What’s the Difference Between Mission and Vision in a Company

Mission and vision statements are the unique messaging that you formulate to propel your customers to believe in your brand and support your business. 

Good vision and mission statements also help to convince potential employees to work for your company and encourage existing employees to commit their best efforts towards the growth of the operation in Singapore.

This article will explain the key differences between the mission statement and the vision statement in a business to help you build the organization of your dreams.

The Definition and Purpose of Mission and Vision Statements

The reason mission and vision statements exist is to inspire your employees and investors. Therefore, these statements have to be communicated with clarity. This will ensure their effectiveness to the relevant stakeholders who learn about them. 

Your own mission statement should align with your vision statement even though they do not express the same meaning. And even though people often use mission and vision statements interchangeably, they are different enough to have separate definitions and purposes.

Let us further discuss them separately in terms of definition and purpose.

What is a Mission Statement

There is a reason why you started your business in the first place. It could be to impact the society, foster healthier communities, influence popular culture or offer a much-needed service in an underserved area. Therefore, there must be a document in which you state the reason why your company exists. This is what is known as a mission statement.

When writing a mission statement, bear in mind that it has to be clear, compelling and concise. 

In the words of Amber Hurdle, a branding and leadership author, “Your mission statement outlines why your company exists. It doesn’t have to be all fancy-pants, just a clear statement of what you do.”

Definition 

A mission statement defines a clear objective for the establishment of your company. It outlines what your company does, the organization’s reason to exist, and its uncompromising principles.

It is typically a short statement comprising 1-3 sentences that succinctly captures your target audience, products and services, and unique value proposition. A good mission statement should encompass the distinctive elements of your brand that make you stand out from your competitors.

It is also a powerful blueprint that can guide your employees in understanding your company values and culture. A company that has a well-documented mission statement will be able to make enlightened business decisions that benefit the organization in the long-term, making for a better future.

Components 

Your mission statement is made up of your goals and how you serve relevant stakeholders such as customers, employees, and investors. You can also include how your organization impacts other stakeholders like the government or communities. 

Mission statements are often longer than vision statements. And they can sometimes include your brand values. Essentially, a mission statement focuses on your company’s purpose, function, and objectives. 

How to create a mission statement for your company

When formulating your company’s mission statement, you might find some questions useful to guide you through the process.

Let’s see them below:

• What do we do: Write down if you offer a product or service or both. And then use clear and basic terms to explain what you do in writing.
  
• Whom do we serve: This question can be answered with a proper brief description of your target customers. Clearly analyze whom you serve in your documentation.
  
• How do we serve them: Document how your approach ensures that your products or services meet your consumer touchpoints at the point of their needs.
  
• Why do we exist: Answer with an outline of your brand values. This is where you should state what your brand stands for and what your mission is for members of the society at large.
  
• What makes us different from our competitors: Think about what you offer that no one else in your industry offers (at least, not yet). You can also consult with the product team in your organization to learn about the unique features your product and company offers. It’s important that you bear in mind that your unique selling proposition can 

Answer the above questions by writing them down somewhere. This will help to simplify the creation process for you. Be detailed in your answers so that you don’t leave out anything important.

Following these steps will help you in creating a solid and compelling mission statement for your company that will lead to customers who remain loyal.

Examples

There are many examples of mission statements across the world’s different organizations. We’ve selected a few of the best examples.

Check them below:

• TED: Spread ideas.
  
• Amazon: We strive to offer our customers the lowest possible prices, the best available selection, and the utmost convenience.

• NEXT BASKET: Our mission is to be useful to our customers and business partners, to bring added value with every service and product we offer, and to contribute to environmental protection. (example of a customer-centric company)

• Tesla: Our mission is to accelerate the world’s transition to sustainable energy.
  
• Singapore Airlines: Singapore Airlines welcomes all customers and aims to provide a safe, secure and seamless travel experience with the highest quality of service.

• Nike: Our mission is: To bring inspiration and innovation to every athlete* in the world. *If you have a body, you are an athlete.
  
• IKEA: To offer a wide range of well-designed, functional home furnishing products at prices so low that as many people as possible will be able to afford them.

• Meta: Meta’s mission is to give people the power to build community and bring the world closer together.
  
• Disney’s mission statement:  The mission of The Walt Disney Company is to entertain, inform, and inspire people around the globe through the power of unparalleled storytelling, reflecting the iconic brands, creative minds, and innovative technologies that make ours the world’s premier entertainment company.
  
• Starbucks: To nurture and inspire the human spirit – one person, one cup, one neighborhood at a time. (The previous mission statement was “Establish Starbucks as the premier purveyor of the finest coffee in the world while maintaining our uncompromising principles as we grow.”)
  
• LinkedIn: To connect the world’s professionals to make them more productive and successful.
  
• Southwest Airlines: To be the world’s most loved, most efficient, and most profitable airline.

Ideally, your mission statement drives interest among your customers. And if it is compelling enough, it can help you maintain a strong market share in your industry. Your employees, investors and the general public should be able to connect with it on a deeper level.

Integrating Your Mission Statement in your Marketing and Branding Efforts

You can win over a significant portion of your target market with a strong mission statement that is reflected on all your campaigns and branding efforts. To do this, start by infusing some of its important aspects into your messaging tone and style.

Follow up by stylishly crafting your logo around the reason your company exists. You can deliberately choose visual elements that represent the major details you wish to communicate. This will influence how the public perceives your brand and register a unique identity of your brand in their minds. If you are not sure how to achieve this, you can always consider using logo design services for this purpose.

Another way to integrate your mission statement into your marketing and branding efforts is by sharing it on your media channels: website, social media and emails. Doing this will provoke the interest of your target consumers and encourage leads to convert.

Also, it is even better to encourage them to share how your brand has positively impacted them. This will help to create more publicity for your mission statement and create a cohesive story for your brand.

What is a Vision Statement

The reason your company needs a vision statement is simple: to guide your future plans and projections. Every business venture has the potential to make a positive impact beyond its immediate community and present service offerings.

This is why having a clear vision statement helps to serve as a roadmap for the long-term brand awareness strategy of your business. It also helps to motivate your employees and keep everyone committed to achieving the common goal. It is typically an ambitious declaration that can help you distinguish yourself in the market and appeal to the emotions of your target audience on a deeper level.

Definition 

A company’s vision statement describes what your company aims to achieve in the future. Vision statements aim to help the company stay on the right track in terms of strategy and goals.

This is why they are often bold declarations and emphasize your company’s essence and goals for gaining dominance in the world.

Components 

The majority of vision statements are made up of some important elements.

Let’s see them below:

• Progressive and ambitious long-term goals: This is because the company’s vision statement is not for the present, it is for the future. 

• Stimulating language: The language has to be stimulating and uplifting because it will help the company leadership align with the long-term goals that are already laid down.

• Company core values and culture: Your company’s core values and culture does not necessarily have to change even though the leadership and management may rotate.

The ideal vision statement should be succinct with one sentence, at most two, to make it memorable and engaging enough for every member of the organization to clearly understand it.

How to create a vision statement for your company

Creating a vision statement for your company involves some important steps that you must not miss. First, identify the key voices who will shape the statement. It could be you and everyone else if you are in a small team or it could also be you and a few others in a much larger company.

Also go ahead to consult existing company materials containing established values and goals. They could help you in forming a good vision statement.

You can also answer the following questions in forming your vision statement:

• Ask yourself who your company serves.
• Why will people want to work with us?
• What will be our strengths and values?
• Why will our company matter?
• What impact will we have?
• What are our most ambitious goals?

Check out your competitors’ vision statements as well to know where you might want to focus on in regarding differentiating your business from theirs.

Ensure that you have a five to ten years forecast into the future. You should use the present tense and make it as clear as possible. You can also infuse inspiring and passionate terms into the statement. 

Examples 

Below, we have listed some vision statement examples, so you can get some inspiration for yours.

Let’s see them:

• NEXT BASKET: Our vision is to be a preferred business partner and to offer our customers and business partners unparalleled products while taking care of the environment.

• IKEA: To create a better everyday life for many people.

• Coca-Cola: Our vision is to craft the brands and choice of drinks that people love, to refresh them in body & spirit. And done in ways that create a more sustainable business and better shared future that makes a difference in people’s lives, communities and our planet.

• Samsung: To inspire the world with our innovative technologies, products, and design that enrich people’s lives and contribute to social prosperity by creating a new future.
  
• Jumbo Restaurants: To be the leading innovative F&B group advocating Singapore food culture

• LinkedIn: Create economic opportunity for every member of the global workforce
  
• Tesla: To create the world’s most compelling car company.
  
• Amazon: To be Earth’s most customer-centric company, where customers can find and discover anything they might want to buy online. 

As a business entity, you need a solid company direction that is properly summarized into a vision statement. Beyond this, it’s easier to stay on track when you have a well-articulated statement that encapsulates the course you want your company to take in the near future.

Integrating Your Vision Statement to Your Product Development and Innovation Efforts

When products and innovative features are created with your company vision statement in mind, they not only help you form a positive brand reputation but also attract new customers to your business.

Below are a few tips that can guide you in this crucial process: 

• Foster a sense of creative freedom within your team: Your team members should be allowed to creatively experiment with new ideas and concepts to arrive at a revolutionary product. For example, Apple employees are constantly encouraged to think creatively and go beyond the limits of what’s attainable in the technology industry.
  
• Scout and retain top talents: Successful product development cannot occur without skilled employees. Therefore, you need to look for the best talents who can reinvent and update existing product features. You also need to treat them like more than just human resources but as contributors to your overarching mission and vision.
  
• Pioneer new projects: Launching fresh and exciting projects that can revolutionize your industry and change attitudes of the public and potential stakeholders, is another way to integrate your vision statement into your innovation and product development efforts.

Finally, customers love it when they experience groundbreaking product features from businesses. This is, therefore, a way to build customer loyalty and improve your user retention strategies.

How to Align Your Company’s Mission and Vision Statements with Your Business Strategy

Your company’s mission statement summarizes why you exist while your vision statement briefly describes what you intend to become in future. Your digital marketing strategy, on the other hand, defines the company’s actions to take in becoming a force to be reckoned with.

A good business strategy should be aligned with your vision and mission statements. This can help you rise to the top of your industry, command the attention of high-quality customers, and maintain a strong brand reputation. Below are a few ways to achieve this.

• Seek out compatible partnerships: Companies commonly partner or merge as part of their business strategies. They can be beneficial to your business, as the company grows and scales faster.
  
• Appoint strategic leaders: There are fixed rules in your strategy that may not be modifiable. However, strategic leaders in your management team can help to balance a plan of action with your mission and vision statements. Therefore, it’s important to appoint leaders who understand the value of alignment and can oversee the execution of consistent policies over a period of time.
  
• Prioritize highly-relevant projects: Your business strategy may include projects that are meaningful but are not so relevant to your overall statements. You can delay them and prioritize the ones that push you further towards accomplishing your goals.

Overall, it requires consistent effort to build a company that remains aligned with its goals and objectives. Business owners should, therefore, create and execute plans that fit into the defined purposeful and ambitious statements of their enterprises.