What are The Mission and Vision Statements of a Company?
In a nutshell, they are the north stars for the companies.
From conglomerates to small-scale units, from non-profits to social organizations, all the businesses carefully draft their vision and mission statements to outline their current scale of business and future aspirations.
As Jeff Bezos underlines the significance, “A brand for a company is like a reputation for a person. You earn a reputation by trying to do hard things well. Our vision is to be earth’s most customer-centric company; to build a place where people can find and discover anything they want to buy online.”
The statement emphasizes that a company’s vision and mission have to be customers centric. It also emphasizes the importance of reputation earned by consistently delivering on the business's promises and values.
Behind every consequential leadership lies a clear and compelling vision and mission statement. These powerful statements are the blueprint of the company and its C-Suites, further guiding the action plans and encouraging its employees and stakeholders.
For my understanding between the two, I have a homespun analogy.
A vision statement-
A vision statement is a lighthouse. The primary purpose is to aid navigation through turbulence. Also, provide a definite course of action and purpose. Which further keeps the company from digressing off the track. Hence a vision statement is a concise statement that communicates and outlines long-term aspirations. A clear vision statement inspires and motivates employees and stakeholders to adapt over the course of time.
A mission statement-
It is more like a moral compass that outlines the principles, purpose, and values. A clear mission statement helps stakeholders and other investors to anticipate what is in store for them in the future. The crucial element of difference between the two is the timeframe. A smart vision is the future, the compassionate mission is now.
A concise and smart vision and mission statement can finger-point a company’s decision-making and align the stakeholders towards a common objective. It can also communicate the company’s persona to employees, investors, and other stakeholders. Hence a well-crafted vision and mission statement is imperative for any company to court success and excellence in the long term.
