Are mission statements worth it?

Spoiler alert - yes,.

But what is it? A mission statement is a concise statement that defines a company's purpose, values, and goals. It serves as a guiding principle for the company and can provide direction for its employees, customers, and stakeholders. A mission statement typically outlines what the company does, who it serves, and how it aims to achieve its goals.

So why do people care? Because it can provide insight into the company's values and priorities. Consumers are increasingly interested in doing business with companies that align with their values, and a clear and meaningful mission statement can help customers determine whether a company is a good fit for them.

It’s not there just for marketing - Employees also care about a company's mission statement because it can provide a sense of purpose and direction. When employees understand the company's values and goals, they're more likely to feel engaged and motivated in their work. A clear mission statement can also help to attract and retain top talent by communicating a company's values and priorities.

Stakeholders, including investors, regulators, and the broader community, may also care about a company's mission statement. A clear mission statement can help to establish a company's reputation and build trust with these groups.

A mission statement is something that is fairly easily dismissed when it comes to deciding where to invest your company’s budget. But let’s take a look at some examples to see how some brands with strong missions have used theirs to grow business.

Patagonia

Patagonia is an outdoor clothing and gear company that has a mission statement to

"build the best product, cause no unnecessary harm, use business to inspire and implement solutions to the environmental crisis."

This mission has helped to build the company's reputation as an environmentally conscious brand that cares about sustainability. By aligning their products with their values, Patagonia has built a loyal customer base of environmentally conscious consumers who are willing to pay a premium for their products.

Airbnb

Airbnb has a mission statement to

"create a world where anyone can belong anywhere."

This mission has helped the company to build a brand that is focused on community and inclusivity. By creating a platform that allows people to connect with others around the world and feel like they belong, Airbnb has become a popular choice for travelers who want a more authentic travel experience. The company's mission has helped to establish its reputation as a company that cares about its customers and is focused on building connections.

Tesla

Tesla has a mission statement to

"accelerate the world's transition to sustainable energy."

This mission has helped the company to build a brand that is focused on innovation and sustainability. By creating electric cars and other sustainable energy products, Tesla has established itself as a leader in the sustainable energy industry. The company's mission has helped to attract top talent who are passionate about sustainability and innovation.

These examples show how a clear mission statement can help to build a company's reputation, attract customers and employees, and establish the company as a leader in its industry. A mission statement can provide a sense of direction and purpose for a company, and it can help to inspire and motivate those who are associated with the company.

Nike

Nike's mission statement is to

"bring inspiration and innovation to every athlete in the world."

This mission statement reflects the company's commitment to creating products that help athletes to perform at their best, and to using its brand to inspire and motivate people around the world. It has helped Nike to establish itself as a leader in the athletic apparel industry, and to attract customers who are passionate about sports and fitness.

Amazon

Amazon's mission statement is to be

"Earth's most customer-centric company, where customers can find and discover anything they might want to buy online."

This mission statement reflects the company's commitment to providing a wide selection of products at competitive prices, and to delivering a positive customer experience. It has helped Amazon to become one of the largest and most successful e-commerce companies in the world, and to establish a reputation for customer service and convenience.

Ben & Jerry's

Ben & Jerry's mission statement is to

"make the best possible ice cream, in the nicest possible way."

This mission statement reflects the company's commitment to creating high-quality products that are also socially responsible and environmentally sustainable. It has helped Ben & Jerry's to establish a reputation as a company that is focused on social justice and sustainability, and to attract customers who are looking for products that are both delicious and socially responsible.

Kid's Ride Shotgun

Kid's Ride Shotgun mission statement is:

"To inspire families to get outdoors and enjoy the ride, by designing innovative products that make cycling with kids more fun, safe and comfortable."

This mission statement reflects the company's commitment to creating high-quality, innovative products that help families to enjoy the outdoors and spend quality time together. It also reflects the company's values of safety and comfort, which are central to the design of its products. By focusing on these values and goals, Kid's Ride Shotgun has been able to establish itself as a leader in the children's bike seat industry and to attract a loyal customer base of families who are passionate about cycling and spending time outdoors.

These examples show how a mission statement can be an important tool for communicating a company's values, purpose, and goals. A well-crafted mission statement can help a company to build a strong brand, establish itself as a leader in its industry, and attract and retain top talent and customers.

Looking at examples of companies with a clear mission statement we can start to see the number of benefits it provides for a company, including:

1. Clarity of purpose: It can help a company to define its purpose and values, and to communicate these to employees, customers, and other stakeholders. This clarity can help to align everyone involved with the company's goals and objectives.
2. Focus on key priorities: A mission statement can help a company prioritise its activities and initiatives by providing a clear and concise statement of what the company is trying to achieve. This focus can help to prevent the company from being distracted by competing priorities or opportunities that are not aligned with its mission.
3. Brand differentiation: It can help to differentiate a company's brand from its competitors by highlighting the unique values and goals that the company is focused on. This can help to build a stronger and more distinctive brand that stands out in the marketplace.
4. Employee engagement: It can also help engage employees by providing a sense of purpose and direction that goes beyond individual job responsibilities. This can help to motivate employees and create a sense of shared ownership and responsibility for the company's success.
5. Customer loyalty: A mission can help to attract and retain customers by creating a sense of connection and alignment with the company's values and goals. This can help to build customer loyalty and create a positive reputation for the company in the marketplace.

Overall, a mission statement can be an important tool for creating clarity, focus, differentiation, and engagement within a company. It can help to align everyone involved with the company's purpose and goals, and to create a sense of shared ownership and responsibility for the company's success.

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