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Vision and Mission Statement in Business

Table of Contents

Introduction
Importance of Mission and Vision
Conclusion
References

Introduction

In modern conditions, the manager must think strategically, evaluate the impact of new technologies, changes in the needs and expectations of customers, efforts and costs necessary to stay ahead of competitors. Many external and internal factors that should be considered when planning the future. An important role in this is played by the development of the organizations vision and mission.

Importance of Mission and Vision

The mission of the organization provides its functioning with meaning and makes the work of employees more purposeful, enhancing their involvement. Mainly, the mission answers the following question: What, how, and for whom is the company doing? In fact, the mission, in an intelligible way, explains why the organization exists. In turn, vision is a description of the ideal state of the company in the future, a guideline for the company development. Vision promotes motivation throughout the organization, so its formulation should inspire everyone. A companys vision is more than the goals of the company or its leaders, as well as the mission, although the latter is often described in similar terms as the vision (Schreim, 2020). Mission and vision often replace each other, but vision, unlike mission, always sets the vector of movement and consolidates the intentions of the company. Strategic business planning begins namely with the formulation of a vision. The vision provides the company with a guide to action; the experience of leading corporations demonstrates the practical benefits of vision in corporate governance (Schreim, 2020). Based on the companys vision, a business strategy is formed that allocates business resources and fixes long-term and short-term goals.

The model of vision includes two important components: core ideology and envisioned future. A key ideology consists of core values and a key purpose (mission). The imaginary future necessarily includes goals containing a challenge for the company and a clear description of the results of achieving these goals. Vision is not an abstract desire and aspiration it should be built on a real basis and consistent with reality. The development of new products, the introduction of new technologies, and the reorganization of structures favor the refinement of the vision in the company. This leads to clarification of the meaning and raising efficiency of joint work of employees.

Conclusion

Strategic vision and mission represent an integral part of the business. A clear, thoughtful direction of business development allows allocating resources optimally and creating a strategy that ensures the development of the company in the right direction, while a competent mission statement increases the loyalty of consumers and employees.

References

Schreim, S. (2020). Vision, mission, values, aspirations: Do they matter? Business Model Hackers.

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