What exactly are a company’s mission and vision statements? A vision statement expresses where a company wants to be in future once it achieves its goals. For example, the Alzheimer’s Association’s vision statement is, ‘A world without Alzheimer’s disease.’ This clearly shows us what kind of impact they want to have on the world. A company’s mission statement defines its business, objectives, and approach to reach those objectives. For example, Patagonia’s mission statement is ‘Build the best product, cause no unnecessary harm, use business to inspire and implement solutions to the environmental crisis.’ One can think of a mission statement as an action-oriented vision statement.

Importance of the mission and vision statement

Goal setting

These statements help clearly define a business’s goals and objectives. A good mission statement assists in defining a business’s performance standards. These standards are easily tracked and help the company know whether they are progressing towards achieving their vision.

During tough, tumultuous times when strategic thinking is required, mission statements can help guide management’s review and planning to tackle the issues they’re facing. Moreover, on a lower level, they can help guide employees’ day-to-day decision-making, ensuring they are in line with the company’s stated goals.

Establishing organizational culture through the mission and vision statements. 

Having a well-thought-out mission and vision statements can also help establish the workplace culture. Employees can envision the kind of future the company wants to help create and, in doing so, align their behaviour in a way that helps achieve this vision.

These statements can also act as a source of inspiration for employees. This encourages them to work more productively by providing focus and a common goal. A mission statement can also help streamline operations across multiple departments as they each try to do their part to contribute to the company’s common goal. Humans can tap hidden potential when they believe that the cause they are working towards is worth it. To get the most out of your employees, let them know why they do what they do. Show them how they contribute to the betterment of society.

These statements also help establish a framework for ethical behaviour within the company. For example, take Patagonia’s mission statement that I mentioned above; The company strives to avoid causing unnecessary harm. Employees of this company know that is part of the vision that they are working towards achieving. Thus, they will take the steps necessary to ensure they do not cause needless harm.

Public Relations and Branding

Grand vision statements are also a splendid PR tool. Customers that identify with a business’s vision become even more motivated to support them. They will show their support by buying products, attending events organized by the company and even buying stocks. In addition, having a solid vision statement makes it far easier to enlist external help. Those who believe in your vision will do what it takes to help you succeed. For example, Nike’s vision statement is, ‘Bring inspiration and innovation to every athlete in the world.’ It’s no wonder that they are one of the most profitable sports apparel companies globally.

To achieve success, one must first define it. Then, take time to craft your vision and mission statements. Then, execute on them and watch your business thrive.

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