Question of the Week: Do Mission, Vision and Value Statements Matter?

Yes. They do. Particularly if your goal is to be successful. And we’re assuming it is.

The statements aren’t fail-safe in having a successful business, of course. Nothing is.

And there will always be companies that have gotten by without them. Just not companies you’d recognize by name - such as Amazon, Wells Fargo or LEGO, for example. Because they all have them.

But do you really need all three?

Well, at the very least, you want a mission statement. And once you have your mission statement, the vision and value statements are just natural extensions from the mission statement. Like growing two more arms. But not as painful.

So What’s the Difference between a Mission, Vision and Value Statement?

So glad you asked. Let’s break it down.

The Mission Statement 

Answers the question, “What do we do?”

Nearly every successful business would agree having a mission statement is crucial. Writing a mission statement requires you to identify your company’s winning idea - its special sauce. What makes it stand out from the rest. And while you’re busy answering the what of what you do, you also need to consider who you’re doing it for, how you’re doing it, and why.

All of this then needs to be developed from the customer’s perspective and filtered down into a concise statement of business strategy. So that means the words need to be refined and polished and rewritten until your mission statement expresses your ideas, measures and desired result. All of this requires some serious introspection into your company. 

With introspection comes integrity, humility and determination. And these just happen to be among the key elements for success. 

The Vision Statement

Answers the question, “Why are we here?” 

Not in the existential sort of way though. You have to go somewhere else for that.

But once you’ve got your mission statement, it makes sense

to explore a vision statement. This requires you to figure out what you, your customers and your shareholders will value most about how your company will achieve the aforementioned mission.

You’ll also have to think about what impact your company wants to have within the organization. The words for your vision statement should give a real sense of your company’s purpose. 

And your employees will like this because they’ll know they’re part of something cool. Happy employees are part of a successful business. 

The Values Statement

Answers the question, “Who are we?”

You could also rephrase this to, “How do we carry out our mission?” 

Look, you’ve come this far with the mission and vision statement. It only serves you at this point to contemplate your company’s ideology. 

What are the values you hold sacred? What are the core values that won’t change over time (regardless of what’s currently trending or going viral)? Having this written will help you connect with customers who share these values. 

So How Do Mission, Vision and Value Statements Help?

G.I. Joe put it best when he said, “Knowing is half the battle.” And sometimes, running a business can feel like a real battle.

But knowing what you’re about, how you want to be seen, and how you’ll impact others is a recipe for success. 

Find ways to involve as many people in the whole mission/vision/values process, each member of the organization can take ownership. Then bring in a writer who can craft statements that reflect the diversity of your organization. It’ll go the distance in pulling everyone together in your organization. 

And there’s serious strength in solidarity.