Crafting your company’s future: How to define vision, mission and core values
)
Posted: Tue 1st Oct 2024
Having a clear direction and purpose is paramount to the success of every business, large or small. This direction is often encapsulated in three key elements: vision, mission and core values.
These components are more than just words on a wall or in a handbook — they serve as the guiding principles that shape the culture, drive decision-making and determine the success of a business.
We explore the importance of creating a vision, mission and core values, the benefits of involving employees in this process and the necessity of embedding these elements into the fabric of the business.
The importance of vision, mission and core values
Vision: The future state
A vision is a compelling picture of what a business aspires to become in the future. It is a long-term goal that serves as an inspirational statement, guiding the company’s strategy and actions.
A well-crafted vision inspires and motivates employees, giving them a sense of purpose and direction. It answers the question: “Where are we going?”
Mission: The present focus
While the vision looks forward, the mission defines the business’s current purpose — what it does, whom it serves, how it serves them and what sets it apart from its competitors. It is a concise statement that explains why the business exists and what makes it unique.
A strong mission keeps everyone aligned on the company’s objectives and helps in decision-making, ensuring that all actions contribute to the overall purpose.
Core values: The ethical compass
Core values are the fundamental beliefs that guide behaviours and decision-making within the business.
They are the principles that shape the company culture, influence how employees interact with each other and with customers and define the standards for behaviour. Core values answer the question: “What do we stand for?”
Living and breathing the vision, mission and core values
1. Embedding them into daily operations
For the vision, mission and core values to be effective, they must be more than just statements — they need to be integrated into every aspect of the business. This means embedding them into daily operations, from decision-making processes to performance evaluations. When these principles are consistently applied, they become part of the business’s DNA, guiding every action and decision.
2. Leading by example
Leadership plays a crucial role in bringing the vision, mission and core values to life. Leaders must embody these principles in their actions and decisions, setting the tone for the rest of the business. When leaders consistently model the desired behaviours, it reinforces the importance of these principles and encourages employees to follow suit.
3. Regular communication and reinforcement
To ensure that the vision, mission and core values remain top of mind, regular communication is key.
This can be achieved through various channels, such as team meetings, internal newsletters and company-wide events. Additionally, celebrating successes that align with these principles reinforces their importance and encourages continued adherence.
Watch this webinar to discover how to align your company's mission and vision with its core values, integrity and culture to create a framework for decision-making:
Making vision, mission and core values prominent across the business
1. Visible reminders
The vision, mission and core values should be visible throughout the workplace. This can be done through physical displays, such as posters, banners or digital screens in shared areas.
Additionally, incorporating these principles into internal documents, presentations and communications ensures that they are consistently reinforced.
2. Integrating into onboarding and training
New employees should be introduced to the vision, mission and core values from day one. Integrating these principles into the onboarding process and ongoing training programmes helps ensure that all employees understand and commit to them. This also sets clear expectations for behaviour and performance aligned with the company’s guiding principles.
3. Continuous evaluation and adaptation
As the business evolves, so too should the vision, mission and core values. Regularly evaluating these principles ensures that they remain relevant and aligned with the business’s goals and culture. Involving employees in this ongoing process ensures that the guiding principles continue to resonate with the workforce.
Why regular review is essential
1. Keeping pace with market changes
The business environment is constantly changing. New competitors emerge, technologies advance and customer expectations evolve. If a company’s vision, mission and core values remain static while the world around it changes, there is a risk of becoming outdated or misaligned with the market.
Regular reviews help ensure that these guiding principles reflect current realities and position the company for future success.
2. Aligning with business growth and evolution
As a business grows and evolves, its goals and priorities may shift. A start-up, for example, might initially focus on survival and market entry, while a more established company may prioritise scaling and innovation.
Regularly reviewing the vision, mission and core values ensures that they align with the business’s current stage of development and future aspirations. This alignment keeps the company’s direction clear and focused, even as it evolves.
3. Reinforcing relevance to employees and stakeholders
Over time, employees and stakeholders may become accustomed to the vision, mission and core values, potentially leading to complacency or detachment.
A periodic review serves as an opportunity to refresh these principles, reinvigorating commitment and ensuring they continue to resonate with everyone involved. It also allows for the incorporation of feedback and insights from employees and stakeholders, further strengthening these guiding elements.
4. Addressing internal cultural shifts
Internal changes, such as leadership transitions, mergers, acquisitions or shifts in workforce demographics, can significantly impact an organisation’s culture.
Regularly reviewing the vision, mission and core values helps address these shifts, ensuring that the guiding principles remain relevant and reflective of the current organisational culture. This process helps maintain a strong, cohesive culture that supports the company’s goals.
5. Responding to external influences
External factors, such as social, economic, or environmental changes, can also influence a company’s vision, mission and core values. For example, increasing emphasis on sustainability might prompt a company to incorporate environmental stewardship into its core values.
Regular reviews allow the organisation to respond to these external influences, ensuring that its guiding principles remain socially responsible and aligned with broader societal expectations.
Summary
Creating a vision, mission and core values is not a one-time task but an ongoing process that shapes the very identity of a business. These guiding principles provide direction, foster a strong culture and drive long-term success.
By involving employees in their creation, ensuring that everyone lives and breathes them and making them prominent across the business, the business can build a solid foundation for sustained growth and achievement. In a world where change is constant, a clear vision, mission and core values offer stability and purpose, guiding businesses to success.
Relevant resources
You might also like…
