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Business Vision, Mission and Values – Why are they so important?

Business Doctors

02-03-21
Pointing towards centre - Business vision mission and values

Imagine driving into work each day, full of purpose and conviction. You know where your business is going (vision), you have a plan to get there (mission) and the standards (values) on how to operate your business.

What a great place to be!

Unfortunately, not every business owner has this satisfaction.

When I have an initial Coaching & Mentoring meeting with a business owner, I ask imagine we are having this conversation in +3 years, tell me what you have built and how you achieved it? Most business owners can answer this with some semblance of vision, but when I go on to ask have you clearly and eloquently established this informal vision & mission statements they say no. Some business owners have most of this in their business plan, if they have one, some do not.

The understanding of how important a clear vision, mission & values are in a business is grossly underestimated.

Business owners, plus their stakeholders, can be genuinely inspired if their business has a compelling vision and a clear, worthwhile mission. These statements can be highly motivating when they are expressed clearly and with intent. Especially when you communicate them effectively to everyone in the business. They also express the business’s purpose to customers, suppliers, and the media, on whom it can have the same effect as well. These statements are the words leaders use to explain an organization’s purpose and direction. When expressed clearly and concisely, they can motivate your team. or the business as a whole. With an inspiring vision of the future.

What do they mean?

Mission statements

They define the business purpose and primary objectives. These statements are in the present tense, and they explain why you exist as a business, both to members of the business and to people outside it. Mission statements tend to be short, clear, and powerful.

Vision statements

They define your business purpose, focus on its goals and future aspirations, and should be uplifting and inspiring. They’re also timeless: even if the business changes its strategy, the vision will often stay the same.

Values

They underpin the vision and mission and are the core beliefs or DNA of the business. The standards of how the business owner wants to operate the business. Whether it is how to treat customers and other employees, what they strive for, and how employees want to feel when they work there. The importance of business values is seen in a number of different ways. They help guide decision making They inform customers about what the business stands for, and what they can expect as a customer. And as a business, they are valuable for recruiting and retention. Everyone in the business needs to understand your values. Don’t become preoccupied with trying to sound like the next Shakespeare and create values from the heart. Use strong concrete language to make it clear what your values mean and how they represent your business.

Therefore the importance of vision, mission, and values so vital in your business. They become the very foundations upon which an owner will build a solid, sustainable, and growing business.

  • Use them to get the most from your employees, they will be as enthused as you if you have direction and a route. This is Alignment – everybody pulling in the same direction.
  • Communicate them to your stakeholders
  • Use the vision to become the lens to determine decisions, operations, and customer experiences. When your people see first-hand how purpose and vision translate to decisions, actions, and customer experience, they become true believers.
  • Review the mission regularly as to whether you are on track or not then take actions to get back on course if needed. Implement measures to track progress.
  • Be a leader and excel at your values, this will give you the right behaviours and set the culture and standards of your business.

If you would like more information about the business support Business Doctors offer, get in touch. Or you can find your local Business Doctor here.