The vision, mission andvalues summarize the company's main ideas andmission andare part of the business plan. Thanks to them, you andyour employees will have an imaginary map of the company's journey andeveryone will be clear about where you are heading. Such an overview will make planning easier andhelp you make decisions. Find out how to set your company vision, mission andvalues.
Company vision versus mission: how do they differ andhow to define them?
When worded incorrectly, acompany's vision andmission may seem to express the same idea. In reality, mission andvision are related andtogether provide acomprehensive description of the company.
- A vision statement indicates where your company is headed.
- A mission statement tells you how you want to achieve it.
Ideally, the vision andmission statements should be unique to differentiate you from your competitors andensure your recognition in the marketplace.
The difference between avision anda mission
Vision
- Focuses on the future.
- It defines what your company will look like in the long term andwhat you want to achieve.
Examples:
- Google: "Provide access to information from around the world at the click of abutton."
- LEGO: "A global powerhouse forlearning through play."
- IKEA: "Creating abetter everyday life formany people."
- Bosch: "We want to deliver superior quality andreliability. In short: we want to create technology that is 'Built forLife'."
Mission
- Describes the present.
- Summarizes your company's mission.
- Answers the question of why, what andfor whom you do what you do.
Examples:
- Google: "Our mission is to organize the world's information andmake it universally accessible anduseful."
- LEGO: "To inspire anddevelop the builders of tomorrow."
- Netflix: "To entertain the world."
- Disney: "To entertain, inform andinspire people around the world through the power of unique storytelling that reflects iconic brands, creative thinking andinnovative technology."
How to express the company's vision?
A company's vision represents what you want to achieve with your business. We all want to make the world abetter place, butthat doesn't tell customers andemployees much about you.
Therefore, be asspecific aspossible when formulating your company vision. Focus on what makes your company special, what makes you different from your competitors andwhat you stand for. The easiest way to define your company vision is by using the 5×Why method.
How to define your vision using the 5times why method:
Remember when you were alittle kid andyou weren't satisfied with asimple answer andkept asking, "Why?" That's exactly how the 5times why method works.
Think about how you envision the future of your company andwhat you want to achieve. Foreach point, ask yourself follow-up questions andask why that is. After five "whys" orso, you'll get aclearer picture of your vision. Then reduce the answers into ameaningful sentence andyou're done!
How to formulate acompany mission statement?
A mission statement can be simplistically understood asthe purpose, meaning ormission of acompany. It is not just asummary of what your company does, butdefines the means by which you fulfill your vision. Be concise, precise andpositive even ifyour business is dealing with challenging anddifficult topics. Show that you believe in abetter future.
You can best express your mission by answering the following questions:
- Why do you do what you do? What is the purpose of your company?
- Who are you doing it forand how? How does your business affect andhelp your customers?
- What problems are you solving ortrying to prevent? What outcome can customers expect?
Corporate values asan indicator of direction
Values are what your company believes in andwhat is important to it. They are the principles, ideas andrules that guide the behaviour andactions of the company andall employees. While vision andmission statements tell you where you want to go andhow you want to get there, values show direction andkeep you on track to achieve them.
By accurately defining your values, you simplify decision-making andthe day-to-day work of your subordinates while ensuring that they are aligned with the company's vision andmission.
Think about how you perceive your company andhow you want others to perceive it. What do you value andbase your approach to employees, clients, the environment andother areas? Where are your boundaries that "the train doesn't go"? Again, be asspecific asyou can. Forexample, ifone of your values is courage, don't just stop at the word itself, butexplain what it means to you andyour clients. Take inspiration from the values of the Swedish company IKEA.
How to fulfil the company's vision? Set goals!
It's not fornothing that they say agoal without aplan is just adream. In order to achieve your vision, be clear about your path andset sub-goals. Awell-defined goal will open the way to realization.
Be specific, realistic andbold. Goals should be challenging, butalso take into account your current situation, abilities andopportunities.
For clear andprecise goal setting, we recommend using the SMART method. It consists of 5 principles that say that every goal should be:
- Specific (What does your goal look like? What do you want to achieve?)
- Measurable (How will you know you are on track to meet your goal? How will you measure progress andresults?)
- Acceptable (Is the goal aligned with the company's purpose, strategy, andculture?)
- Realistic (Do you have enough resources - resources, staff, time, information? Is achieving the goal realistic foryou?)
- Time-bound (In what timeframe do you want to achieve your goal?)
Example of awell-defined goal: Increase e-commerce sales by 50% by the end of 2024.
Example of an ill-defined goal: To become the largest e-shop in the market.
Grow your business - we'll take care of the paperwork
Whether you're just thinking about your business fornow, oryou're already focused on growing it, don't waste your valuable time in the offices. We will set up your trade orcompany foryou, provide you with aregistered office, take care of the administration andtake care of the bookkeeping. Leave the paperwork to us andfocus on what is important to you.
Contact information
Write to us andwe’ll get back
to you within 24 hours.
+420 226 224 724
info@jake-james.cz
Follow us:
