How can a Company Benefit from Having a Good Vision and Mission Statement?
How can a Company Benefit from Having a Good Vision and Mission Statement?
Any organization needs to develop a vision and mission statement. This is because it acts as a guide to strategy development and business planning. A mission statement describes the goals and values of your company while the vision statement describes the desired future position you are working towards. In this post, I will dive deeper into the benefits of a well-constructed vision and mission statement.
Provide a Direction for the Company
Clear vision and mission statements help to guide the actions and thinking of employees. Employees ask themselves whether their actions will set the organization towards achieving its vision. Whether they agree with the mission. The mission statement acts as a guide to everyone as to where the company wants to head. Employees can easily substantiate their actions and thoughts and not worry about whether what they are doing is right or wrong.
Hiring the Right Personnel
In today’s society, Millennials are motivated to work by more than just money. The goals and values promoted by your mission statement will determine their interest in working for you. During the interview, you should ask yourself, “Will this candidate contribute towards the achievement of the company’s goals?”
By doing this you will ensure that you hire an employee with the right qualifications and who is the best fit for your company. Having employees who believe in your mission and whose goals resonate with will make them feel part of the bigger picture. Motivated employees are more likely to remain with the company.
Creating Meaning and Purpose
What motivates you to go to the same job every day? A source of livelihood, a sense of belonging, or maybe you just love your job. Different factors will determine the amount of effort and dedication that an employee will put in. The vision and mission need to be inspiring.
They should go beyond achieving the company’s goals to evoke the emotions of the employees. Inspiration towards a particular goal centers on one’s actions and thoughts. With focus and inspiration, an employee is more inclined to contribute towards the achievement of a company’s goals and mission.
Serve as a Unifying Force
When the team understands and believes in the vision statement of the company, they can go beyond personal conflicts and work together. Vision and mission statements create a sense of belonging and unity towards a company’s purpose. The personnel, customers, suppliers, and other stakeholders all feel part of something special and more. Customers know why they buy the company’s products. Supplier collaboration is created and employee loyalty grows.
Provide a Strong Foundation for the Company
The vision and mission statements are an integral part of the survival of the company. Changes are expected to occur and having a stable framework ensures the company’s strength and direction do not falter. Every business owner has a different way in which they manage their team. Referring to your vision ensures you don’t compromise your principles by preserving your corporate values and remaining loyal to your clients.
Welcoming Organizational Restructuring
A lot of people are opposed to change due to uncertainty and insecurity. The employees need to be briefed on the reasons for the change and how its benefits the mission. The team members will be more accommodating to change.
Basis for Evaluation
When managing a business, you need to ask yourself where your business will be in two years, five years, and even more years to come. Knowing this gives one a sense of direction and purpose. The clarity in your mission will create precision in the activities at all levels of the company. You will gauge what you are doing now to take you to where you desire to be in the coming years. Employees will evaluate their performance and know what needs to be improved.
Resolve Conflicting Perspectives among the Managers
As humans, we perceive and respond to situations differently. With this in mind, you will expect the managers to have different opinions on the direction the company should follow and the strategies to be employed. With this in mind, how will you ensure that decisions are made on time? The answer is providing a mission statement that will provide a point to work with removing delays and disagreements. As the business environment changes over time, different decisions need to be made. However, whether it will be strategic or operational, it should assist the company in achieving its mission.
Creation of a legacy
When you hear the word legacy, what is the first thing that you picture? Maybe it is the image of a business leader like Bill Gates. Or perhaps a great athlete like Serena Williams. You will note that they are from different fields but one thing sets them among the greats in our society, and that is their dream-their vision.
In the creation of a legacy, a clear vision is paramount. Investing in your vision and being dedicated to the core values instills commitment and loyalty among the employees. As a business owner, you should ensure that the vision will outlive you whether you leave or if the company is sold.
Prioritization of Resources
Limitation or scarcity of resources is one of the most basic problems affecting many organizations, especially at the start-up phase. For big companies like Amazon or Facebook, recapitalization is fairly easier compared to a small company. However, this may not be part of your initial vision. By referring to your vision and mission statement, you will prioritize your resources towards the achievement of your goal and vision. Prioritization also raises the chances of success of a company by creating focus and alignment of the personnel with its goals, and an achievement mindset.
In conclusion, having a vision and mission statement are two of the most important requirements for the success of any organization. As a business grows it experiences changes internally and also in an external business environment. It can change its practices and adapt its product to these changes but the core vision and values should not change.
Good Vision and Mission Statement
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Good Vision and Mission Statement
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Good Vision and Mission Statement
Good Vision and Mission Statement
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Good Vision and Mission Statement
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