I spoke at a gathering last Monday evening and was asked what the difference was between a Mission Statement and a Vision Statement. The following is the definition I use:
A Mission Statement is a statement of the company’s purpose or its fundamental reason for existing. It is a broad statement of what an organization wants to achieve. It addresses the following:
- What you are
- What you are trying to do
- It must be: readable, easy to understand, make sense to a reader, be brief and easy to remember.
Unfortunately, most attempts to write a mission statement result, in my opinion, in ambiguous declarations that eventually have little meaning for the owners, the staff and ultimately the public.
In doing business plans, I explain what a Mission statement is but recommend not taking the time to create one, rather to work on a Vision Statement.
A Vision Statement is a clear declaration about where you (management) want to take the company. A vision statement tells everyone, your employees, your customers and the market place, what your company intends to do.
Vision statements are about becoming something different in the future, about leaving one place now to go to another place later.
Components of a vision statement include:
- A “stretch factor”
- A vision of what your company will look like in the future
- Should be inspirational
- Should be motivational
- Must be built on your value foundation
- Should be believable
- Should be achievable
Building a business plan encompasses a lot of different steps, each one serves as a building block for the next. The foundation and the first item that is defined is the value system of the owner(s).
Defining a Vision is the third step in creating a Value Based strategic Business Plan.
They always say that time changes things, but, you actually have to change them yourself.
Let us help you build your own Value Based Strategic Focus Plan, you will be surprised how much you will learn about yourself and how much easier it will be to take the right road towards success.
Nick J. Petra CFP www.strategicduck.com Get ready, April is launch month for changing the way small businesses operate.