Integrating Mission, Vision, and Ethics in Organizations
Integrating Mission, Vision, and Ethics in Organizations
A startup company faces numerous
... [Show More] challenges as expected with starting a new venture.
Today, new startups are up against innovative competitors in a fast pace market selling
the same products and services. Many companies must find a niche market to stay in
business. For a new company, leaders need to develop a set of principles to move the
organization forward. Through collaboration, transparency, and strategic planning a
company is able to maximize profits and exceed customer expectations. New and
existing organizations are unable to stay in business without the key principles.
Furthermore, to sustain business challenges, maintain employee engagement, and build
long-term business relationships, a company need to communicate the principles through
the mission and vision statement.
What Are Mission and Vision Statements?
A mission statement defines a company's core purpose and objectives. It
describes what a company will do today, what market it will serve, and why it exists.
A vision statement steers a company's direction towards the future. It's what a
company is trying to achieve and provide stakeholders an image of the company's long
term goals.
What Purpose Do Mission and Vision Statements Serve?
A number of studies show that having a vision, and a mission affects a firm’s most
aspects of organizational performance. Business Week reports that firms with wellcrafted
mission statements have a 30% higher return on certain financial measures than
firms that lack such documents (David and David, 2003).
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Integrating Mission, Vision, and Ethics in Organizations
Mission and vision statement aid company leaders to:
Aspire stakeholders to adopt the organization objectives, principles, and values.
Regularly communicate the company's goals, performance, successes, and
failures.
Link KPI metrics to the company's vision to maximize profits.
In fact, a mission and vision statement distinct elements are a must-have to differentiate a
company from other companies in the global market.
Key Elements of the Mission and Vision Statement
The mission and vision statement is important for the company's current and future state
and it should include the following: [Show Less]