A mission, vision and value statement: the holy trinity of any business. Every company needs them, but creating them can seem like a daunting task, especially if you're a newbie to your industry.
Take a look at our little guide below, which explains the difference between a mission, vision and value statement and tips on how you can create your own..
What is a Mission Statement?
According to Investopedia, "A mission statement is used by a company to explain, in simple and concise terms, its purpose(s) for being."
Your Mission statement should focus on the "what, why and how" of your company’s aims. A mission statement is fundamental in outlining your purpose to both your audience and workforce.
To inspire and nurture the human spirit - one person, one cup, and one neighbourhood at a time.
What is a Vision Statement?
While your mission statement describes what you currently do, a vision statement expresses your aims for the longer term.
For example, your company may currently sell Ice Cream locally, but your future goal is to sell Ice Cream globally. Therefore, these future plans should be expressed in your vision statement.
Example: Teach for America
One day, all children in this nation will have the opportunity to attain an excellent education.
What is a Value Statement?
Your company values are the glue that holds your team together. They are a set of shared beliefs that allow your workforce to gel as one and work towards a common goal.
Dreams & Curiosity
Pioneer the future with dreams and curiosity.
Pursue the creation of the very best by harnessing diversity and varying viewpoints.
Integrity and sincerity
Earn the trust for the Sony brand through ethical and responsible conduct.
Fulfil our stakeholder responsibilities through disciplined business practices.
1 - Creating a Mission Statement
A mission statement should focus on the "what, why and how" of your business. This makes your motive easily identifiable for your team and audience.
The most straightforward formula to follow is:
What does your company do?
Why does your company do it?
How does your company do it?
By stringing these three points together in a creative and compelling sentence, like Starbucks (see above), you're well on your way to creating a successful mission statement.
Big Commerce's blog How to write a powerful mission statement that resonates has some great tips for startups creating their mission statement.
2 - Creating a Vision Statement
Much like a mission statement, a vision statement can be simplified into three questions. However, these questions focus on the future rather than the present.
What will the culture of your business look like?
What meaningful impact does your brand want to have?
How will your brand interact with customers?
By weaving these three factors together into a concise sentence (or two), you've created a successful vision statement.
This blog by Business News Daily includes lots of detailed tips on how to create a Vision Statement.
3 - Creating a Value Statement
Your core values do not have to be overly exhaustive. Instead, a simple list of values that align with your company's overall persona is sufficient.
A great way to find your core values is to investigate your target audience. Find out what they want or need from you, and allow your values to reflect how you will help them.
PS - Our blog How To Create a Video Marketing Strategy: 5 Steps To Success has a good section on finding your target audience.
Take a look below at Netflix's core values. You can see how they perfectly align with their brand and what their target audience is looking for.
Netflix Core Values: Judgment, Communication, Curiosity, Courage, Passion, Selflessness, Innovation, Inclusion, Integrity, Impact.
For more information on how to create your core values, check out this blog by Hotjar.