A vision is a vivid mental image of what you want your business to be at some point in the future, based on your goals and aspirations. Having a vision will give your business a clear focus, and can stop you heading in the wrong direction.
The best way to formalise and communicate the vision you have for your business is to write a vision statement.
A vision statement captures, in writing, the essence of where you want to take your business, and can inspire you and your staff to reach your goals.
The purpose of this research was to explore the components in the content of mission statements and investigate the impact of such statements on company performance. Both qualitative and quantitative approaches were used to explore the mission statements and their impact on performance respectively. The results revealed that self-concept, concern for survival, and company products and services are predominant in the contents of mission statements. Moreover, considerable attention is paid to include a staff/employee component in the contents of current mission statements. Finally, it was found that the presence of a mission statement has no impact on company performance. Therefore, managers must be aware that these dominating components when crafting their mission statements.