Every new business or organization begins with an idea, and behind this idea is the vision and mission statements which plays an important role in defining your goals for your business, which in turn gives your business a clear direction.
All types of organizations, including for-profit companies, nonprofits, charities, and other groups use vision statements to guide them with their important work. They need to be clear on what role the vision will serve in the organization.
1. They provide your business with a clear direction
When you are stuck with difficult decisions, mission and vision statements can help make the choices easier.
The statements outline the focus of your business and how you plan to achieve your goals. They can act as guidelines or references for all decisions, big and small, related to the business.
For example, if you are trying to decide whether it’s worthwhile investing in a new product, to expand your business or to seek a new market, you can ask yourself how this move would tie in with your mission statement and your vision statement.
These statements can also help reduce stress, because they help you put difficult and unusual challenges into perspective.
2. They make your business stand out
Documented vision and mission statements show clients and prospective clients how you are different from other advisors.
In general, the public views financial advisors as a homogenous group. Mission and visions statements demonstrate to prospective clients that your practice has direction and operates differently form other financial advisory teams.
3. They help you attract the right staff
Mission and vision statements can help you hire the best people for your business.
Knowing what you want for your practice means you can find new employees who are the best fit. Also, potential candidates will easily see and understand how you work with clients.
4. They can create an office culture
Mission and vision statements create a positive tone in your office by showing your team how your business is unique and that you care about more than the bottom line.
People become engaged and enthusiastic, when they know they are working toward a common goal.
The mission and vision statements of your business are very important and they can best be described as a compass and destination of your organization respectively.
Therefore, your organization should develop clear vision and mission statements, as not doing so would be like going on a journey without knowing the direction you are to follow or the destination.