| Definition |
A Mission Statement defines the "business" in which a company competes, the objectives for the company, and the approach it will take to reach them. A Vision Statement describes a desirable state that a company wishes to attain in the future. Elements of Mission and Vision Statements are often combined to provide a statement of the companys purposes, goals and values. However, sometimes the two are used interchangeably. |
| Implementation |
Typically, senior managers at the firm will write the companys overall Mission or Vision Statement. Other managers at different levels within the firm may write statements for their particular division or business unit Regardless of the level at which a Mission Statement is written, the writing process typically includes the following key elements:
- Identifying clearly the corporate culture, values, and the firms strategy by interviewing employees, suppliers and customers
- Communicating the results of the interviews in precise language
- Addressing the commitment the firm has to its key stakeholders:
- - Customers
- - Employees
- - Shareholders
- - Communities
- Confirming with the proper authoritative body that the mission and/or vision statement is acceptable
- Developing buy-in and support throughout the organisation
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| Purpose |
Mission and Vision Statements are commonly used to:
Internally:
- Guide managements thinking on strategic issues
- Provide a cause around which employees can rally
- Inspire employees to work more productively
- Guide employee decision making
- Help establish a framework for ethical behaviour
Externally:
- Enlist external support
- Provide closer linkages with customers, suppliers and alliance partners
- Serve as a public relations tool
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