โEntrepreneurs donโt ask for permission. They act per a mission.โ โย Ryan Lilly.
As a business owner, having an effective mission statement is essential for shaping your companyโs focus and direction. A mission statement can serve as both motivation for you and guidance for your team; it should succinctly capture where the organization wants to go and help inform decisions moving forward. This blog provides tips on how to write a concise mission statement that communicates your companyโs purpose and direction to employees, customers, and other stakeholders.
What is a Mission Statement?
Aย Mission statementย is vital for an organization because it defines the businessโs purpose, brand, products, services, and customers. It provides a concise statement about what the organization does, how it does, and who it does it for. Whatโs more, the mission statement aligns managers, employees, and stakeholders with the organization.
Considerations When Crafting Your Mission Statement
Theย Mission statementย communicates three important messages. First, it describes the purpose of the organization to stakeholders. Second, it outlines a companyโs strategic focus, and Finally, it outlines (measurable) goals to gauge the success of the organizationโs strategy.
When writing your mission statement, consider the following points and questions:ย
-
- Keep it short, and specific
- Donโt think long-term
- What is your businessโs purpose?
- How do you accomplish the aim?
- Who does the company serve?
- Donโt be afraid to update it.
Examples of Mission Statements
Costcoโs Mission Statement
Costcoย is a global membership warehouse retail outlet dedicated to bringing its members the best possible prices on quality brand-name merchandise.
โ(Our mission) Here at Costco, we have a very straightforward but important mission: to continually provide our members with quality goods and services at the lowest possible prices.โ
What:ย Costcoโs purpose is to provide quality goods & Services
How:ย Through its retail outlets
Who:ย Costco members
IKEAโs Mission Statement
IKEAย is a global home furnishings retailer and one of the worldโs largest furniture outlets. The company specializes in low-priced goods, โflat-packedโ for home assembly.
โOur mission as a business is to offer a wide range of well-designed, functional home furnishing products at prices so low that as many people as possible will be able to afford them.โ
What:ย Ikeaโs purpose is to offer well-designed home furnishing products
How: At low prices through its retail outlets
Who:ย To as many people as possible
AT&Tโs Mission Statement
AT&Tย is an American telecommunications, media, and technology service provider. The company offers wireless communications, data/broadband and internet services, local and long-distance telephone services, telecommunications equipment, managed networking, and other services.
โOur mission is to exploit technical innovations for the benefit of AT&T and its customers by implementing next-generation technologies and network advancements in AT&Tโs services and operations.โ
What:ย AT&Tโs purpose is to exploit technology
How:ย By implementing next-generation technologies, and network advancements
Who:ย For the benefit of its customers and AT&T
Best Buyโs Mission Statement
Best Buyย is a consumer electronics retail outlet that operates throughout North America. The retailer operates brick-and-mortar locations, installation services, and an online store that sells a wide range of consumer electronics and home appliances.
โAt Best Buy, our purpose is to enrich lives through technology. We do that by leveraging our unique combination of tech expertise and human touch to meet our customersโ everyday needs, whether they come to us online, visit our stores, or invite us into their homes.โ
What:ย Enrich peopleโs lives through technology
How:ย By leveraging the companyโs tech expertise
Who:ย For online customers, in-store shoppers, home delivery and installation
The Home Depotโs Mission Statement
The Home Depotย is the worldโs largest home improvement retailer, based in North America. The company offers retail, installation, and an e-commerce business that sells products for DIY customers and contractors.
โThe Home Depot (mission) is in the home improvement business, and our goal is to provide the highest level of service, the broadest selection of products, and the most competitive prices.โ
What:ย Home Improvement products and services
How:ย At Home Depot Locations
Who:ย Homeowners
Updating the companyโs mission statement
As technology, demographics, and the marketplace evolve, so must organizations. Accordingly, when a companyโs mission statement no longer describes what the business does, it needs to change to reflect the new direction and purpose. As a rule, the mission statement should be updated every two to three years in consultation with your team and stakeholders to ensure alignment.
โIt is estimated that 64% of consumers find brands much more attractive if they actively communicate their purpose. Thatโs why a mission statement is so crucial.โ โย Accenture.
A companyโs success depends on having a clear purpose. A mission statement supports a companys operations by ensuring that everyone involved in the business understands what it aims to achieve and why. By providing employees, customers, suppliers, investors, and other stakeholders with a sense of identity and purpose, the statement helps them make meaningful progress toward the companyโs vision. Keep these tips in mind when crafting your businessโs mission statement, and youโll be well on your way to defining success for your business.
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