Statement Preparation

Vision and Mission statements together should provide the foundation the firm needs to choose and implement one or more strategies.

A mission is different from a vision in that the former is the cause and the latter is the effect; a mission is something to be accomplished whereas a vision is something to be pursued for that accomplishment.

Vision Statements 

Vision is a picture of what the firm wants to be and, in broad terms, what it wants to ultimately achieve.

  1. It should articulate the ideal description of an organisation and gives shape to its intended future.
  2. A vision statements points the firm in a direction of where it would eventually like to be in the years ahead.

Mission or Purpose Statements 

A Mission specifies the business or businesses in which the firm intends to compete and the customers it intends to serve.

  1. It is more concrete than the firm's vision.
  2. It should establish the firm's individuality and should be inspiring and relevant to all stakeholders.
  3. It should communicate a sense of intended direction to the entire organisation.
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