There is one thing that all the millennial’s generations stand unitedly, i.e. is they care about purpose over just their cheque pays.
For an organization it is very important that they provide their young employees a purpose to make sure they wander in the correct direction. Unlike older times, the generation today looks for a drive to envision a future with a company. An organization that fails to provide a road map, a purpose for employment fails to retain employees. They also happen to have a high employee turnover ratio. The retention ratio in such companies is as low as 9 months at max, which can be associated with lack of direction and poor engagement.
We cannot ignore that fact that in the coming future Millennial’s will make up 75% of the workforce globally, this is why is very crucial to communicate your organization’s raison d’etre, an in order to do so effectively it is vital to have a comprehensive and clear vision and mission statement.
Besides defining the purpose, these statements also serves as a foundation is aligning the organization. Having a structured mission and vision statement helps in accelerating the decision making process of the organization. They also helps in making sure that project being operated in odds are cut down, and ultimate goals of the company are met.
What is the difference between Vision and Mission statement?
Unfortunately, majority of the people still happen to confuse vision with mission statement. They are not interchangeable as most of them suggests, they serve different purpose and are written differently.
Vision – is like a team’s true north, the dream. The purpose of the vision statement is to inspire and create a shared sense of determination throughout the company.
Mission – while crafting the objectives of the organization, it should be kept in mind that they are measurable, ideally inspirational and most importantly achievable. A perfect mission statement is brief, easy to remember. It also minimizes the use of word “and” (this is to prevent laundry list), shouldn’t require follow ups clarification questions, and should prove to be uniquely identifiable to the company.
The simplest way to differentiate between the two is vision is something is long term ultimate goal of the organization. However, mission statement outlines what the company has to do consistently for vision to come into realty. In simple words mission statement is the breakup of the ultimate goal into smaller parts, and how should one go about achieving them.
An effective mission and vision statement can help in harnessing talent, encourage dedication and efforts, promote communication and collaboration, maximize resource allocation, and positively impact productivity and performance of the organization. With well-crafted mission and vision statement a company’s strategy will never fall short of success and there is always a desired plan of action for achieving goals.
How to write Vision and Mission Statement?
Now that we are clear on the purpose of what each statement serves, let’s move on to the process of formulating one.
Writing a Vision Statement
For a vision statement to be crafted, you need to make sure that you have clear vision in your mind. It is always advised while formulating a vision statement you should involve a wider group in your company. You can seek help from co-founders, your leadership team or even your employees. Here are some questions that your vision statement should answer;
What are some core values that your employees should hold?
For an organization to stay ahead in the competition it is always good to consider values first. To stand out and be unique you need to have strong values within your company. You vision statement should depict that they cannot be ignored and that every employee should follow them.
What would be you ideal target market in next 15 years?
This can be related to going international and staying local. You target market should be clearly defined in the vision statement to make sure that company goals are aligned with those in particular.
What problems would you be solving for you customers?
This question is linked with the previous question, you need to make sure that what had you planned for fifteen years should be relevant to the target market in the future. You need to be sure that what you speculate does not go outdated by the time you reach there.
What is your business not?
A perfect vision statement is the one which is not anti-something or negative in nature. Your rivalry and competition should not be reflected in the statement.
Once you have compiled the answers to all the question, it is wise that you distill the in shot paragraphs. After all the answers have been arranged in their correct theme and order, it is now time to turn that short paragraph into one small sentence.
Writing a Mission Statement
Unlike vision statement, mission statement is present based i.e. what you would do consistently and consecutively for the next fifteen years to achieve your vision. In order to craft a mission statement, pick the crucial elements on how they resonate to your vision from answers to vision statement questions. This requires the exact procedure that was being followed, while formulating vision statement. For mission statement you need to make sure that is can easily be comprehended and does not have too many jargons. You should also take into account that how would it be perceived by rest of the company, and how would it look like on your website.
The mission statement of the company not only helps in aligning the architecture of the organizational strategy, but it also helps in making informed day to day decisions.
Mission statement is like the living document for the organization, which is discussed with colleagues, employees, friends and even customers. The main purpose for this is to get feedback from them to make improvements. Don’t just settle for lukewarm responses, as people would not be too polite to give you the real picture. Press them to get legit responses about improvements and changes.
Examples of Vision and Mission Statement of Some of the Top Companies:
“To provide access to the world’s information in one click.”
“To organize the world’s information and make it universally accessible and useful.”
2 - Microsoft
“To help people and businesses throughout the world realize their full potential.”
“To empower every person and every organization on the planet to achieve more.”
3 - IBM
“To be the world’s most successful and important information technology company. Successful in helping out customers apply technology to solve their problems. Successful in introducing this extraordinary technology to new customers. Important, because we will continue to be the basic resource of much of what is invested in this industry.”
“To lead in the creation, development and manufacture of the industry’s most advanced information technologies, including computer systems, software, networking systems, storage devices and microelectronics. And our worldwide network of IBM solutions and services professionals translates these advanced technologies into business value for our customers. We translate these advanced technologies into value for our customers through our professional solutions, services and consulting businesses worldwide.”
4 - Apple
“We believe that we are on the face of the earth to make great products and that’s not changing. We are constantly focusing on innovating. We believe in the simple not the complex. We believe that we need to own and control the primary technologies behind the products that we make, and participate only in markets where we can make a significant contribution. We believe in saying no to thousands of projects, so that we can really focus on the few that are truly important and meaningful to us. We believe in deep collaboration and cross-pollination of our groups, which allow us to innovate in a way that others cannot. And frankly, we don’t settle for anything less than excellence in every group in the company, and we have the self-honesty to admit when we’re wrong and the courage to change. And I think regardless of who is in what job those values are so embedded in this company that Apple will do extremely well.”
“Apple designs Macs, the best personal computers in the world, along with OS X, iLife, iWork and professional software. Apple leads the digital music revolution with its iPods and iTunes online store. Apple has reinvented the mobile phone with its revolutionary iPhone and App store, and is defining the future of mobile media and computing devices with iPad.”
5 - Tesla
“To create the most compelling car company of the 21st century by driving the world’s transition to electric vehicles.”
“To accelerate the world’s transition to sustainable energy.”
To sum up, a vision statement highlights the future aspirations, where as a mission statement is more focused around present actions detailing about what, how and whom. They cannot work with one and another to define goals and actions, which are in accord with objectives of the company. If crafted correctly vision and mission statement can significantly help you in reducing conflict promote productivity, loyalty, and collaboration among the team that will benefit your business. Therefore, it is safe to say that survival of any business or organization is not possible without a clear mission and vision statement.