A company’s vision and mission are of supreme importance, with respect to the future growth and success of the business, irrespective of its size, nature, and type. It not just directs the course of business and its workers but also helps in marketing your brand to the customers. A mission statement expounds the entity’s business, its goals and approach to reach the goals. On the other hand, a vision statement is one that tells the desired future position of the entity.
A mission statement is meant to depict the essence of the company. Conversely, a vision statement can also be understood that the snapshot of company’s future, and in fact more than that. It is the inspiration and the foundation for the company’s strategic planning. When talking about strategic intent, one should know the difference between mission statement and vision statement.
Content: Mission Statement Vs Vision Statement
|Basis for Comparison||Mission Statement||Vision Statement|
|Meaning||A statement that describes the company's objectives and its approach to reach those objectives||A short statement that depicts the company's aspiration for the future position of the company.|
|What it is?||Cause||Effect|
|Shows||Where we are at present?||Where we wants to be?|
|Term||Short term||Long term|
|Purpose||To inform||To inspire|
Definition of Mission Statement
A justification statement which signifies the reasons for the existence of the company is known as Mission Statement.
The mission statement is the organizational goals that are to be accomplished. Unlike vision statement, mission statement reflects every aspect of the company, i.e. employees, customers, products or services, technology, quality, position in the market and survival. The mission statement should be drafted in such a way that it answers the questions: What we do? Why we do?, How do we do? And for Whom we do?
The mission statement is the core purpose of the business. The statement represents the company in front of the world. It must be clear and complete as well as it should be such that it makes a reminiscence in everybody’s mind. The statement is mainly developed for shareholders, investors, suppliers, customers, creditors, employees, competitors and partners.
Definition of Vision Statement
A declarative statement that defines the company’s long-term plans for the future is known as Vision Statement.
The vision statement specifies the company’s future goals and values. It does not change with the passage of time i.e. it remains same. The statement must have clarity, concreteness, conciseness, completeness, correctness and courtesy. Someone has rightly said, “A man without eyes is blind, but a man without a vision is dead.” This statement defines that a company without having a vision will not survive for a long time.
A vision statement is helpful for the company to set out specific objectives. As the whole organization works to meet out those objectives in a stipulated time. The statement is mainly developed for the employees so that they understand the actual aim of the company and work to achieve the aim. The planning and strategies are also made in the similar direction by the company.
Key Differences Between Mission Statement and Vision Statement
The following are the major differences between mission statement and vision statement:
- The vision statement discusses the desired position of the company in future. On the contrary mission statement talks about the company’s business, purpose and the approach to pursue them.
- The Vision Statement remains same till the company survives. Conversely, the Mission Statement may change if required by the company.
- The Vision Statement is made to inspire. On the other hand, the Mission Statement is made to inform.
- The Vision Statement shows the company’s future aspirations whereas the Mission Statement explains the company’s core purpose.
- The Vision Statement is shorter than Mission Statement.
- Facebook – “People use Facebook to stay connected with friends and family, to discover what’s going on in the world, and to share and express what matters to them.”
- Google – “to provide access to the world’s information in one click.”
- Facebook – “to give people the power to share and make the world more open and connected.”
- Google – “to organize the world’s information and make it universally accessible and useful.”
From the company’s point of view both the statement are essential for its survival and growth. The Vision and Mission Statement are closely interrelated. The mission is made by the company keeping the vision in mind. Therefore, we can say the vision is the effect, and the mission is its cause. The Mission Statement is a sort of representative one while the Vision Statement is predictive. Both the statements must be clear, complete and correct in all respects as the whole future of the company depends on these two.