Why you need a clear vision, mission and values
Chart your course with a clear why, what and how
A successful business journey requires a precise and purposeful roadmap. Learn how to write your vision, mission and values to get where you’re going faster.
Why vision, mission and values matter
The COVID-19 pandemic prompted many people to reassess their priorities, bringing new focus to concepts like sustainability, social equity and community. As a result, customers are more interested in brands with a conscience than ever before.
In addition to long-standing purchase drivers like affordability and convenience, many customers now place equal importance on engaging a business whose values align with their own. They’ll be loyal if they find a match and take their business elsewhere if they discover a conflict – often sharing their concerns with friends, family, colleagues and social media in the process.
As well as connecting you to customers, a clearly defined vision, mission and values help to align employees, management and shareholders. They act as a guiding force for where your business is going and how you intend to get there – enabling you to achieve your goals faster and smarter.
But building these strategic statements is not a one-person job. By involving key stakeholders in the creation process, you’ll ensure they accurately represent your business, establish a shared understanding and align to your business goals.
So, what are vision, mission and values exactly – and how do you write them for your business?
What comes first?First things first, in what order do you write them? Setting the order requires an understanding of their purpose.
Essentially, your vision provides direction, your mission creates focus, and your values define behaviour. |
Setting your vision
What it is |
Your vision defines the purpose of your business – including why your business is important, what you are aiming to achieve and how you
will contribute to your industry and the community at large. It acts as the starting point for your business strategy and planning, and
informs your brand, marketing, recruitment and induction processes. |
Why you need it |
To chart your course for the future and inspire stakeholders to get on board for the journey ahead. |
How to create it |
|
Flight Centre Travel Group example |
To be the world's most exciting and profitable travel retailer, personally delivering amazing experiences to our people, our customers
and our partners. |
Setting your mission
What it is |
Your mission describes how you put your purpose into action – including what you do, who you serve, and your key functions and
offerings. It may refer to your industry, products or services, competence, market segment or geographical area. |
Why you need it |
To ensure your everyday activities are in alignment with, and contributing to, your vision for the future. |
How to create it |
|
Flight Centre Travel Group example |
To open up the world for those who want to see. |
Setting your values
What it is |
Core values are the deeply ingrained principles and beliefs that guide your company’s behaviour around the actions you take to bring your
mission and vision to life. Your values act as your North Star, helping you to make decisions, foster a unified culture and create a
positive difference. |
Why you need it |
To set clear expectations of how and why you do things for employees and connect with customers who share your values. |
How to create it |
|
Flight Centre Travel Group example |
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Get clear to go far
Clearly defining your vision, mission and values will ensure your day-to-day decisions and actions are guided by an agreed sense of purpose. With your future direction and connection to customers at stake, it pays to get external support through business advisory services to get these statements right. Once you have these foundations in place, an accountant can then help you align your purpose with your operational and financial strategies to ensure you’re on track to achieve success.
Speak to your accountant about business advisory services.
Ask for a callback from Accelerate WA Accounting Group.