Mission Statements
What is it?
The overriding purpose of the business
The reason for its existence
A strategic perspective
Supports the stated ‘vision’ for the future
What is not meant 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
Hierarchy of objectives:
Aim
Mission
Corporate objectives
Functional objectives
Business Unit/ Individual Targets
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
Common criticisms of mission statements:
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’