Vision and mission statements are very important in setting the organizational culture and leadership values in any organization. The organizational aspirations are valued by the vision statements whereas the mission statements put the vision in the context of the business environment and push the organization to execute for the achievement of that vision. In simple words, “a vision is what the company aspires to BE, and mission is what the company is in the business to DO”.
The vision and mission statements in any organization ensure that everyone is working towards common goals and objectives. These two statements pave the way and generate a roadmap for defining & aligning with the strategic objectives and goals in any organization. They, in general, define the purpose of existence for the company and also act as guidelines for general decision making within the organization.
The vision of any organization is generally a futuristic one and shows where the company wants to be and what it wants to achieve. The mission shows the path to achieve that vision and is generally embedded into what the organization is doing right now and how it joins the present and the future to align with the vision. Many organizations use these statements interchangeably without understanding the subtle difference in both.
Vision sets strategic objectives and goals. The mission allows one to steer the organization towards obtaining those strategic objectives and goals and associated decision making in any aspect. A correct understanding of these two invariably helps the organization to align and gravitate towards a common point, increasing efficiency and productivity, and reducing unnecessary deviations in the execution of the strategy.
According to Harris (2007), “Identity encourages employees to interpret corporate identity and apply it to their unique situation and skill set. Guiding principles serve as a platform to nurture desired behaviors in the organization. Together, these two tools better prepare staff to respond to customers”. The customers in context can be both internal and external customers as well as stakeholders who are synced and aligned according to the vision and mission statements.
Proper vision and mission statements allow for the generation of corporate identity and guiding principles. Company brand value and brand management also has a huge dependency on the vision and mission statements which builds the identity of the organization. They also allow for power decentralization and delegation as the alignment and orientation of the employee is the same as that of management and allows for quick and rational decision making. What do you say?
 – Project Management Institute (2018). The standard for portfolio management. Newtown Square, Pa: Project Management Institute, p.32.
 – Harris, P. (2007). We the people: The importance of employees in the process of building customer experience. Journal of Brand Management, 15(2), pp.102.