Mission and Vision Statements

Mission and Vision Statements - strategy, organization, examples, advantages, definition, company, disadvantages, business

5/19/13 2:42 PM

Reference for Business
Encyclopedia of Business, 2nd ed.
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MISSION AND VISION STATEMENTS
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An organizational mission is an organization's reason for existence. It often reflects the values and beliefs of top managers in an organization. A mission statement is the broad definition of the organizational mission. It is sometimes referred to as a creed, purpose, or statement of corporate philosophy and values. A good mission statement inspires employees and provides a focus and direction for setting lower level objectives. It should guide employees in making decisions and establish what the organization does. Mission statements are crucial for organizations to prosper and grow. While studies suggest that they have a positive impact on profitability and can increase shareholder equity, they also support that almost 40 percent of employees do not know or understand their company's mission. Not only large corporations benefit from creating mission statements but small businesses as
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Mission and Vision Statements - strategy, organization, examples, advantages, definition, company, disadvantages, business

5/19/13 2:42 PM

well. Entrepreneurial businesses are driven by vision and high aspirations. Developing a mission statement will help the small business realize their vision. Its primary purpose is to guide the entrepreneur and assist in refining the planning process. By developing a strategic plan that incorporates the mission