Mission Statement? Vision Statement? Which one do I need?

Many confuse the terms mission statement and vision statement to mean the same thing. While there are some similarities and maybe even a few crossover ideas between the two within any given company, they each have a unique focus. Lets look at a chart for sake of comparison.

In short, the mission statement concentrates on the present and includes the idea of an ongoing process that carries through the future. It effectively lists the purpose and values of the company, who you are serving, why you are serving and what makes you different from your competition. The vision statement is future focused and leads the company in the future goals and objectives. It explains where you want to be, how you want to do it and when you want to accomplish it.

There are some things that are considered to be necessary for both good mission and vision statements. They both need to be clear, concise, lack ambiguity and be a snapshot of the larger picture. They both need to clearly represent the company and its core values, purpose and intentions. Clearly written mission and vision statements will help a company retain focus. It also portrays to the public what the company wants to be known for.

Here are some examples of company mission and vision statements.

Walmart

Vision- To become the worldwide leader in retailing.

Mission- To help people save money so they can live better.

General Motors

Vision- Over the past 100 years, GM has been a leader in the global automotive industry. And the next 100 years will be no different. GM is committed to leading the industry in alternative fuel propulsion.

Mission- GM is a multinational corporation engaged in socially responsible operation, worldwide. It is dedicated to provide products and services of such quality that our customers will receive superior value while our employees and business partners will share in our success and our stockholders will receive a sustained superior return on their investment.

JP Morgan Chase & Co

Vision- Aspire to be the best; execute superbly; build a great team and a winning culture.

Mission- To be the best financial services company in the world.