Whether you are running a one man show or a large corporation, it is important to have a vision and mission. These will help to provide employees with a purpose. Knowing the vision and mission is important because the company’s strategies will be made based on these core values which include setting priorities, allocating resources and ensuring everyone works towards common goals as well as objectives.
While the two are often interchangeable, they actually refer to two separate aspects of the company. While the vision statement gives a kaleidoscope peep into the future, the mission statement focuses on more tactical aspects of the business. The former provides the direction in which the company should go. Combined with the latter, it helps to create sound and practical organizational strategies for the business. Sounds a little confusing?
Here are 6 powerful tips to creating the vision statement and mission statement for your business:
Vision Statement
When drafting a vision statement for your business, these three questions will be a good guide to help you:
- What are your hopes and dreams?
- What future do you envision for your business and how does the company play a part in making that come true?
- Are you aspiring to make some kind of impact by identifying opportunities and solving important pain points?
This focuses on company goals and objectives which describes how the future will look like if the company achieves its mission. It is also timeless, meaning it will rarely change even if the company changes strategies. An engaging, credible and realistic vision statement will attract commitment and provide a greater synergy for its people.
Furthermore, a well thought out one bridges the present and future while establishing a standard for excellence. This creates a picture of possibility for the projected forecast to happen. While the purpose of the organization is communicated to the employees and stakeholders, the vision statement also provides them with inspiration to achieve that purpose.
Eg. Amazon’s corporate vision is to be “Earth’s most customer-centric company, where customers can find and discover anything they might want to buy online.”
This vision statement explains the company’s main objective of becoming the best e-commerce company in the world. When you shop on their platform, you will find that they ship to many countries, offer refunds without questions asked in a 30 day period and they have the widest selection of products online. In this simple vision statement, it paints the company’s main objective and future at one glance.
Mission Statement
A mission statement is important for an organization because it defines the products or services, business and customers. This is the primary objective which provides detailed information about what the company does, how it does and who it does for. Unlike the vision statement, it is short term in nature.
It focuses on the strategies for reaching its goals, where the company is at this present time and the tactical steps needed to achieve its objectives. The mission statement can be used to shape the culture of the company. When creating a mission statement, there are the three most critical elements to be taken into consideration:
- What is the nature of your business?
- Who do you serve?
- How do you serve them with your products and/ or services?
Eg. Amazon’s mission statement is “We strive to offer our customers the lowest possible prices, the best available selection and the utmost convenience.”
This corporate mission promises the best e-commerce experience at the lowest prices. The focus is on these three variables: price, selection and convenience. From the mission statement, these three characteristics are identifiable when you shop on their platform.
In summary, vision and mission statements serve as a compass to the company and when employees know the purpose of the vision and mission statements, they will be empowered to work in unity and in achieving the company goals.
Do you need to learn more about realizing the vision and mission statements as well as empowering the employees in your organization? Write to us at info@businessacademia.co
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