Developing Powerful Business Core Values And Mission Statements

Small Business Canada

What is Mission Statement vs Core Values

A mission statement is an action-oriented statement that clearly articulates an organization’s purpose and how it achieves that purpose. It is a declaration of the purpose of its being and includes a general description of the organization, function, and objectives.

The core values of a corporation are its fundamental ideals and guiding principles. It can serve as the organization’s mission statement, establishing shared objectives and guiding principles influencing company culture, product creation, and the working environment.

Why A Mission Statement And Core Values 

  • A mission statement is a reminder of the company’s commitments during its initiation. 
  • Even when the purpose becomes challenging, a mission statement serves as a roadmap for the company’s aims and operations.
  • It is a determination to overcome obstacles to complete the task innovatively.
  • Core values improve brand perception and assist in fostering customer confidence in your business.
  • A company’s values can profoundly impact and enhance internal workplace culture and employee engagement.
  • Employees’ overall performance can be improved by instilling a sense of belonging, fulfillment, and engagement through a company’s values and guiding principles.

What Goes Into The Development 

Thought Provoked 

Creating core values is an introspecting process, asking what values mean to you, what principles you plan to incorporate into your business operation, and what company culture and environment you wish to create in your company. These values and principles eventually help you develop a mission for your company. 

Team Contribution 

Developing a mission statement requires a team effort involving brainstorming and gathering each participant’s contribution. This includes the management and the employees, who look at the company from distinct perspectives to provide unique and achievable missions.  

Customer Driven 

A mission statement must be customer-driven. The purpose of starting an organization, launching a product, or offering a service must be to solve a problem that customers face. Hence, keeping the customer at the center of your business operations to fulfill their needs helps you formulate a purposeful mission statement.

Specific and Clarity 

A company’s mission statement must be clear about the aims to be achieved by starting the company, its operation methods, and how it intends to attain those goals. Therefore, developing a mission statement requires clarity. After reading the mission statement, employees at all levels must understand the company’s values and long-term goals.

Developing a mission statement and core values is like creating a foundation for a business to start strategizing their plans, planning their operations, and creating a framework from which all other future decisions and expansion will be based. It serves as a guidebook, roadmap, or manual that helps small businesses create a healthy work culture, a progressive environment, and a work-life balance for all employees.

The values a company upholds and the mission it formulates for its current and future operations define a company and influence its branding. Hence, creating a mission and choosing values for the company must be realistic, unique, and future-oriented.
Small businesses must invest time and thought in deciding what values guide their company operations and creating a mission statement that is foundational to their future. To read more about these topics, subscribe to CanadianSME Small Business Magazine For the latest updates, visit our Twitter page at @canadian_sme.

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