Episode 10 – Vision and Mission Statement
Welcome back to SHEcorporated ONE STEP Empire podcast!
Last week we worked on part TWO of your brand identity, and walked through choosing your colors and your typeface. Now you should have a fully designed logo, with a variety of file types for various uses, three or four typefaces to use, and the colors chosen to represent your brand.
This week we are going to identify the North Star for your company to follow over the next few years, by defining your Mission Statement and Vision Statement.
What’s the difference between a mission statement and a vision statement?
A MISSION statement describes who your company is, why it exists and who it serves.
A VISION statement describes what your business will look like in three, five, or even ten years.
They should both be clear and concise and inspiring, and no more than one or two sentences long.
Here's an example of each:
Mission statement
"Our mission is to help new and aspiring female entrepreneurs achieve success in their business, and create autonomy and more freedom in their lives."
Vision Statement:
"Our vision is to become the top resource for women in business in North America, with over 1,000,000 members."
So how do you write them for your business?
The Vision Statement is created from the Mission Statement, so let’s start with the Mission Statement.
A mission statement simply explains your company’s purpose.
A simple formula to follow in creating your mission statement is to state
What do we do?
How do we do it?
Who do we do it for?
Why do we do it?
Some example missions;
“Walgreens’ mission is to be America’s most-loved pharmacy-led health, well-being, and beauty retailer. Its purpose is to champion everyone’s right to be happy and healthy.”
Starbucks mission is: “To inspire and nurture the human spirit – one person, one cup, and one neighborhood at a time.”
“The mission of Southwest Airlines is dedication to the highest quality of customer service delivered with a sense of warmth, friendliness, individual pride, and company spirit.”
Tips for Creating an Effective Mission Statement
1. Keep it short and concise.
2. Think long term
3. Don't make it too limiting
4. Change and update it as needed
Once you are clear on your mission, you can craft your vision statement to describe what your company will achieves and it’s goals in the next three to five years.
A vision statement gives you direction, inspiration and a long-term view beyond the day to day.
Every business should have a vision statement, and it's important to share it with the whole team, so everyone is headed in the same direction.
Some sample vision statements:
Walmart
Their vision is “To become the worldwide leader of all retailing.”
Procter and Gamble:
Their vision is "Be, and be recognized as, the best consumer products and services company in the world."
Pfizer
Their vision is “To be the world's most valued company to patients, customers, colleagues, investors, business partners, and the communities where we work and live.”
Starbucks
Their vision is “To establish Starbucks as the most recognized and respected brand in the world.”
Tips for crafting your vision statement
1. Project five or ten years into the future
2. Use clear language and no generalities
3. Focus on success and make it inspirational
4. Align it with your mission statement, values and company goals
Once you’ve got them written – where do you use them? First of all you want to record them in your Brand Identity Kit that you laid out last week.
The mission statement is your statement to the world about what your company stands for, and can be used on your website, in your office, on marketing materials and anywhere you see fit.
Generally, the vision statement is not shared outside the company like a mission statement would be, especially if it would give information to competitors about your companies strategies and future plans.
But they are both important is really getting clear on what your company stands for and hopes to achieve and communicating that with your staff, customers and community.
So that’s your one step for this week. Get your notebook ready, get clear on your goals and vison for your business, and get working on your Mission and Vision statements.
Next week we are going to talk business plans and get yours out of your head on onto paper. Don’t be scared – your business plan can be as little as one page but it’s really important to get the basics laid out, and we’re going to help you do that.
So hit us up @shecorporated on social and we’ll see you back here next week.