How do you develop a mission statement?

The HBR study found that companies that explicitly focus on culture and values had a four-times increase in revenue over a 11-year period compared to companies that did not. So, don't take values lightly! Defining authentic values and adhering to them equates to better financial results. This is compelling because it shifts the perspective on corporate values from being "nice-to-have" or purely cosmetic features to essential strategic elements that can drive success. In a business landscape where competition is fierce, the unique culture and values of a company can serve as a sustainable competitive advantage.

💡 How do you develop a mission statement? Before you begin developing a mission statement (what you do) and start defining your core values (what's important to your company), you need to start with your PURPOSE. You need to start with WHY?! Why does your company exist? (And the answer is not to make money). Every for profit company should be aiming to generate revenue. Read the book "Start with Why" by Simon Sinek and dive into the "Golden Circle". Here is an example ... Apple's purpose is to create the best user experience. It's not to make iPhones with 16 GBs of RAM. What's your company's purpose? Start with WHY? 👍 If you find this valuable #strategy #mission #values

Consider using your company's origin story as a guiding narrative. Often, the initial problem you set out to solve or the change you wanted to bring to the world can offer genuine insights into your core values. Review old communications or interview founders and initial employees to unearth these gems.

When we speak of a ‘target’, it shouldn’t merely be an abstract entity but a reflection of real faces, dreams, and stories. A successful mission is not just about serving but about creating meaningful connections and nurturing relationships.

Don't just think of your target market as external customers; remember that employees are your internal customers. If your mission statement doesn't resonate with your team, it won't translate well to the outside world. Therefore, consider internal interviews or surveys to ensure your mission aligns with what motivates your staff and customers.

Contemplate the emotions you want your customers to feel when interacting with your brand. Value isn't just in features or tangible benefits; emotional connections drive customer loyalty. For instance, does your product/service bring peace of mind, excitement, or a sense of belonging? Incorporate this emotional quotient into your value proposition.

Look beyond business. Seek inspiration from societal, environmental, or global challenges. How does your business fit into the larger picture? There may be a broader societal goal that aligns with your vision, such as sustainable practices or community empowerment.

A mission statement is part of the organization's strategic intent. A perfect mission statement should clearly answer the following questions: - Why does the organization exist? - What does the organization want to do? - For who? A Good Mission statement should be . Short and memorable • Simple - language • Operative • Tells what to do and what you don't do To avoid confusing the Mission with the Vision, here are the key differences: 1- Mission Purpose: To inform Time: Present Meaning: Your objectives and approach to reaching them Term: Short term Shows: Where we are and what we do now 2- Vision Purpose: To inspire Time: Future Meaning: Organization's aspiration for the future Term: Long term Shows: Where we want to be in the future

To ensure that your mission statement is not just a collection of good-sounding words, put it through a "reality check." For each phrase or commitment you include, ask if you could prove it if challenged. Could you confirm that your company lives by its values or delivers its value proposition? This factual grounding can add a layer of credibility to your mission statement.

While the process outlined provides a comprehensive approach to crafting a mission statement, a mission statement isn’t static; it evolves as the organization grows, markets shift, and societal values change. Revisiting and refining your mission statement ensures it remains relevant and resonant. Moreover, you can involve your team in this evolution; collective ownership ensures deeper alignment and commitment. A mission that grows with time remains timeless.

A mission statement is essentially a statement on why the business exists. It should strive to inform, inspire and provide a clarity of company's purpose to all its stakeholders in as simple and few words as possible. Stating it in a single line is the best. Whom do you serve, what do you change and what differentiates your approach could be key elements.

Developing a mission statement is as critical as the final product. Engaging with your team during its formation can foster a sense of ownership and alignment. Reflect on the journey of creating it, and consider documenting this process. It might be a valuable internal tool to onboard new team members or reorient existing ones to the company's purpose.