A mission statement and a vision statement have their own distinct function in the strategic planning process and are used to guide a business or organisation.
A mission statement explains your company’s reason for existence and describes what it does and its overall intention. It supports the vision and serves to communicate purpose and direction to its customers and others. A mission statement is normally no more than one to two sentences and describes exactly what your company intends to provide the customer, whether it be quality, reliability, efficiency etc. This statement should assist in differentiating your company against your competitiors by promising to strive to offer something unique and worthwhile to the customer.
A vision statement describes your companies vision for the future. When developing a vision statement, try to answer this question: If your business were to achieve all of its strategic goals, what would it look like or 10 years from now? An effective vision statement is inspirational and aspirational. It creates a mental image of the future state that the your business intends to acheive and should challenge and inspire all involved in your company.