Most serious businesses have vision and mission statements that propel their growth towards their goals. These statements are typically aligned with their company value. However, did you know that there are more to vision statements?
Yes, there are two types of vision statements. You might be familiar with the first one, which is the vision statement for brand. The second one might be less well-known, it is the vision statement for business growth plan.
If you’re a business owner aiming to grow your business, you need to understand what these statements are. Don’t worry, we’re going to guide you through them just below.
First, Let’s See the Differences Between Vision and Mission
Before we jump into the two vision statements, it’s important to also understand the differences between mission and vision statements.
In short, a mission statement is a guideline that keeps your company going in business-as-usual or BAU mode.
On the other hand, a vision statement is like that motivational poster you hang on your wall or that podcast you keep going back to because it’s just that powerful. It encourages and inspires you to grow and keep growing.
Now, Let’s See the Two Types of Vision Statements
As you have read earlier in this article, there are two types of vision statements you should get familiar with as a business owner.
Vision statements for brand
We mentioned that you’re probably familiar with this one because this is what you usually find on a company profile or About Us page. Vision statements for a brand primarily inspire your target customers or audiences, showcasing your brand identity or company values in a catchy, marketing-ish copy.
Here are some examples of vision statements for brand:
- Instagram: “Capture and share the world’s moments.”
- Shopify: “To make commerce better for everyone.”
- TED: “Spread ideas.”
Vision statements for business growth plan
Unlike the counterpart, vision statements for business growth plan are created to inspire internal and external stakeholders. This includes company leaders and team members as well as attracting new employee candidates, new suppliers, and new vendors.
These statements are generally more detailed, laying out the business goals that need to be achieved — although still concise enough for the stakeholders to remember. Let’s see the examples below.
- Starbucks: “To establish Starbucks as the premier purveyor of the finest coffee in the world while maintaining our uncompromising principles while we grow.”
- Amazon: “Our vision is to be earth’s most customer-centric company, where customers can find and discover anything they might want to buy online.”
- Ford: “People working together as a lean, global enterprise to make people’s lives better through automotive and mobility leadership.”
See the difference?
So, How Do You Make A Great Vision Statement for Your Company?
Whether you’re only starting to create one or already have a vision statement for your business, check the list below and see if your vision statement has these characteristics:
- It is inspirational.
- It is future-oriented, at least five years from today.
- It provides a foundation for your business and brand planning
- It addresses both your company culture and value.
- It is relatively concise, compelling, and memorable.
These characteristics can reflect both for brand and business growth plan. Although, you may notice that vision statements for brand are typically shorter, kind of like a slogan or tagline, in a way.
Both mission and vision statements provide a strong foundation for your business and brand. If you’d like to find more resources about building your business and brand, subscribe to our newsletter, The Next Draft, and be the first to receive our monthly top posts. Don’t worry, we will never spam your inbox. Ever.