Many companies take the time and energy to establish vision and mission statements as an efficient and effective way to summarize company goals and objectives. Although typically different in content, both the vision and mission statements serve as a strategic compass, guiding decisions and activities.
A vision statement is a description of what the company will look like in the future. It includes a set of goals to be achieved over the next 3 to 5 years and beyond. While creating a vision statement does not guarantee success, it does provide a useful target to guide managers and directors.
In contrast to a vision statement, a mission statement does not include specific objectives but rather how the vision statement objectives will be achieved. Mission statements can also include the company’s purpose. Such a purpose is most likely not represented by the phrases, “maximizing shareholder value” or “to survive.” Instead, it is more common that mission statements illustrate company values and often include a focus on customers, employees, community, or environment.
While mission statements are more directional, vision statements are like destinations. Mission statements guide how the company travels toward their destination; vision statements let the company know when they have arrived.
For example, a mission statement for a financial services company might read, “We help people invest for their future.” The same firm’s vision statement might read, “We will be one of the top ten financial services organizations in the world in 20 years.”
As you can see, the mission provides details about how the company is to reach its target, which is defined in its vision statement. Clearly, the vision and mission statements are directly related and should be aligned and complimentary.
Filed under: Buy-In, Employee Buy-in, Management, Vision & Mission | Tagged: Business, Buy-In, Mission, Purpose of the company, Vision & Mission, Work
