Posted on: June 11th, 2019
Often owners of mid-sized companies wonder if it’s really important to have a written mission statement. While it may seem to be just a plaque on the wall with little or no value, a clear mission statement, works as a light in the fog by providing critical directions towards steering the company in the right path. From helping you make better budgeting decisions, and keeping your marketing efforts on point with your audience, to attracting better talent and opening up lines of internal communication, the uses of a mission statement is multifold.
Additionally a mission statement also helps in-:
- Determining the company’s direction
This is by far the most important need of a mission statement. It identifies why the company exists and what drives its success. It further provides the various teams within the organization, a clear indication of the direction and goals of the company.
- Helping shape strategy
The most effective strategies stem from the company’s own mission and vision statements. Planning a strategy, which is in line to your long terms goals will turn out to be more successful than merely copying what your competitor is doing.
- Keeping the focus on the company’s future
While this most often refers to a ‘vision’ statement that usually follows the mission statement, it is a clear mission statement, which will help in framing the short-term and long-term goals. It also helps in eliminating any conflicts that future changes may cause by keeping business partners and all team members on the same page.
- Providing a template for decision making
When it comes to taking important decisions, a mission statement provides the framework upon which decisions will be taken. It provides the boundaries, which your company can use to stay on the path of your preferred future.
- Facilitating evaluation and improvement
Continuous evaluation and improvement is what drives organic growth in a company. A mission statement comes in handy during evaluation by providing a benchmark for measuring growth and fostering the necessary change to improve growth.
- Fostering team spirit
The mission statement forms a strong foundation of alignment for not only the owner of the establishment, but also for the entire team and organization. It is also useful for new hires to get to know what the company does and where the company is going.
To conclude, it is vital that every company has the right vision and mission statements, which can send a positive message through the organization at every level. If crafted correctly, your mission statement can help drive your decisions, motivation and team talents toward goal achievement.