Difference between mission and vision statement
There are two ways that organisations design their goals and objectives: mission and vision statements. These two statements are very different in nature but often confused and misinterpreted, which leads to false assumptions. While a mission statement describes what a company wants to do in the present, a vision statement outlines what a company’s aspirations are for the future.
In essence, mission statement concentrates on the present; it defines the target market, critical processes and specifies KPIs.
In return, as mentioned, vision statement focuses on the future – it is a source of inspiration and motivation. Often it describes not just the future of the organization but the future of the industry the company operates in, outlining future trends, opportunities and threats.
To summarise it and make show the contrast between the two:
How and Where
- Mission statement defines HOW you will get to where you want to be. It includes the purpose and primary objectives related to your customer needs and team values.
- Vision statement, however, focuses on WHERE – where you want to be. It communicates both the purpose and values of your business.
They answer different questions
- Mission statement should answer the question, “What do we do? What makes us different from the rest of the competition?”
- Vision statement, in turn, answers the question, “Where do we aim to be as an organization?”
Setting the goals and objectives
- Mission statement deals with internal ideology – it lists broad objectives and goals, helps to determine the main mission the organization is trying to pursue. It defines what the organization is trying to deliver to its target market, who target market is and what the stakeholders should anticipate when partnering up with the company.
- Vision statement is supposed to draw out a vision of where you see yourself, as an organization, in the short-medium-long term future. It is designed to provide you and your staff motivation and a sense of purpose, a clear idea of what you are trying to achieve and what you are working towards.
It is important to have clarity about what your organization stands for and what greater purpose you are working towards, apart from the typical objectives of prosperity and growth – not just for you, but for everyone involved, including your staff, your customers and your partners. By having these two statements by your side, both your present and your future will be much more well-planned and successful.