Vision and mission statements
A vision statement expresses a company’s main goal for the future while a mission statement concisely explains how that goal will be achieved. The two often appear together with a company’s values, providing a high-level sense of its purpose, direction and culture.
Vision and mission statements are typically short and go unchanged for long periods of time, though they may evolve in line with a company’s changing strategic direction.
Research has found companies with clear vision and mission statements outperform those without them because they provide a benchmark for measuring performance and a target for all people within an organization to work toward. This makes vision and mission statements key to a performance management system.
More about vision and mission statements
The following is an example of a vision and mission statement for ABC Co.
Vision
- A world where everyone has the widgets they need.
Mission
- To manufacture and deliver the best quality, most innovative widgets to customers in all markets, on time and for less than our competitors.