When crafting your business plan as a new entrepreneur, one of the first steps you’ll want to take is to figure out your brand’s vision and mission statements. Or, if your business is reviewing its strategic plan for the upcoming year, making updates to these statements can help keep you on track.
These types of statements are more than just words to display front and center on your About Page. They each carry a lot of meaning and play a major role in guiding your company's actions from day to day. Let’s go over the key differences between a vision and a mission statement and how they contribute to the growth of your business.
Vision Statement vs. Mission Statement
So, what exactly is the difference between these two? An easy way to think about it is this: a vision statement focuses on tomorrow and what your business wants to become, while a mission statement focuses on today and what your business is doing to achieve the vision. Mission statements and vision statements go hand in hand — one component doesn’t work without the other.
How do you envision your business looking in five years? What about 10 years? Whether you’re starting a new business or have been in the game for a while, it’s important to take a step back and think about how you want to grow over time. Figuring out your vision for the future is essential; your vision will guide your current goals and actions.
Think of your vision statement as the ultimate goal for your business or what your company would like to see happen in an ideal world. How do you eventually want to make an impact or leave your mark on others?
Your brand’s vision doesn’t have to be life-changing, but you should think big picture when focusing on the future and growth of your business. Once you’ve figured out your vision statement, it will be something you can turn to as a guiding principle throughout your journey as an entrepreneur.
Your brand’s mission statement describes what you’re currently doing to achieve your vision. What does your business do? And why is it important? Outlining these factors in your mission statement can help you create your current business strategy.
Whether you’re working on your marketing strategy, a brand communications plan, or planning a collaboration, you can use your Mission Statement to guide you through making the best decisions for your brand.
While these statements are meant to be guiding principles, they’re not set in stone. It’s totally normal to have a change of heart or a new goal when it comes to your business’s vision. Be open to growth and what comes along with it, even it means making changes to your vision and mission statements over time.