Why Your Vision Statement Matters

March 21st, 2018 Posted by Blog Post, Strategy, Uncategorized, Vision 0 thoughts on “Why Your Vision Statement Matters”

A March 21, 2017 article at Entrepreneur entitled “How To Engage Employees Through Your Company Vision Statement” by Andre Lavoie sites a study that found “60% of employees didn’t know their company’s vision.”

Yet, an understanding of and appreciation for the Vision and Strategies is an integral part to both improving employee engagement (approximately 30%) and the successful implementation of Strategic Initiatives (also about 30%).

So it stands to reason that we should be doing a better job of defining and communicating Vision.

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Vision is how you see things in the ideal future. The Mission is often mistaken for or sometimes blended into the Vision Statement, but they are two separate things. While the Vision is how you see things, the Mission is what you do.

Amazon’s is as an example of a well-written, combined, Vision and Mission Statement, as follows:

“Our vision is to be Earth’s most customer-centric company; to build a place where people can come to find and discover anything they might want to buy online.”

The Vision is to be Earth’s most customer-centric company. The Mission is to build a place people can come to find and discover anything they might want to buy online.

Note that in neither the Vision nor the Mission Statement does Amazon mention how they will get there, nor what that “place” looks like. Amazon can change its business model, how it serves customers, and enabling technology at will – without changing the Vision and Mission.

Think of it as remodeling the house without replacing the foundation.

Compare that to Walmart’s Vision Statement

Compare that to Walmart’s Vision Statement, “To be the best retailer in the hearts and minds of consumers and employees,” and their Mission Statement, “Saving people money so they can live better.”

These statements aren’t inherently wrong, but they do generate perceptions that are not necessarily positive, such as:

  • Now a classic retailer, always a classic retailer
  • It might be the best, but I still don’t like it
  • I can only live better by saving money – and purchasing lower quality items

“A Walmart on every corner” is increasingly a losing proposition that may not be dying, but is not well positioned to thrive against an Amazon.

Perhaps some of the reason for that is rooted in their Vision and Mission statements.

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