MISSION & VISION: CLOSING THE GAP FOR SUCCESS
Every business owner knows the importance of a carefully-crafted mission and vision and its role in a company’s success. Yet, few companies use these statements to guide their business decisions.Of course, your mission and vision have to be properly aligned if you are serious about reaching your objectives. On top of a well-defined mission and vision, a process should also be in place to close the gap between the two. But first, let’s take a look at the definition of mission and vision.
WHAT IS MISSION AND VISION
Your mission can be defined as the reason for your business’ existence. In other words, it is the motivating force behind what you do, today. Thus, an inspiring mission statement is one that is focused on providing some form of benefit to others.
On the contrary, your vision is the image of success in the future as your mission is fulfilled. With this in mind, how would you describe that success 10 years from now?
While your mission and vision are both integral in determining a company’s market success, they have distinctive roles to play. So, here is a snapshot of what a mission and vision do to help you gain clarity as a business owner.
UNDERSTANDING THE VISION GAP
Generally, a business achieves its vision through successful execution of existing processes. Ideally, these processes, from sales and delivery to training and recruitment, are set in place to help brands achieve their vision.
On the other hand, some vision statements can be too ambitious that its employees find them impossible to achieve, no matter how well the processes are implemented.
When a brand does not see eye-to-eye with its people, customers or prospects, we call this the vision gap.
Fortunately, this vision gap can successfully be overcome through some of the strategic initiatives below.
BRIDGING THE VISION GAP
Firstly, consider both the organic growth versus inorganic growth. Some strategies for achieving your vision through organic growth are:
- Enhancing primary product or service to introduce to existing or new markets;
- Enhancing a group of products or services to introduce to existing or new markets;
- Developing similar products or services and introduce to existing customer segments and later, to new markets.
- Acquiring a major or equal competitor;
- Diversifying with unrelated new products or services that serve your existing customers, and with existing distribution channels;
- Considering backward integration, in other words, moving up the supply chain and serving as a supplier;
- Considering forward integration, in other words, moving down the supply chain and serving as a production facility, or establishing a retail outlet.
UNDERSTANDING THE MISSION GAP
Granted, mission statements usually do not change over time. However, many businesses still revise them upon realizing that their mission statement is no longer viable with today’s technology and infrastructure.
That said, the difference in how you deliver your mission today compared to ten years in the future is what we call the mission gap.
BRIDGING THE MISSION GAP
Regardless, closing the mission gap requires your business to develop a new model for delivering your mission in ten years from now, with tomorrow’s technology and infrastructure in mind. Needless to say, this will require you to be up-to-date with the latest technology and infrastructure trends. Additionally, it will also be beneficial if you keep yourself updated with customers’ demographics and consumption habits.
CONCLUSION: CLOSING THE MISSION AND VISION GAP
In summary, although most companies have a mission and vision, they are not the guiding force that drives the business. Consequently, the mission and vision are ignored, while growth and competitive strategy are placed on the forefront. As a result, these strategies, no matter how perfectly executed, will fall short in delivering the overall vision.
All things considered, we strongly recommend adding the concept of closing the mission and vision gaps to your planning process to make it a viable business strategy for market success.
That being said, contact 3D Brand Agency if you would like to enhance your brand strategy and boost your probability to attain market dominance.