Why a Mission Statement Is Important for Business

Mission statements are short phrases that capture a company’s goals and values. A clear mission statement can improve work culture within a business and ultimately generate more revenue.

Create a Distinct Identity

Businesses with a clear mission statement set themselves apart from their competition. They may all be working in the same industry, but a company with a mission statement demonstrates that it has thought about its goals and cares enough about its products to incorporate them into a mission.

Mission statements attract consumers and potential talent as well. People like to feel as if they are part of something larger than themselves. Talented workers are more likely to join a company where they have a clear goal to work towards and that their work benefits society.

Improve Cohesiveness Between Current Employees

Mission statements are not only important for attracting potential employees, but also for motivating current members of the team. Employees at a company with a distinct mission statement know exactly what the company expects from them and what they are working to achieve.

This feeling of cohesion translates into improved productivity. Employees that receive clear expectations from their companies are more motivated to create high-quality work, especially if they can envision the goal that they are working towards. They also identify more strongly with their company.

Look Towards the Future

A clear mission statement ensures that a company is always looking towards a future. Even when employees and managers are involved in the minutiae of day-to-day work, they can keep an idea of the company’s future development in the back of their minds. There are no meaningless tasks if every job is helping the company achieve its mission.

A mission statement also makes it easier to plan for the future. Developing business plans is easier when the company’s goals are easily accessible.

Mission statements should not be dismissed as corporate window dressing or empty words to put on a website. They can be the guiding force behind a business’s expansion and daily operations.

The post Why a Mission Statement Is Important for Business first appeared on Dan Idhenga | Business & Entrepreneurship.

from Dan Idhenga | Business & Entrepreneurship https://danidhenga.net/why-a-mission-statement-is-important-for-business/

Published by Dan Idhenga

Based in New York, Dan Idhenga is intrigued by the realms of business, entrepreneurship, and finance. Currently, he is studying to receive his Bachelor of Business Administration from Baruch College, City University of New York, from which he expects to graduate in June of 2020. With a concentration in finance, a minor in political science, and sweeping interests in global affairs and macroeconomics, Dan is looking forward to diving head-first into the workforce upon receiving his degree. Throughout his academic career, Dan Idhenga has been presented with incredible opportunities to undergo personal and professional growth, both through internships and other leadership activities made available to him through Baruch College. He has actively participated in the school’s chapter of Sponsors for Educational Opportunity (SEO), 50Five Capital/Baruch Fund, and Delta Sigma Pi, the Professional Business Fraternity.

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