Table of Contents
What is Vision?
The vision statement describes the purpose of the company. It also explains what the company wants to achieve. The vision statement is a rewarding and inspiring process.
It allows them to represent the persuasive and effective characteristics that influence company strategy, goals, and objectives.
The vision statement sets an organisation’s inspirational, idealistic, and emotional future.
- The vision statement serves as the foundation and represents the broader strategic plan of an organisation.
- It helps to motivate existing employees and attract potential employees by categorising company goals and objectives. It also helps by collecting and attracting like-minded people for organisational success.
- It helps focus the company’s efforts to facilitate the creation of core competencies. It also supports directing the company to focus on strategic opportunities, advancing its vision and objectives, and allowing an organisation to evolve, transform, and differentiate from its competitors.
However, the good or bad vision statement consensus only based on characteristics. Some commonly cited traits are mentioned below.
- It is concise and easy to remember and repeat.
- It defines the prime objective or goal of an organisation.
- It also has a specific time horizon and is time bound.
- Vision is future-oriented. It sets the direction of an organisation.
- The vision statement is stable and has a long-term strategic plan.
- It is always challenging.
What is Mission?
The mission statement is a brief and concise explanation of the reason for the existence of an organisation. It also explains a company’s purpose, goals, and overall intention.
It supports the vision and communicates the purpose, perspective, and direction to employees, customers, vendors, stakeholders, etc.
It helps to express the overall goal and objective of the operations of a company. It also explains what kind of product or service it provides. Its customers or market and geographical region of operation.
The mission statement may include the short fundamental matters, the organisation’s values or philosophies, and the main competitive advantages or desired future state of the vision.
It is not only the simple description of an organisation by an external party, but it is the expression of an organisation’s leader, which shows its desires, aims, and purposes.
A mission statement also creates a sense of identity and security for employees. An organisation’s mission does typically not change with time until its continuous ongoing focus, purpose, and goals.
Difference Between Vision and Mission
The vision statement explains the hopes and aims of an organisation. It also explains why the organisation is working and what and how it achieves its aim and goals.
On the other hand, the mission statement of an organisation defines the overall purpose of the organisation. It tells about what the organisation is currently doing and wants to achieve in the next one to three years.
The vision statement provides guidance and inspiration to employees. It is future-oriented and time-bound that sets the direction of an organisation.
Conversely, the mission statement explains what you do and how you do it. What benefits will it provide? It focuses on the company ‘s purpose, goals, and overall intention.
Comparison Between Vision and Mission
|Parameter of Comparison||Vision Statement||Mission Statement|
|Definition||The vision statement sets the company’s future direction and where it wants to be.||The company’s mission statement decides how and where they want to be in the future.|
|Reason||It tells about the aim and objective.||It answers what and how to do and how to be different from the rest.|
|Time||It is time-bound and futuristic.||It is not time bound and tells the present leading to the future.|
|Function||It provides direction and inspiration for working in an organisation.||It sets the company’s broad goals, and its prime internal function defines the critical measures of organisational success.|
|Change||It is primarily unchangeable as it sets the foundation of the company.||It is changeable according to the situation and company needs.|
- Lipton, Mark (Summer 1996). “Demystifying the Development of an Organizational Vision” (PDF download). Sloan Management Review. 37 (4): 83. Retrieved 2019-11-25.