“Entrepreneurs don’t ask for permission. They act per a mission.” – Ryan Lilly.
As a business owner, having an effective mission statement is essential for shaping your company’s 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 company’s purpose and direction to employees, customers, and other stakeholders.
What is a Mission Statement?
A Mission statement is vital for an organization because it defines the business’s 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. What’s more, the mission statement aligns managers, employees, and stakeholders with the organization.
Considerations When Crafting Your Mission Statement
The Mission statement communicates three important messages. First, it describes the purpose of the organization to stakeholders. Second, it outlines a company’s strategic focus, and Finally, it outlines (measurable) goals to gauge the success of the organization’s strategy.
When writing your mission statement, consider the following points and questions:
- Keep it short, and specific
- Don’t think long-term
- What is your business’s purpose?
- How do you accomplish the aim?
- Who does the company serve?
- Don’t be afraid to update it.
Examples of Mission Statements
Costco’s Mission Statement
Costco is a global membership warehouse retail outlet dedicated to bringing its members the best possible prices on quality brand-name merchandise.
“(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.”
What: Costco’s purpose is to provide quality goods & Services
How: Through its retail outlets
Who: Costco members
IKEA’s Mission Statement
IKEA is a global home furnishings retailer and one of the world’s largest furniture outlets. The company specializes in low-priced goods, “flat-packed” for home assembly.
“Our 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.”
What: Ikea’s purpose is to offer well-designed home furnishing products
How: At low prices through its retail outlets
Who: To as many people as possible
AT&T’s Mission Statement
AT&T 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.
“Our 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&T’s services and operations.”
What: AT&T’s purpose is to exploit technology
How: By implementing next-generation technologies, and network advancements
Who: For the benefit of its customers and AT&T
Best Buy’s Mission Statement
Best Buy 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.
“At 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 customers’ everyday needs, whether they come to us online, visit our stores, or invite us into their homes.”
What: Enrich people’s lives through technology
How: By leveraging the company’s tech expertise
Who: For online customers, in-store shoppers, home delivery and installation
The Home Depot’s Mission Statement
The Home Depot is the world’s 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.
“The 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.”
What: Home Improvement products and services
How: At Home Depot Locations
Updating the company’s mission statement
As technology, demographics, and the marketplace evolve, so must organizations. Accordingly, when a company’s 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.
“It is estimated that 64% of consumers find brands much more attractive if they actively communicate their purpose. That’s why a mission statement is so crucial.” – Accenture.
A company’s 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 company’s vision. Keep these tips in mind when crafting your business’s mission statement, and you’ll be well on your way to defining success for your business.
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