A company’s mission statement should include the following basic elements:
a) The purpose of the company
b) The targets and objectives of the company
c) The constraints of operation of the company
In more detail:
a) Purpose of the company
It can be defined as the identification of the core of the company’s activities
b) Targets and objectives of the company
It is the definition of the goals, through the achievement of which, the company’s reason of existence, i.e. its purpose, will be successfully implemented.
c) Constraints of operation of the company
It is based on the promise that the company’s human resources, from the highest to the lowest level of hierarchy, will do their best to ensure the achievement of the above defined targets and objectives, to the maximum of their ability.
A very important consideration for a company’s mission statement is that it should be oriented towards a vision, a form of a “dream”, which will play the role of pushing the company’s staff to maximize their efforts. Therefore, a company’s mission statement should not be static and compromising, in terms of the company’s future achievement, but rather, dynamic and forwarding, towards a new standing for the company.
Of course, within a certain mission statement, the various functions of the company’s activities should be highlighted, taking under consideration the benefit derived for the shareholders, the company’s staff, the company’s customers and the society in general.
Despite the limitations of a mission statement, it should definitely set high targets, through the application of a spirit of inspiration and enthusiasm, and it should always serve as a benchmark and resort for further consultation and courage, in challenging and critical times.
In case there is a change in the company’s strategy, the initial mission statement should be assessed again and reviewed and, if necessary, revised, so that it continues to meet the newly set targets, probably by a new senior management or owners, who wish to change direction and implement a different strategy.
In this way, the company’s mission statement will always be updated and be in line with the broader company’s strategy.
Besides, a strong mission statement should be supported at all times by the staff, which in fact, will have the responsibility to apply it in practice. Thus, it should be simple, short and clear to understand.
All members of the staff, with priority given to the company’s managers, should believe in the purpose, whose application is realized through the mission statement and not act merely because they are obliged to do so. This means that the purpose of the mission statement should permeate every aspect of the company’s activities. In the end, this is the ultimate goal for a mission statement:
“To define a company’s purpose of existence, providing at the same time the company’s distinct identity which serves as a means of differentiation from competitors”.
This article was originally published by me on Medium.com
You can read it here.