Understanding the Mission Statement
A mission statement essentially defines the basic values of a company. Serving as a moral compass when executing initiatives and objectives, the mission statement provides an opportunity to succinctly explain the company’s purpose for existence.
Every action of the company or employee should adhere to the basic tenants as outlined in the mission statement. As a general rule, the mission statement should explain what the company does, what it intends to accomplish, and who it intends to serve.
Identifying areas of focus such as in target markets, investor returns, geographic service areas and profit and growth expectations can all be effectively addressed through the mission statement.
Mission statements sometimes include not only the company’s immediate goals or defining purpose, but a vision of what the company hopes to become. Together, defining the current culture of the business along with future objectives offers customers, employees and investors a clear picture of the essence of the company.
Like other important aspects of a business, the mission statement requires reflection, abstract thinking and the honest evaluation of the perception of the business by its customers and partners. It is also beneficial to assess the mission statements of competitors as well as other companies that sell to the same client base.