Effective vision statement examples should:

  • be clear and unambiguous

  • paint a compelling and bright picture

  • use memorable and engaging language

  • have realistic and achievable aspirations

  • align with your values and culture

  • have clear timelines for achieving any goal or objective.

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