A mission statement should reflect an organization's core values and vision. These statements tell investors, customers, employees and vendors what a company believes in. Managers look to a vision statement to establish a direction for leadership. The vision statement sets the tone for the corporate culture, whereas a mission statement builds on the vision statement and ties into the company's strategic plans.
A vision statement communicates a company's goals at the highest level. It should be aspirational and inspirational — a vision that the company hopes to achieve someday, and one that motivates employees at all levels of the organization. A vision statement does not need to elucidate a measurable goal. It can be a general statement, such as "our vision is to make consumers' lives better with our products" or "our vision is to provide the best support services available."
A company's mission statement is more specific than a vision statement. While the audience for a vision statement extends 360 degrees around the company, the audience for a mission statement is the company's customers. For example, a computer chip manufacturer combines its vision statement with its mission statement. The chip maker's corporate vision is to please its customers, employees and shareholders. Its mission is to deliver platform and technology enhancements that become essential to everyday life.
The process of coming up with a vision statement and a mission statement can be creative and fun. It requires some introspection on the part of the business owner. Why did the owner decide to start his small business? Was it to meet a need that no other business was fulfilling, or to improve on what others are already doing? Brainstorming sessions with colleagues who understand the motivating factors behind the business may produce an abundance of ideas for strategic statements.
The vision of a mission statement should endure over time, but business leaders should review vision and mission statements periodically to ensure that they still reflect the core business of the company. For example, a company whose mission statement involves cornering the market in hard-wired computer networks may wish to adopt a statement that addresses networking hardware in general, so that the statement encompasses technological developments in wireless networking. However, the vision of an ideal mission statement is one that will seem as fresh in 10 years as it did on the day the company adopted it.