Learn: Mission Statements - Purpose and Use

Welcome!You've already explored vision statements, aims, objectives, and SMART objectives. Now, let's build on that by understanding mission statements—what they are, their purpose, and how businesses use them.

What is a Mission Statement?A mission statement is a concise declaration that outlines a business's purpose, values, and primary goals. It helps to communicate to stakeholders why the business exists and what it aims to achieve in the short-to-medium term.

Purpose of Mission StatementsMission statements serve multiple purposes: they guide business strategy, inspire employees, and communicate the organisation's intentions to customers. They provide clarity and focus, ensuring that all activities align with the business's core goals.

Key Components of a Mission StatementA strong mission statement often includes the following: - The business's purpose (why it exists).- Its values or guiding principles.- The target audience it aims to serve.- The primary activities it undertakes.

How Mission Statements Support ObjectivesMission statements provide the framework for setting objectives. While objectives are specific and measurable, mission statements give the broader purpose and direction behind them.

Review Time!Great work! You've learned about what mission statements are, their purpose, and how they support objectives. Let's test your understanding with a few questions.