Vision and mission statements
An organization's mission and vision statements are essential tools to help define your business and chart a course for it. Each statement offers a different type of description for your company, with the mission statement explaining why it exists and the vision statement describing what it wants to achieve.
Émilie Poirier, Senior Business Advisor, Human Resources, BDC Advisory Services, leads workshops to help companies define their mission and vision. She says the statements are more than just descriptions: they are an integral part of a company’s strategy.
“They help set priorities, allocate resources and ensure that everyone is working towards common goals and objectives,” she says. “They’re your guiding light.”
What is in a mission statement?
A mission statement puts into words a company’s reason for existing, its value and purpose, and the scope of its operations in product and market terms.
A company normally has just one mission, but it can have several goals and objectives to help it accomplish that mission.
A mission statement is an evergreen document. It should not change significantly over time and is unique to your company. If it’s too vague and could be applied to another company, then it needs to be further refined.
One of the exercises that Poirier puts her companies though involves asking its employees and management the following questions:
- Why do we exist?
- Who do we serve?
- What do we bring that is special and unique to our clients?
“The fundamental question that you need to ask when defining your mission is ‘Why do we exist?’” says Poirier.
“What’s your purpose? What’s the scope of your operation? And what do you offer the market?”
She says one way to recognize that your mission statement is authentic is to ask if someone reading your mission statement would recognize your company in it?
Characteristics of a mission statement
- Endures over time
- Describes who you are
- Insspires employees
- Easy to remember, breif and concise
- Describes how your company delivers values
Mission and vision statements help set priorities, allocate resources and ensure that everyone is working towards common goals and objectives. They’re your guiding light.
Émilie Poirier
Senior Business Advisor, Human Resources, BDC Advisory Services
What is in a vision statement?
A vision statement describes the aspirations and the direction of the company. It aligns with the company’s values and its focus is external. The goals described are high-level, broad and long-term.
“It describes where you want to see your business in the future—five to 10 years from now,” Poirier says. “Vision is all about where you’re headed. You want this statement to look toward a future where your company will achieve its long-term goals.”
A vision statement need not be made public; your company can choose to make it confidential, says Poirier, though sharing it with employees can be beneficial.
“It can attract commitment and your company can become more energized.”
A vision statement can include descriptive words like:
- Innovative
- Leader
- Global
- Excellence
- Empower
- Transform
- Future
- Inspire
- Commitment
Characteristics of a vision statement
- Attracts commiment and energizes employees
- Describes who you want to become
- Describes your purpose and standards of excellence
- Easy to remember, brief and consice
What are examples of mission and vision statements?
A local café
Mission Statement
Our mission is to provide an exceptional coffee experience by serving high-quality, ethically sourced third-wave coffee and freshly baked treats in a cozy, welcoming environment. We strive to create a space where people can connect, relax and find inspiration, whether they are studying, working, socializing or simply enjoying a good book by the fireplace.
Vision Statement
To be the heart of our community, where every cup of coffee and every bite of our freshly baked goods brings people together in a warm, inviting space that feels like home.
A sustainable construction company
Mission Statement
Our mission is to build high-quality, sustainable homes and to address the housing crisis by constructing affordable, eco-friendly homes that contribute to a healthier planet and stronger communities. We provide comfort and security for families and understand the importance of creating spaces where memories are made.
Vision Statement
To be a leader in sustainable and innovative construction, making a lasting positive impact on the housing market so that every family has access to a safe, beautiful and environmentally responsible home.
What is the difference between mission and vision?
Poirier sums up the differences between your company’s mission and its vision:
“Mission is your DNA, who you are; vision is what you want to accomplish, your mid- to long-term goals.”
| Mission statement | Vision statement | |
|---|---|---|
| Purpose | Defines the organization’s purpose and primary objectives. It explains why the organization exists and what it does to achieve its vision. | Describes the long-term goals and aspirations of the organization. It paints a picture of what the organization wants to achieve in the future. |
| Focus | Present-oriented and actionable | Future-oriented and inspirational |
How to develop a mission statement
- Define your company’s purpose. Why does your company exist? What’s its core purpose?
- Identify core values. What values does your company stand for that can guide its actions and decisions?
- Engage leadership and key stakeholders. Bring in their insights and perspectives.
- Connect offerings with values. How do your company’s offerings connect with your values?
- Draft the mission statement. Make sure to combine all the elements, (purpose, values, offerings) and be clear and concise.
- Revise and refine. Have others review the draft, make necessary revisions and ensure that the mission statement accurately reflects the company’s purpose and values.
- Communicate and live it. Make sure all employees and stakeholders read the statement when it’s posted. It should guide everyday actions and decisions.
How to develop a vision statement.
- Identify key stakeholders. Gather input from co-founders, executives and high-level employees.
- Brainstorm keywords. List words and phrases that reflect your company’s values, goals and aspirations.
- Answer foundational questions. Examples include “What impact do we want to have on the world?” and "What are our long-term goals?"
- Prioritize and organize. Sort your answers by importance and relevance to your company’s future.
- Draft the vision statement. Focus on clarity and inspiration.
- Review and refine. Ensure it aligns with your company’s mission and values.
- Finalize. It should be concise and impactful, and able to guide your company’s strategic direction.
Embedding your values in the mission and vision statements
Don’t forget to look at your company values, says Poirier, who emphasizes their importance in the mission and vision statement.
“You must ask what it is that contributes to your culture and what are the operating principles that guide internal conduct and external relations. What are the important values that help you fulfill your mission and vision? It all needs to be aligned.”
Next step
Create a one-page business model to map out your company’s essential business activities, key customers, revenue streams and operational costs by downloading the BDC’s free Business model canvas tool.