Overview | A Mission Statement deﬁnes the company’s business, its objectives and its approach to reach those objectives. A Vision Statement describes the desired future position of the company. Elements of Mission and Vision Statements are often combined to provide a statement of the company’s purposes, goals and values. However, sometimes the two terms are used interchangeably.
Methodology | Typically, senior managers will write the company’s overall Mission and Vision Statements. Other managers at different levels may write statements for their particular divisions or business units. The development process requires managers to:
1. Clearly identify the corporate culture, values, strategy and view of the future by interviewing employees, suppliers, and customers;
2. Address the commitment the firm has to its key stakeholders, including customers, employees, shareholders and communities;
3. Ensure that the objectives are measurable, the approach is actionable and the vision is achievable;
4. Communicate the message in clear, simple and precise language;
5. Develop buy-in and support throughout the organization.
Application | Mission and Vision Statements are commonly used to:
• Guide management’s thinking on strategic issues, especially during times of signiﬁcant change
• Help deﬁne performance standards
• Inspire employees to work more productively by providing focus and common goals
• Guide employee decision-making
• Establish a framework for ethical behavior
• Enlist external support
• Create closer linkages and better communication with customers, suppliers, and alliance partners
• Serve as a public relations tool