The Business Vision and Mission

Learning Outcomes

After studying this unit, you should be able to do the following:

➢ Describe the nature and role of vision and mission statements in strategic management

➢ Discuss why the process of developing a mission statement is as important as the resulting document

➢ Identify the components of mission statements

➢ Discuss how clear vision and mission statements can benefit other strategic management activities

➢ Evaluate mission statements of different organisations

➢ Write good vision and mission statements

What Do We Want to Become?

It is especially important for managers and executives in any organization to agree upon the basic vision that the firm strives to achieve in the long term. A vision statement should answer the basic question, “What do we want to become?” A clear vision provides the foundation for developing a comprehensive mission statement. Many organizations have both a vision and mission statement, but the vision statement should be established first and foremost. The vision statement should be short, preferably one sentence, and as many managers as possible should have input into developing the statement.

Several example vision statements:

➢ The Vision of the National Pawnbrokers Association is to have complete and vibrant membership that enjoys a positive public and political image and is the focal organization of all pawn associations. - National Pawnbrokers Association

➢ Our Vision as an independent community financial institution is to achieve superior long-term shareholder value, exercise exemplary corporate citizenship, and create an environment which promotes and rewards employee development and the consistent delivery of quality service to our customers. - First Reliance Bank of Florence, South Carolina

➢ At