Why should you have a mission statement for your company?
The opportunities in today’s market space are endless and lucrative, and if you have a fork big enough to take the right risks, then nobody can stop you from taking a bite of this cake. The basic survival of any enterprise lies in its foundation, and a strong, well thought out mission statement is the perfect support system for you to build your empire on. Why do you need a mission statement? Well, helping you understand it is our mission today.
It introduces your company to the world
Now ideally, standing on a rooftop and announcing your arrival and business plan might work for some startups, but the easiest way to inform the prospective buyer, seller, employer, employee, and the world in general of your arrival and the purpose of your birth as a company is through your mission statement. For instance, Nike’s mission statement is “To bring inspiration and innovation to every athlete in the world.” It cleverly and very simply talks about the company’s determination and vision.
It gives the company a sense of direction:
A strong mission helps you give a direction to your firm. It helps everyone within the company come together and work towards a common goal and leaves no doubt about where the company, your business, and everyone related to it is headed. Let’s look at Google’s mission statement: “To organise the world's information and make it universally accessible and useful.” This statement explains just how vast the company’s ambition is.
It helps you strategise
As the company grows, it gets caught up in the ever-changing market scenario, and a mission statement helps when you need to strategise and come up with solutions to everyday problems. Every business needs a new strategy every now and then to build sustainability. But strategies must not be created on a whim. Instead of looking at new trends and competitive analysis and trying to copy them, a good company must create the most effective strategies possible to meet their mission and vision. Clarity of mission brings clarity on every other level of the organisation
It helps introduce improvements and change
Change is part of progress, and a company cannot grow if it doesn’t imbibe the new and drop the redundant. A mission acts as a goal and security blanket to visualise the future. With a vision as the foundation, one can alter and introduce new concepts, products, and approaches and do it while staying within the boundaries set for the company.
It helps align everyone with the company
As your company grows, you will require all external entities working with you to understand the basis and core goals of your company. Be it future graphic designers doing your billboard advertisements or marketing executives pitching your products, everyone will need a small reminder of what you want to associate yourself with and what doesn’t even come close to becoming a part of your enterprise. Having this sort of clarity only helps you stay true to the nature and character of your company.
The bottom line is that from the purpose of a company’s existence to the concept of its usefulness to society, a mission statement can summarise it all. So take the time to set down your own mission and choose wisely.