Demystifying the gap between ideas & execution to collapse time & accelerate results.

MIND THE GAP

The mission & vision statements are not as hard as they seem.

A clear brand identity and corporate ethos are crucial in today's business landscape. A well-crafted mission statement is a strategic asset beyond a mere formal declaration. It communicates your business's core purpose, guiding principles, and the value it aims to provide its customers, employees, and stakeholders. A vision statement, on the other hand, outlines your business's long-term aspirations. Together, these two statements encapsulate the essence of your brand's identity and strategic direction.

If you are a shop of 1 or 10,000, having a mission and vision is important to crafting your strategy and delighting your stakeholders.

CLOSE THE GAP

I’ve witnessed organizations and individuals get wrapped around the axle trying to craft the perfect mission or vision statement. Some of the biggest brands in the world have the most straightforward statements.

By the end of this edition, you will understand how to craft a mission and vision statement that inspires your stakeholders.

A mission statement doesn’t necessarily correlate to better financial performance

It’s a long-held belief that having a mission statement leads to better financial performance. A study of peer-reviewed journals by Rice University’s business school found no statistical significance among thousands of companies.

The lack of correlation may be due to the mission statement's ultimately inward focus and intended to reinforce the beliefs of the company's founders.

Learn more about this research here.

Wait! That doesn’t mean you should abandon having a mission statement. A Gallup study shows that 71% of Millennials expect their employer to provide a sense of purpose for their jobs. Organizations with a strong sense of purpose and a clearly communicated mission tend to have lower turnover rates. A study published in the Journal of Business Ethics found that a strong corporate mission can significantly affect employee retention, particularly when employees identify with the company's values.