The importance of an organization to develop a vision and mission, is important for strategic direction. It helps the employee know the purpose of its existence and core values on which it is governed. It is an integral part of a company's strategy that helps to set priorities, allocate resources, and ensure that everyone is working towards common goals and objectives, thus providing a road-map to the future.
However, there is a basic difference between the vision and mission statements.
A mission statement is important for an organization because it defines the business, products or services, and customers, thereby defining the primary objective. It provides detailed information about what the organization does, how it does, and who it does it for. Unlike the vision statement, it is short-term in nature.
“According to Stephen Covey if you don’t set your goals based upon your Mission Statement, you may be climbing the ladder of success only to realize, when you get to the top, you are on the wrong building”
Where in, the vision statement focuses on its goals and aspirations, which describes how the future will look if the organization achieves its mission. They are also timeless, even if the business changes its strategy, the vision will often stay the same. A realistic, credible, and attractive vision statement attracts commitment and energizes its people.
In addition, a well thought out vision statement bridges the present with the future while establishing a standard for excellence. It also communicates the purpose of the organization to the employees and other stakeholders and provides them with the inspiration to achieve that purpose.
Both the mission and vision statement play an important role in the organization:
In conclusion, we can only say that vision and mission statements are very essential for companies. Without vision and mission statement companies do not have the goals and if there is no goal, how can companies survive?
A Vision and mission statement is a born of every planning and strategy of the companies and they can best be described as a compass and destination of the organization respectively. However, we can say that vision and mission statements are the base of organizations as not doing so would be like going on a journey without knowing the direction you are to follow or the destination.
Read the below article for more information
Unfortunately, despite the importance of vision and mission statements, many organizations do not have them. Read More.
*Note: The content published above was made in collaboration with our members.
The Editorial Team at OpenGrowth is working to provide you with the perfect place to know everything about startups. Feel free to connect to us.