The importance of a clearly defined vision, mission and values

Accredited Supplier, Sones Accountancy delves into the fundamental elements that shape a business’s strategic direction in a two-part series focused on vision, mission, and values. These components serve as the cornerstone for an organisation's purpose and guide its trajectory toward long-term success.

Vision, mission and values are three important components of a business’s strategic plan. They guide the organisation in achieving its goals and set the foundation for its overall purpose and direction.  Do you know what the vision, mission and values are for your business? In the first of this two-part series, I will define vision, mission and value statements and in the second part, I will share my statements and encourage you to think about composing yours.

Together, vision, mission and value statements provide a framework for decision-making and guide the actions and behaviours of individuals within the business. They are statements which are easily distinguishable by their objectives.  Let’s look at these components individually:

Vision statements are a clear and inspiring description of what a business hopes to achieve in the future. They outline the long-term goals and aspirations of the business and provide direction for decision-making and strategy development. A vision statement should be concise, memorable, and motivating, and should reflect the business’s purpose and values.

Mission statements define how a business intends to reach its long-term goals. They define the purpose of the business, outline its main objectives and describe the products, services, and/or actions it will take to fulfil its purpose and achieve its vision. A mission statement should be specific, actionable, and aligned with the business's values and vision.

Value statements are considered to be separate from, but linked to, vision and mission statements and refer to the core beliefs and principles that guide the behaviour and decision-making of a business. They represent what the business stands for and are the fundamental beliefs that shape its culture and actions.  Values are often used as a compass to make decisions, shape business culture and build relationships with clients, employees and stakeholders.

When writing your statements, be honest, ambitious and focussed.  Be concise and inspiring and use simple and clear language to avoid confusion. Make the statements memorable for clients and employees to internalise and resonate with. 

It is important to review and revise the vision, mission and value statements regularly to ensure they are still relevant and aligned with the business’s goals and values. As the business evolves, these statements may need to be updated to reflect any changes.

It can take some time and effort to define your vision, mission and value statements and to get them exactly how you want them to be. It is important that you carefully craft them and ensure they accurately reflect the business and where you want it to be.  Businesses that have clear statements are more likely to be successful as everyone will know what the overall goals are, how you intend to achieve them, and what their role is in reaching them.