Mission Statements

What is an Mission Statement?

• The overriding purpose of the business

• The reason for its existence

• A strategic perspective

• Supports the stated ‘vision’ for the future

What is a mission statement not supposed to be?

• Statement of goals or objectives

• Statement of core values

• A statement of how the business intends to compete or position itself in the market

What is the hierarchy of objectives?

1. Aim

2. Mission

3. Corporate objectives

4. Functional objectives

5. Business Unit/ Individual Targets

What are the key audiences for a mission statement?

• Employees

• Customers

• Society

• Investors

What makes a good mission statement?

• A clear sense of business purpose

• Excites, inspires, motivates and guides

• Easy to understand and remember

• Differentiates business from competitors

• For all stakeholders- not just shareholders and managers

What are common criticisms of mission statement?

• Not always supported by actions of the business

• Often too vague and general

• Often merely statements of the obvious

• Are they just PR?

• Sometimes regarded cynically by staff

• To be effective, everyone in the business has to ‘buy-in’