Mission, Vision, and Values: What They Are and How They Affect Your Small Business

Your company’s mission, vision and values are like Neapolitan ice cream; each section needs to be given equal attention to complement one another and make the perfect trio. These three elements are the foundation of any business’ strategic plan and each of them requires a written statement. But what do these three elements really mean? Keep reading as we define each term and what you need to include in their statements. 

What is a mission statement? 

A mission statement explains an organization’s reason for existence and outlines its purpose, intention and overall goals. Your mission statement supports the company’s vision and communicates its purpose to employees, customers, vendors and stakeholders. Simply put, the mission statement describes who the company is and what they do. 

What is a vision statement? 

A vision statement describes the ideal state that your company wishes to achieve. It is inspirational and aspirational and should challenge your employees to do their best. The vision statement should outline what problem your company is seeking to solve and where you would like your progress to be in the future. 

What is a value statement? 

A value statement outlines a list of core principles that guide and direct a company and its culture. At its core, the value statement acts as a moral compass for your company and employees. Aspects to consider in this section are what values should guide the operation of the company and what values employees should honour and uphold.

Organizing these three elements is crucial to the success of your company and ensures that your business stays on track with its purpose and values. It is also important to have your mission, vision and values available to your employees and stakeholders to remind them why investing their time into your business is important and valued.

If you are lost on how to define these elements, there are teams of professionals who can help you determine the best way to proceed. Here at STEPS, we specialize in helping small businesses with their mission, vision and values. Our services are only one click away and you can reach out to us on our contacts page to start getting expert advice on how to create the perfect groundwork for your company.