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How to Write a Business Plan Mission and Vision Statement [Sample Template]

Are you currently writing a business plan? If YES, here’s an in-depth guide and sample template on how to write a workable mission & vision statement for a business. A vision and mission statement are some of the most important requisite for business success and sustainability, but unfortunately, most entrepreneurs and small business owners run their business without these two thing out of ignorance.

What is a Mission and Vision Statement?

A mission and vision statement ( more commonly called a mission statement or a vision statement ) is a brief sentence that declares the goals that a business plans to achieve in the future. Like a compass guides a ship, it guides a business to success by providing continuously inspiring its stakeholders in their daily operations and strategic moves.

A mission statement helps you plan your business effectively. It provides the destination for your journey to business success. Of course, without a destination, you can’t plan a route. Before we discuss the steps involved in developing a mission statement for your business, let’s look at the components of a mission statement and why you really need a mission statement for your business.

Today, I will be sharing with you an underground secret to building a business from scratch. This secret is one of the contributing factors to the success of any business; yet, it’s often ignored. This secret is nothing more than a “ Business Mission Statement. ”

“The thing I really care about is the mission; making the world open.” – Mark Zuckerberg

The importance of a mission statement can never be over emphasized. I have seen so many startups without a mission; even some established firms also make the mistake of operating without a mission.

“Being an entrepreneur, I have come to realize that all successful businesses are driven by three fundamentals. One is the cash flow, two is the team and three is the mission. Of these three, the mission is the most important.” – Ajaero Tony Martins

Now what has a mission statement got to do with building a business? What’s the impact of a mission statement on an entrepreneur undergoing the entrepreneurial process? Is a mission statement a source of ? While I am not going to answer these questions directly, the following points will help you further understand why you need to develop a mission statement for your business?

Why Your Business needs a Mission Statement

1. The mission is the foundation on which your business will be built. It’s the true purpose of your business and that purpose is reflected in the mission statement. Without a strong mission statement, you don’t have a true business. All you have is just a profit making venture that will soon be wiped out with time.

“To turn really interesting ideas and fledging ideas into a company that can continue to innovate for years, it requires a lot of disciplines.” – Steve Jobs

2. The entrepreneurial spirit is found in the mission statement. When I look at the mission statement of any business, I get a peep into the life of the entrepreneur that founded that business. The entrepreneurial spirit is what drives the entrepreneur forward. If the mission is strong, your spirit will be strong towards the pursuit of your goal.

“The IKEA spirit is strong and living reality. Simplicity in our behavior gives us strength. Simplicity and humbleness characterize us in our relations with each others, our suppliers and our customers.” – Ingvar Kamprad

3. Your mission statement is the bond binding you, your team, employees and your customers to the business. Take away the mission and other key elements will fall apart. Your mission also has the power to attract other like-minded individuals and entities to your cause. The reason is that people with the same mission align together; more like birds of the same feather flocking together.

4. With a strong mission, your business will weather any storm. Take a look at businesses that has been around for over 100 years and you will see businesses with a strong mission. As an example:

• General Electric has stood the test of time because the spirit of its founder “ Thomas Edison ” continues to guide the company through its mission.
• Henry Ford’s mission statement was: “ To democratize the automobile ” and that mission has kept the Ford Motor Company going.
• Aliko Dangote’s mission statement goes: “ Providing your basic need ” and this mission drives the Dangote Group to dominate the commodities market of
• The Rich Dad Company; founded by Robert Kiyosaki keeps waxing strong because of its mission, which is “ To elevate the financial well being of humanity .”

By contrast; I have come to observe that when a company forgets its mission, its starts to lose its relevance. The bond holding the business will be broken and good customers will leave, employees will resign and the business will dwindle. Just as the case of the Dot com burst, many profitable Dot com companies went under because they forgot their mission.

3 Components of a Mission and Vision Statement

1.  a vision.

This, simply put, states the impact you envision your business having on the world in years to come. You can have more than a single statement in here, but don’t go beyond three. Gloss it over to make sure anyone who reads it feels at least one of inspiration, hope, commitment, and awe.

In addition, your vision statement must be compelling, detailed, and reflective of the intended end outcome. Avoid one that is bland, generic, uninspiring, or unreasonable. An example of a good vision statement is that of Amazon:

“Our vision is to be earth’s most customer centric company; to build a place where people can come to find and discover anything they might want to buy online.”

2.  A mission statement

This is a brief statement that states the important goal or purpose that your business is poised to achieve. In other words, it’s a single sentence stating why your business exists in a convincing manner. Keep your mission statement specific and concise ( the shorter it is, the better ), make it connect with both employees and stakeholders, and make it highlight your value proposition. Don’t make it too long, generic, or confusing. An example of a good mission statement is that of Nike:

“To bring inspiration and innovation to every athlete in the world.”

Here’s another example of a mission statement:

“To contribute to development of value-added agricultural businesses . ”

3. Core values

These outline the principles and values that the stakeholders in a business will follow in their bid to achieve their vision. They also specify the bounds or limits that the stakeholders must watch while trying to actualize the mission. The following are examples of core values:

• Respect and protect the environment
• Offer high quality products that are safe for consumers
• Meet the ever-changing needs of consumers
• Practice highly ethical business standards

If your business is going to stand the test of time, then you will have to build it upon a strong mission. With the above in mind, let’s now look at the steps involved in developing a mission and visions statement.

How to Write a Mission and Vision Statement for a Business Plan

Please bear in mind that you are learning as much of yourself each day as you are about your customer. So, don’t feel that anything you state here is etched in stone and cannot be changed. The more you understand your customer and the market, the more necessary it would become for you to shift grounds accordingly. But you need to state here what you have to offer at the moment. This will be a starting point for any changes you may need to effect later ( as your business grows ).

1.  Sit down in a quiet spot and reflect upon your thoughts

Ask yourself what drives you forward? What keeps you motivated? When you have figured out the answer to these questions, put it down in writing.

2.  Ask yourself how best you can serve your customers

What will your business stand for in the heart of your customers? What will be the ultimate benefit your customers can derive from your business? When you figure the answer to these questions out, put it down in writing.

3. Brainstorm for your vision statement

The vision is the most important component of your mission statement. Simply put, this is a picture or idea of what you plan to achieve in future . A vision statement is always concise and easy to remember, and for this reason, every stakeholder in a business can easily focus on it; and their decisions and activities are directed towards achieving the vision. Here is a good example of a vision statement:

“ Creating a vibrant rural economy driven by value-added agriculture. “

Once you get one down, then getting other components becomes very easy. To find the best vision statement for your business, simply ask yourself the question, “Why does this business exist?” Present answers from various angles, and you will find your mission statement among them.

4.  Get down your mission statement

As stated earlier, your mission statement is that action sentence that describes how you will achieve your vision. Finding this is much easier once you have found your vision statement. If you are stuck, just do it this way: If your vision is “A diabetes-free society” , then simply add the word “ To ” and another suitable verb to convert it to an action sentence. And there you will have your mission statement.

Using the same vision, you will get “To bring about a diabetes-free society .” You can go further by tweaking it, so that you will have something like: “To manufacture products that can cure diabetes effectively and permanently.” You get it now?

5.  List your core values

First off, you need to clarify your values. This means taking into account all the various stakeholders that your business is ( or will be ) accountable to—including investors, customers, employees, and suppliers. Now, consider how you would like to ideally conduct business with each of these stakeholders. Start making a list and your core values should start to emerge.

These are the various steps you will follow in your quest to achieve your vision. Brainstorm for as many as possible, list them down, and the prune your list down to as few as possible without leaving out any important ones. Now, let’s look at some additional tips that you will need to keep in mind when preparing your mission and vision statement.

4 Extra Success Tips for Developing a Business Plan Mission and Vision Statement

• Your mission statement must be brief and simple. Being succinct as demanded by a mission statement isn’t easy. And you may need to go through several hours of tweaking and editing before arriving at the perfect sentence. Though short, your mission statement must capture the very essence of what your business plans to achieve. The fewer words the better. Use just only the few words needed to pass the message without leaving out any vital details.
• Your mission statement must be in tune with your vision, and both sentences must blend to form a single thought.
• There’s no rule that says you must get it perfectly at once. You can keep review your mission statement later, if necessary.
• Your mission and vision statements must give the reader an insight, a covert one, at least into what you offer. This is more important if the name of your business doesn’t suggest what products or services you’re offering.

If you follow the guidelines I shared in this post, you will prepare a perfect vision and mission statement that will drive your business to success. Now I want you to know that no one can help you develop a mission statement. You alone can develop your mission and as a final note, it’s worthwhile you know that of the entire business system, the mission is the most important.

• Go to Chapter 8 Part C: Writing your Business Plans Goals and Objectives
• Go Back to Chapter 7 : H ow to Write a Business Plan Executive Summary
• Go Back to Introduction and Table of Content

More on Business Plans

How to Write a Mission Statement + 10 Great Examples

17 min. read

Updated May 10, 2024

Why is an effective mission statement so valuable? It’s worth taking a minute to ask what it is about certain brands that keep us coming back. What is it about them that makes us spend more time, money, or effort over other options? Is it the price? Maybe the convenience? Or is it something more?

The brands and businesses that we really connect with do more than just supply a product or service . They showcase a purpose, a mission that we can get behind. This can be displayed in how they interact with customers, the organizations and communities they support, and even the way they develop their products.

And there’s no better way for a business owner to showcase this purpose, than through a well-written mission statement.

On this page

• What is a mission statement?

Mission statement or vision statement?

• Why write a mission statement?
• How to write a great mission statement
• 10 Examples of Great Mission Statements

A mission statement is a simple action-oriented statement that explains your company’s purpose. It summarizes what your company does for customers, employees, and owners, and typically includes general descriptions of your organization, its core function, and its goals. In short, you’re explaining what you do and why you do it within a mission statement.

Depending on the focus of your business, your mission statement may be even broader. Explaining not just how you serve your customers and employees, but your community and the world at large. Some businesses even opt to separate this larger aspiration into what’s known as a vision statement.

A vision statement is exactly what it sounds like. It’s a vision for the direction of your company and what it aspires to be. 

These two statements aren’t really interchangeable. They both reflect the purpose and goals of your business, but serve completely different purposes. Your mission statement is the roadmap to achieve your vision. Your vision statement is a much broader picture of the aspirations for your business. 

These can be completely separate written statements for your business, or they can be combined into a more comprehensive mission statement. Having all three does allow you to utilize them for different business purposes, so it may be worth developing variations over time.

Speaking of variations, it’s important to note that your mission statement will likely evolve over time as your business grows and changes. So, don’t be afraid to make adjustments when it seems necessary, and avoid looking for the perfect version of your mission statement. 

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I’ve had a 30-year love-hate relationship with mission statements. I’ve read thousands. I love it when a mission statement defines a business so well that it feels like strategy—which does happen—and I hate it when a mission statement is generic, stale, and completely useless. 

Just because a traditional business plan often includes a mission statement isn’t a reason to do one. If it’s not going to be useful for you and help guide your business, don’t bother. The vast majority of the mission statements are just meaningless hype that could be used to describe any business.

Don’t fall into the trap of writing a mission statement just because some checklist or expert said you had to. There are actually sites that poke fun at how most mission statements use vague, high-sounding phrases to say nothing. You should write a mission statement if you want to add clarity to your business goals and you want to get your employees, investors, and customers to understand what your organization is all about. 

Developing your company’s first mission statement, or writing a new or revised one, is your opportunity to define the company’s goals, ethics, culture, and norms for decision-making. The daily routine of business gets in the way sometimes, and a quick refresh with the mission statement helps you take a step back and remember what’s most important: the organization has a purpose. 

So how do you make a useful mission statement? Over the decades I’ve spent reading, writing, and evaluating business plans , I’ve come up with a process for developing a useful mission statement, and it boils down to these five steps.

1. Start with a market-defining story

A really good market-defining story explains the need, or the want, or—if you like jargon—the so-called “why to buy.” It defines the target customer or “buyer persona .” And it defines how your business is different from most others, or even unique. It simplifies thinking about what a business isn’t, what it doesn’t do.

Imagine a real person making the actual decision to buy what you sell. Why do they want it? How did they find your business? What does it do for them? The more concrete the story, the better. And keep that in mind for the actual mission statement wording: “The more concrete, the better.”

This isn’t literally part of the mission statement. Rather, it’s an important thing to have in your head while you write the mission statement. It’s in the background, between the words. If you’re having trouble getting started, make a quick list of what your company does and doesn’t do.

2. Define what your business does for its customers

Start your mission statement with the good you do. Use your market-defining story to suss out whatever it is that makes your business special for your target customer .

Don’t undervalue your business: You don’t have to cure cancer or stop global climate change to be doing good. Offering trustworthy auto repair, for example, narrowed down to your specialty in your neighborhood with your unique policies, is doing something good. So is offering excellent slow food in your neighborhood, with emphasis on organic and local, at a price premium.

This is a part of your mission statement, and a pretty crucial part at that—write it down.

If your business is good for the world, incorporate that here too. But claims about being good for the world need to be meaningful, and distinguishable from all the other businesses. Add the words “clean” or “green” if that’s really true and you keep to it rigorously. Don’t just say it, especially if it isn’t important or always true.

For example, Apple Computer’s 2020 mission statement is:

“Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, Apple Watch, and Apple TV. Apple’s four software platforms—iOS, macOS, watchOS, and tvOS—provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, and iCloud. Apple’s more than 100,000 employees are dedicated to making the best products on earth, and to leaving the world better than we found it..”

That one obviously passes the test of defining the company with flying colors. Nobody could mistake that mission for generic hype. And it’s an interesting change from the early mission as defined by founder Steve Jobs:

“To make a contribution to the world by making tools for the mind that advance humankind.”

Ikea, on the other hand, starts its mission statement with something that could be any company anywhere. “Our vision is to create a better everyday life for the [sic] many people.” To its credit, it goes on to define a “rest of the mission” that could only be IKEA:

“We make this possible by offering a wide range of well-designed, functional home furnishing products at prices so low that as many people as possible will be able to afford them.”

And note, in this mission statement, how Sweetgreen incorporates a world vision into a product-oriented mission statement:

“Founded in 2007, Sweetgreen is a destination for delicious food that’s both healthy for you and aligned with your values. We source local and organic ingredients from farmers we know and partners we trust, supporting our communities, and creating meaningful relationships with those around us. We exist to create experiences where passion and purpose come together.”

3. Define what your business does for its employees

Good businesses are good for their employees too or they don’t last. Keeping employees is better for the bottom line than turnover. Company culture matters. Rewarding and motivating people matters. A mission statement can define what your business offers its employees.

My recommendation is that you don’t simply assert how the business is good for employees—you define it here and then forever after make it true.

Qualities like fairness, diversity, respect for ideas and creativity, training, tools, empowerment, and the like, actually really matter. However, since every business in existence at least says that it prioritizes those things, strive for a differentiator and a way to make the general goals feel more concrete and specific.

Don’t worry about being fully unique

With this part of the mission statement, there’s a built-in dilemma. On the one hand, it’s good for everybody involved to use the mission statement to establish what you want for employees in your business. On the other hand, it’s hard to do that without falling into the trap of saying what every other business says.

Stating that you value fair compensation, room to grow, training, a healthy, creative work environment, and respect for diversity is probably a good idea, even if that part of your mission statement isn’t unique. That’s because the mission statement can serve as a reminder—for owners, supervisors, and workers—and as a lever for self-enforcement.

If you have a special view on your relationship with employees, write it into the mission statement. If your business is friendly to families, or to remote virtual workplaces, put that into your mission.

You may not need to focus on employees

And this is rare in mission statements. The vast majority are focused on messaging for customers. My recommendation here is not the norm. I include it because it’s good practice, even though not common.

While I consulted for Apple Computer, for example, that business differentiated its goals of training and empowering employees by making a point of bringing in very high-quality educators and presenters to help employees’ business expertise grow. That was part of the culture and, to my mind, part of the mission; but it wasn’t part of the mission statement. It could have been.

American Express, however, includes the team in its mission:

“We have a mission to be the world’s most respected service brand. To do this, we have established a culture that supports our team members, so they can provide exceptional service to our customers.”

4. Add what the business does for its owners

In business school, they taught us that the mission of management is to enhance the value of the stock. And shares of stock are ownership. Some would say that it goes without saying that a business exists to enhance the financial position of its owners, and maybe it does. However, only a small subset of all businesses are about the business buzzwords of “share value” and “return on investment.”

In the early years of my business, I wanted peace of mind about cash flow more than I wanted growth, and I wanted growth more than I wanted profits. So I wrote that into my mission statement. And at one point I realized I was also building a business that was a place where I was happy to be working, with people I wanted to work with; so I wrote that into my mission statement, too.

However, this element too, as with the suggestion about including employees, is unusual. Few mission statements do it. That’s understandable, since most mission statements are outward-facing only, aimed at customers and nobody else.

Still, some of the best mission statements incorporate a much broader sense of mission that includes, or at least implies, the mission of ownership.

Warby Parker, an eyewear company, does a great job at voicing a higher mission that includes customers, employees, and owners.

“Warby Parker was founded with a rebellious spirit and a lofty objective: to offer designer eyewear at a revolutionary price while leading the way for socially-conscious business.”

5. Discuss, digest, cut, polish, review, and revise

Good mission statements serve multiple functions, define objectives, and live for a long time. So, edit. This step is worth it.

Start by considering developing a full mission statement for internal use and using a customer-facing subset for general publication. That’s common. Many companies have segmented mission statements, with sections set aside and categorized by type or goal. Use bullet points or sections if that works for you. Part of the reason people confuse mission with mantra and vision is that many businesses use them together, and many others also redefine them to fit their context. So what a company does for customers is often called vision, despite the formal definition.

Remember, form follows function, in mission statements, as in all business writing. Make it work for your business. Or don’t do it at all. If you want to call it a vision, and that works for employees and customers, then do that.

Cut out general terms

As you edit, keep a sharp eye out for the buzzwords and hype that everybody claims. Cut as much as you can that doesn’t apply specifically to your business, except for the occasional special elements that—unique or not—can serve as long-term rules and reminders. Unique itself, the word, means literally, the only one in the world. Use it sparingly. Phrases such as “being the best possible,” “world-class,” and “great customer service” mean little because everybody uses them. Having great customer service is way harder than writing that into a mission statement.

Read other companies’ mission statements, but write a statement that is about you and not some other company. Make sure you actually believe in what you’re writing—your customers and your employees will soon spot a lie.

Then, listen. Show drafts to others, ask their opinions and really listen. Don’t argue, don’t convince them, just listen. And then edit again.

And, for the rest of your business’s life, review and revise it as needed. As with everything in a business plan, your mission statement should never get written in stone, and, much less, stashed in a drawer. Use it or lose it. Review and revise as necessary, because change is constant.

• Great Mission Statements: 10 Examples

If you’re looking for some inspiration to get you started on your own mission statement, here are a few of my favorites.

1. Southwest Airlines

“The mission of Southwest Airlines is dedication to the highest quality of customer service delivered with a sense of warmth, friendliness, individual pride, and company spirit.”

What’s most interesting about Southwest’s mission statement is that they don’t mention anything about getting from point A to point B. Their mission is all about how they differentiate what, these days, can be seen as a commodity experience. They also focus on their own employees and the “spirit of the company”, not just the customer experience.

2. Urban Outfitters

“A lifestyle retailer dedicated to inspiring customers through a unique combination of product, creativity and cultural understanding. Founded in 1970 in a small space across the street from the University of Pennsylvania, Urban Outfitters now operates over 200 stores in the United States, Canada, and Europe, offering experiential retail environments and a well-curated mix of women’s, men’s, accessories and home product assortments.”

Urban Outfitters focuses on the experience that they deliver and the focus on what they do. Their mission drives what their stores look like and what their goal is: to inspire. They also nod to their heritage of starting small and growing.

“At Recreational Equipment, Inc. (REI) we believe a life outdoors is a life well-lived. We believe that it’s in the wild, untamed and natural places that we find our best selves, so our purpose is to awaken a lifelong love of the outdoors, for all.”

REI’s mission focuses mostly on what it wants to do for its customers, but hidden in the mission statement is a mission to preserve the environment as well. Their focus on “getting outside” is what creates a connection between them and their customers.

4. Starbucks

“To inspire and nurture the human spirit – one person, one cup, and one neighborhood at a time.”

Starbucks expands on its mission statement by stating its core values. This is really an extension of the mission statement and explains how they focus on their customers, how they grow their company, and how they work with employees. You can read their values here .

5. Walgreens

“Walgreens’ mission is to be America’s most-loved pharmacy-led health, well-being, and beauty retailer. Its purpose is to champion everyone’s right to be happy and healthy.”

Walgreen’s mission really defines their goals: what they want to achieve and in what product categories they want to achieve it in. They also bring in their broader purpose when they talk about “everyone’s right to be happy and healthy.”

“Make work-life simpler, more pleasant, and more productive.”

While Slack’s mission statement is short, it implies a lot. “Work” doesn’t just mean their customer’s work, it means their own work at their company. Their mission statement serves them both internally and externally.

7. The Coca Cola Company

“Refresh the world. Make a difference.”

Coca Cola takes a slightly different approach with a statement of purpose and then a vision statement. Their purpose is essentially their mission statement and says a lot for being so short. They want to refresh people in both body and spirit while making a positive impact on the world. Their vision also implies their goal of serving the entire world’s population which hits on their corporate and shareholder goals.

8. Patagonia

“We’re in business to save our home planet.”

Another short mission statement that says so much more than you would think at first glance. First and foremost, Patagonia doesn’t say that they are a non-profit – they state that they’re a business. And, this implies that they need to be a strong, healthy business to meet their goal of saving the planet. Their mission applies to their employees, their customers, their products, and their activism.

9. charity: water

“charity: water is a nonprofit organization bringing clean and safe drinking water to people in developing countries.”

charity: water’s mission statement is clear and to the point – it simply describes what it does and who it does it for. For most non-profit mission statements, this is enough.

 10. Asana

“Asana’s mission is to help humanity thrive by enabling the world’s teams to work together effortlessly.”

Similar to other mission statements, Asana blends a message about what they do with a higher goal of enhancing the world outside of their company. Yet, they still hint at their target market and goals of being a world-wide company, thus improving the lives of their employees and shareholders.

Tim Berry is the founder and chairman of Palo Alto Software , a co-founder of Borland International, and a recognized expert in business planning. He has an MBA from Stanford and degrees with honors from the University of Oregon and the University of Notre Dame. Today, Tim dedicates most of his time to blogging, teaching and evangelizing for business planning.

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Management Tools

Purpose, Mission, and Vision Statements

Purpose, Mission, and Vision Statements explain why a company exists, how it plans to achieve its goals, and what the business will ultimately achieve.

• January 31, 2023

What Are Purpose, Mission, and Vision Statements?

A Purpose Statement is an explanation of the company’s motivations and reasons for being, and why it works the way it does.

A Mission Statement is a definition of the company’s business, who it serves, what it does, its objectives, and its approach to reaching those objectives.

A Vision Statement is a description of the desired future state of the company. An effective vision inspires the team, showing them how success will look and feel.

Usage and satisfaction among survey respondents

How are purpose, mission, and vision statements implemented.

Typically, senior leaders will write the company’s Purpose, Mission, and Vision Statements with inputs from the broader organization. The development process usually begins by clarifying the purpose, then defining the mission, and then painting the vision. This requires leaders to:

• Clearly identify the corporate culture, values, strategy, and view of the future by interviewing employees, suppliers, and customers
• Address the commitment the firm has to its key stakeholders, including customers, employees, shareholders, and communities
• Ensure that the objectives are measurable, the approach is actionable, and the vision is achievable
• Communicate the message in clear, simple, and precise language
• Develop buy-in and support throughout the organization

Related Topics

Corporate Values Statements

Cultural Transformation

Strategic Planning

What Are Common Uses of Purpose, Mission, and Vision Statements?

Purpose, Mission, and Vision Statements are used both internally and externally.

They are used internally to:

• Guide management’s thinking on strategic issues, especially during times of significant change
• Help define performance standards
• Inspire employees to work more productively by providing focus and common goals
• Guide employee decision making
• Help establish a framework for ethical behavior

They are used externally to:

• Enlist external support
• Create closer linkages and better communication with customers, suppliers, and alliance partners
• Serve as a public relations tool

Abrahams, Jeffrey. 101 Mission Statements from Top Companies: Plus Guidelines for Writing Your Own Mission Statement. Ten Speed Press, 2007

Blount, Sally, and Paul Leinwand. “Why Are We Here?” Harvard Business Review , November/December 2019.

Collins, Jim, and Jerry I. Porras. “Building Your Company’s Vision.” Harvard Business Review , September/October 1996, pp. 65–77.

Kirkpatrick, Shelley A. Build a Better Vision Statement: Extending Research with Practical Advice. Lexington Books, 2016.

Knowles, Jonathan B., Tom Hunsaker, Hannah Grove, and Alison James. “What Is the Purpose of Your Purpose?” Harvard Business Review, March/April 2022.

Kotter, John P., and James L. Heskett. Corporate Culture and Performance . 1992. Reprint. Free Press, 2011.

Nanus, Burt. Visionary Leadership. Jossey-Bass, 1995.

Quinn, Robert E., and Anjan V Thakor. The Economics of Higher Purpose: Eight Counterintuitive Steps for Creating A Purpose-Driven Organization , Berrett-Koehler Publishers, 2019.

Raynor, Michael E. “That Vision Thing: Do We Need It?” Long Range Planning, June 1998, pp. 368–376.

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How to write an effective mission statement (with free template)

A mission statement explains your company’s purpose. You should write a mission statement when starting a business so you have a clear idea of what you stand for. Read on to learn how to write an effective mission statement that can help you tackle company goals.

It’s natural to face challenges when leading teams and managing projects, and one way to push forward despite the hard times is to remember your “why.” Your company mission defines why you do what you do, who you do it for, and the impact you’ll create by doing it. When you know your mission, you’ll feel good about where your company is going, even through ups and downs. 

What is a mission statement?

A mission statement is a brief declaration of your company’s what, who, and why. You should share this statement with everyone in your organization so team members understand your collective goals. While a mission statement isn’t specifically for marketing, you’ll likely share it externally as well. This is why it’s important to write it eloquently.

Your mission statement is a foundational piece of content you can use as a jumping-off point for various other materials, including:

Value propositions

Business plans

Company vision statement

Once you’ve solidified your core values and initiatives, you’ll have an easier time expanding on those ideas and getting the message out to your audience.

5 steps to write a mission statement

Your mission statement isn’t something you can craft by yourself. Before you sit down to draft it, recruit other senior and executive leaders at your company who have a sense of what you’re aiming for. Together, use the steps below to get to the root of what your company stands for and the message you want to spread.

1. Answer fundamental questions

To figure out what your mission statement should say, you’ll need to answer fundamental questions about your business. 

What do we do?

What do we create?

Who is our audience?

How do we make a difference?

Once you’ve answered the basics, consider questions that can help you craft a strong mission statement.

How do we differ from others in the industry?

How can we make our mission statement stand out from our competitors?

Can we use other mission statements for inspiration?

Consider having each member of your mission statement tiger team answer these questions separately, then pool your answers together. Your mission statement should be evergreen, so think about it in a way that incorporates business growth. It’s important to consider what your company’s purpose is in the context of what your future might be. 

2. Use your answers to brainstorm copy

Now that you have the ideas for your mission statement, you need the right words. Use brainstorming techniques to help you and the other leaders at your company come with creative ways to express yourselves. The goal is to inspire your team without sounding cliché or overly complex.

Some helpful brainstorming techniques include:

Mind-mapping: Mind mapping is a visual brainstorming technique you can use on your own or with your team. Start with one word or idea and use it to inspire other ideas. You’ll need a large piece of paper or whiteboard to write down a topic. Then, draw lines connecting tangential words or ideas to it.

Brain-netting: Brain-netting is great for remote collaboration , and it involves brain dumping ideas virtually, whether on a Slack channel, Google Doc, or through your project management tool . Team members can add ideas whenever inspiration strikes, and the list will be ever-evolving. 

3. Write your first draft

Now that you have solid ideas about what to put in your mission statement and creative ways to express those ideas, you can start experimenting with what sounds best. The following formulas can help you get started:

To [contribution/goal] so [impact] .

Our mission is to [contribution/goal] by [what you offer/how you do it] for [target audience] so [impact] .

To build/offer [what you offer/how you do it] for [target audience] to [contribution/goal] and [impact] .

For example, if you work for a content marketing company, here’s how your first draft might look:

To increase the value and visibility of content so companies can build strong relationships with their audiences . 

Our mission is to increase the value and visibility of content by offering content marketing services for companies so they can build strong relationships with their audiences . 

To offer content marketing services for companies to increase the value and visibility of their content and help them build strong relationships with their audiences. 

4. Ask for feedback

Draft a few versions of your mission statement so you can ask for feedback from current team members. Because the mission statement applies to everyone, it’s nice to include everyone in the feedback process—even if executive feedback gets slightly more weight. Don’t rush through the writing process. Take your time and get your mission statement to a place everyone is comfortable with.

Collaborate with your team by holding a Q&A session or by sending out surveys to ask which version of the mission statement resonates with them most. That way, once you complete your statement, you’ll feel confident that the result was a team effort. 

5. Revise and share

After collecting feedback, revise your mission statement as needed. Then, finalize it and share it with the rest of the organization. You can also include it in your business plan and share it on your website. 

Your mission statement explains your company’s purpose to those working for the company, stakeholders who may get involved with the company, and customers or clients who may spend money at the company. While you shouldn’t craft your mission statement for selling, it’s something you should be proud of and will likely want to display.

Examples of mission statements

Most companies share their mission statements with the public, either front and center on their websites, or in an easily searchable location. By making your mission statement visible to the clients and customers, companies show what they stand for and what they strive to achieve—both as an internal workforce and with the products or services they sell.

“To help humanity thrive by enabling the world’s teams to work together effortlessly.” 

At Asana , our mission statement explains who we serve and what we want our impact to be on the world. While we have various goals we work toward as a company, our mission statement is our guiding principle among all others. 

Let's do great things together. Join our team.

“To build the web’s most convenient, secure, cost-effective payment solution.” 

PayPal’s statement is more product-focused, but it’s still effective. Businesses may imply the impact they hope to make by explaining the unique features of their product offering. PayPal’s mission is to create the best product possible for customers because doing so will improve lives.

3. Patagonia

“Build the best product, cause no unnecessary harm, use business to inspire and implement solutions to the environmental crisis.” 

Patagonia’s mission statement is complex, but it shows that their company has many layers beyond the clothing they sell. While on the surface, Patagonia offers outdoor gear, they set themselves apart from other companies by keeping the environment front of mind in all they do. 

Free mission statement template

Using a mission statement template can help you centralize your company’s most important information. Below, you’ll see how a content marketing company would’ve answered fundamental questions about their business and used those answers to design their mission statement with the provided formula.

Use the free mission statement template below to answer relevant questions about your company’s values and goals.

Why is a mission statement important?

Your mission statement is a building block for everything your team does. When you get it right, it leads to a stronger team dynamic in the workplace , more successful projects, and happier customers. Your mission statement should:

Define your brand to team members: Give your team clarity on what product you’re creating, why you’re creating it, and who you’re creating it for.

Present your brand to others: Tell others outside of your company what your team strives for everyday. 

Uphold values and objectives: Refer to your mission statement when you need to hold yourself and your team accountable to your ultimate goals.

Mission statement vs. vision statement

Many people use a mission statement and vision statement interchangeably, and while some companies combine the two, they have different meanings. A mission statement is your company’s “why” statement—in other words, your company’s purpose. Consider your mission statement as what you’re currently trying to achieve.

A vision statement can be a “how” statement or a future-focused statement. It should paint a broad picture of how you want to achieve your mission. Sometimes, companies incorporate the vision statement within their mission statement so they can state and explain their mission simultaneously. 

For example, Google's combined mission and vision statement is:

“To organize the world’s information and make it universally accessible and useful.” 

Mission statement: To organize the world’s information…

Vision statement: ...and make it universally accessible and useful.

While LinkedIn has separate mission and vision statements:

Mission statement: Connect the world’s professionals to make them more productive and successful.

Vision statement: Create economic opportunity for every member of the global workforce.

Use a mission statement to drive company success

Your mission statement is the launchpad for your company’s success. It states what you want to achieve and serves as a constant reminder of your purpose. But the only way to accomplish your mission is with small, everyday actions. A goal is just a dream until you put a process in place.

With work management software , you can set up workflows , schedules, and tasks that align with your mission statement and make your purpose a reality. Asana helps you create a purposeful and productive work experience for all your team members by giving them the clarity they need to achieve their goals.

Related resources

15 creative elevator pitch examples for every scenario

How Asana streamlines strategic planning with work management

How to create a CRM strategy: 6 steps (with examples)

What is management by objectives (MBO)?

How To Create A Mission, Vision, And Values Statement

Estimated reading time: 5 minutes

I was recently asked why a business needs a mission, vision, and values statement.

My response was that a mission, vision, and values statement is a tool to help an organization accomplish what it has set out to do and helps provide a framework for strategy, focus, and decision-making .

A Vision statement describes the ideal future state of the organization.  It articulates what the organization is trying to accomplish.

Vision Statement Example

“ABC Auto Repair will be the premiere auto shop in the metropolitan area by providing extraordinary customer service and high-quality auto repair that exceeds all competition.”

A Mission statement describes why the organization exists and why it does what it does.

Mission Statement Example

“ABC Auto Repair exists to help its customers care for and extend the life of their automobile investments.”

A Values statement describes and lists the fundamental values and principles that the organization operates by.

Values Statement Example

“ABC Auto Repair operates by the following guiding principles:   Honesty, Integrity, Customer Service, Quality, Diversity, and Innovation.”

Some organizations write paragraphs describing their vision.

But I think the shorter the statement, the more likely employees will be able to absorb, memorize, and ideally explain it to others.

Employees Need To Understand

Employees should have a good understanding of what the business is trying to accomplish and why it does what it does.

This contributes to high levels of  employee engagement and employees who provide excellent customer service .

Every organization needs to understand where it is going before it can develop a strategic plan and map out steps to get there!

7 Steps to Creating a Mission, Vision, and Values Statement

1. gather board level leadership.

If you don’t have a formal board, pull together an advisory team .

If you are a small business, pull in anyone who has helped you get to where you are in an advisory capacity.

Writing a vision, mission, and values statement should be an exercise that is done at the board level – with some senior-level employees.

This can be done in a retreat setting, such as a conference room of a hotel or the back room of a restaurant.

The goal is to create an environment insulated from distractions and interruptions.

2. Identify an Objective Facilitator

If the organization has strong leadership , there may be someone at the board level who can facilitate the visioning session.

Whether the facilitator is a member of the staff or is contracted through a third party, the facilitator’s role is to help drive the process without influencing the content.

An experienced facilitator will know how to do this.

3. Dream As a Group

A visioning session is a time for dreaming.

Work with flip charts or whiteboards to get the creative juices going and provide colorful visuals that help spark thoughts and ideas.

Divide into groups of 3-4 people, provide each group with a flip chart, and have them discuss and answer the following questions:

Note: There should be simultaneous groups if there is more than one group.

• Who are we?
• What do we want this organization to look like in 5, or 10 years?
• Where do we want to be 1, 5, or 10 years down the road?
• Create a headline for a newspaper about the organization ten years from now. What would it say?

This exercise should take 20-30 minutes.

4. Share Ideas

After 30 minutes, ask all groups to share the thoughts and ideas they came up with.

Use the larger group to pick the best thoughts and ideas from each of the smaller groups.

Write the collective thoughts and words on a new flip chart.

Ask all participants to add, subtract, and formalize the sentence structure of the statement.

5. Examine the Statement

After the group drafts a couple of sentences, read them out loud to the entire group again.

Next, test the sentences to see if the entire group agrees that the statement reflects the organization and describes an ideal future state.

Make sure the statement is descriptive enough and is measurable to determine progress toward the vision.

6. Clarify the Mission

After the vision statement is written, go through a similar exercise to define the organization’s mission.

Remember, a mission statement describes “why” the organization exists.

Vision and mission statements should be used for decision-making to reflect the importance of what the business is trying to accomplish.

Break into small groups again and spend another 20-30 minutes brainstorming words that describe why the organization exists.

Once all the groups have their ideas down, ask them to present them to the other groups.

Using a flip chart, combine all of the ideas and, as a group, try to create a short phrase that is descriptive of why the organization exists.

The phrase will get molded by the group, and after it is in a final state, read it out loud one last time so the entire group agrees that it reflects why the organization exists.

7. Define Organizational Values

Once a vision and mission statement is drafted, break into groups once again and allow another 20 minutes or so to come up with a list of values.

These will become the shared values that the organization operates by.

As the groups come up with their lists, ask them again to present their ideas to the larger group and then combine and agree on one list.

The final list should ideally be 5-10 words and should be easy for people to memorize.

You did it!

You now have an articulated Mission, Vision, and Values Statement.

Next, you will have it printed and displayed in your business so your customers and employees can see your priorities and what you are trying to accomplish!

Many organizations don’t have a defined vision, mission, and values statement because they don’t know how to do it, and the process scares them.

However, if you can get the right people in the room and have a trained facilitator, it can be done in a few short hours.

Has your organization developed a Vision, Mission, and Values statement?

Patricia Lotich, MBA is a Certified Manager of Quality and Organizational Excellence through the American Society for Quality. She has a driving passion to help small businesses, nonprofits and churches fulfill their mission by managing their resources of - people, time and money.

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The Beginner’s Guide to Vision and Mission Statements

Running a successful business involves careful planning and focus. Part of the process includes setting goals and determining a clear-cut purpose.

Two elements critical in defining your business objectives are your vision statement and mission statement. These documents state and summarize your short-term and long-term goals, which is also why the lines get blurry with them. 

Each statement serves a different purpose: a mission statement describes what a company wants to do now ; a vision statement outlines what it wants to do in the future .

Let’s dive deeper into vision and mission statements to understand why they’re crucial for your business and discuss how you can create these documents for your own business.

What is a Vision Statement?

A vision statement is a brief, clear, and definitive description of a company‘s aspirations and the kind of impact it aims to create. Think of it as a guiding beacon that tells people within the organization what the business wants to accomplish and what will happen once they achieve that vision. 

It helps facilitate internal decision-making and determines the intended direction of the organization. You can also use it to describe the future of the business while simultaneously emphasizing its overall purpose.

To put things into perspective, a vision statement tells you what you want to become and then gives you a sense of direction to achieve it. 

• What are your hopes and dreams and goals for your business?
• Are there any problems your business can solve for the greater good?
• What kind of change are you trying to bring?

As you may have realized, vision statements are future-oriented. But because it has a direct and transcendent nature, they are written in the present tense. It tries to encapsulate the strategic goals for a company and informs everyone what the company values most.

What is a Mission Statement?

A mission statement explains an organization’s core objectives, values, and aims concisely and descriptively. It’s a declaration that defines the daily activities of an organization and how every person working within it will contribute to that overall mission.

The primary purpose of a mission statement is to drive a company toward its goals. In addition to outlining what you do and the core components of your business, it tries to clarify objectives and how you can fulfill them. The idea here is to motivate and inspire a team to consistently advance toward a common goal.

Consider the following questions when writing your mission statement:

• What do you do?
• Who do you do it for?
• How do you serve them?

A mission statement is affirmative, so they typically start with “We provide…” or “We offer…“. You can also use it as a performance standard to help employees make better decisions.

The Basics of Vision and Mission Statements

This section will detail the basics—differences, similarities, and other nuances—of vision and mission statements. Knowing this will help you better understand what goes into making a good vision and mission statement.

Vision Statement vs. Mission Statement

Vision and mission statements are essential documents with different objectives.

A vision statement outlines what you want to become and how you want to impact society and its people. Whereas a mission statement is more present-focused and summarizes the primary goals, purposes, and values of an organization.

Put simply, a mission statement speaks to today, while a vision statement speaks to the future. Let’s take a look at Google‘s vision and mission statements to highlight this difference.

The company‘s vision statement is: “ To provide access to the world’s information in one click. ” 

Despite being short and to the point, Google effectively puts forward its ambitious long-term aspiration to provide people with the world’s information as quickly and efficiently as possible (“in one click”).

On the other hand, Google’s mission statement is: “ To organize the world’s information and make it universally accessible and useful. ” 

This statement aims to guide the company’s daily operations and inform everyone that Google’s primary job is to organize information to make it accessible and useful. Notice how it also complements the vision statement.

As you can see, while the vision statement is aspirational and more focused on the “why,” the mission statement is actionable and outlines the “what” and “how.” That’s how the documents differ from each other.

Collaborative Working 

Companies need vision and mission statements to define their purpose and stand out from their competitors. But before they develop them, they must know and be able to articulate their long-term and short-term objectives.

Both documents work together to keep a company focused on meeting pre-established goals and play a significant role in strategic planning. 

Every component of a vision and mission statement encourages involved parties to take productive efforts to boost efficiency while simultaneously aligning them to work toward achieving the same purpose. They also help attract the right talent, create an appropriate work culture, and increase productivity levels to achieve success.

On the contrary, a poorly written vision and mission statement present various challenges and setbacks. It’s because they lack detailed insights that are otherwise necessary to guide employees during operations and decision-making. 

Drafting A Vision Statement

As a vision statement is your end goal, you must clearly lay out your vision of the future you’re trying to build. It’s also why it makes sense to write your vision statement before your mission statement.

To write a vision statement, start by revisiting the different components of your business or marketing plan, including your elevator pitch, business goals, company values, SWOT analysis, business story, and brand identity.

Once you have it all together, distill everything into one sentence to create the vision statement and show the world what your company is working toward. 

Fitting everything in a single line is going to be difficult, but it isn’t impossible. A good way to start is by answering the following questions:

• What is the ultimate purpose of your business?
• What kind of problems do you want to solve through your product or service?
• How does your business aim to make the world better?
• How would you describe your hopes and dreams for the business’s impact?
• What change do you inspire to bring?

Next, work on distilling your answers down to the essentials. Remember, use clear language and concrete wording—similar to an elevator pitch.

The thought process is similar when writing a mission statement.

Drafting A Mission Statement

A mission statement is the core of all your operations that lists everything you must do to reach your vision—which you established in your vision statement. When done right, this document can become the driving force for your company, giving your team a common goal.

Essentially, your mission statement should define your plan of attack, drawing the route to your destination. To do this, consider the following:

• What conditions must be met to make your vision a reality?
• What do you have to do in your day-to-day to fulfill those conditions?
• Who do you serve, and how do you do it?
• How does your business help to make your vision real for your customers?

If you find it difficult to answer these questions, go through your target audience and buyer personas, buying cycle, and so on. Once that’s done, condense all your answers down into a single strong statement.

Again, cut out any jargon and use simple, meaningful language. The mission statement should be one to three sentences maximum, and never more than 100 words. Ideally, the shorter the better.

3 Tools to Improve Your Vision and Mission Statement

Since vision and mission statements answer crucial questions—why, how, and what—these documents are also a crucial component of your business plan. Read on as we discuss some of the best tools you can use to improve these documents.

Market and Vision Statement Templates

The internet is filled with vision and mission worksheet templates. All you need to do is answer various questions to discover details related to your business and then structure the answers to create the documents.

Take a look at Smartsheet’s mission statement template, for instance. It has two columns that explain what you need to consider and then an empty column to jot down answers—pretty straightforward, making it easier for you to create an effective one.

Vision and Mission Statement Generators

Vision and mission statement generators are tools designed to provide you with the necessary assistance to write good statements. However, most of them can’t produce truly useful statements because they don’t have the relevant information.

HoneyBook generator is one such tool.

While they cannot capture the true essence of how unique your vision and mission statement should be, they aren’t entirely useless. You can use these generators to get a better understanding of the tone and wording of these documents. Plus, use it for inspiration to get out of your head and see some new ideas that may spark something for you.

Business Plan Services

Remember how we mentioned a vision statement and mission statement are a vital part of a business plan? This is why online business plan services like LivePlan and Bizplan offer services to write these documents.

These services are similar to business plan software. The only difference is that they offer business and legal specialists who can help you gain a better understanding of the more complex aspects of your business, which, in turn, will make it easier for you to draft your vision and mission statements.

5 Tricks for Writing a Good Vision and Mission Statement

Let’s take a look at a few vision and mission statements best practices to help you create amazing ones for your business.

Clearly Define Your Future

Set up a meeting with your team and ask everyone to define the perfect state of being for your organization—why the company exists and its purpose. Write it down and find words that truly articulate your future goals and plans.

Remain in Sync

Ensure your vision and mission statements are in sync and connected by using words that resonate with your employees as well as third parties. It’s best to write your vision statement first and then use it as a guide when writing your mission statement.

Make Them Memorable and Achievable

Your vision and mission should be a stretch but always within reach. Draft them in a way that makes them to the point and easy to remember. Try to think of something that gives the reader goosebumps and encourages them to take immediate action without making them sound impossible or fanciful.

Align Them With Your Goals

Although this goes without saying, make sure you write statements that align with your goals. Whenever you change your goals and objectives, revisit your vision and mission and make the necessary changes. You may find yourself tweaking your mission statement more often than your vision statement.

Think About the Future 

Imagining your future five or ten years down the line is particularly important for your vision statement. But knowing your end goal will also help you draft a better mission statement to outline what steps you should take immediately to get there. 

We highly recommend conducting a gap analysis to compare current performance to desired performance. The end result will give you a better understanding of how or where your organization is struggling—and where there are opportunities to grow.

What to Do Next

After writing your vision and mission statement, your next step should focus on developing specific objectives to help you achieve your mission and vision. These objectives include specific measurable results, fulfilling which will help you accomplish your broad goals.

Create an action plan or a business plan that details how you plan on implementing the strategies and what actionable steps you’ll take to bring about changes in all the relevant sectors.

20 Powerful Vision Statement Examples for Success in 2023

Key takeaways.

Starting a business can be an exciting undertaking, reaping many promises of reward and economic benefit. Amidst this motivation and excitement, the temptation to jump right in and get started can be overwhelming. Navigating the new waters of a business successfully, however, requires thoughtful planning and strategy. You can be easily knocked off-course by the waves of uncertainty if you don’t know where you’re going, even if you have some of the finest tools and sailors. 

What Is a Vision Statement?

A vision statement is an organization’s guiding description of future objectives. The vision statement communicates what the organization’s existence strives to accomplish. Goals and strategies outlined within the mission statement lean on the vision statement for direction and alignment.

How Does a Vision Statement Differ From a Mission Statement?

A vision statement communicates future aspirations. Where does the organization want to be in ten years? What is it that the organization is working toward achieving? Rather than providing detailed plans, vision statements serve as a light post that inspires and guides actions. 

Examples of Vision Statements vs. Mission Statements

Vision Statement: “Create economic opportunity for every member of the global workforce.”

Mission Statement: “To connect the world’s professionals to make them more productive and successful.”

Vision Statement: “To make the best products on earth and to leave the world better than we found it.” 

Southwest Airlines

Vision Statement: “To be the world’s most loved, most efficient, and most profitable airline.”

What Are the Key Components of a Good Vision Statement?

The purpose of a vision statement is to communicate an organization’s mission and direction to both internal and external stakeholders. To do this effectively, it must contain several key components.

A good vision statement:

Things to Avoid When Writing a Vision Statement

How to write a vision statement in 5 steps, 1. get clear on your “why”.

Identifying your organization’s “why” for existing is the first step in determining how to create a vision . In Start with Why , leadership and business expert Simon Sinek shares, “Very few people or companies can clearly articulate why they do what they do. By why, I mean your purpose, cause, or belief.” Yet, identifying and articulating your organization’s purpose is critical to its success. This is because people connect—as consumers, partners, clients, or employees—with organizations they trust and understand. Without clarity of purpose, there can be no trust or understanding. 

2. Visualize the Future

Questions to ask yourself while visualizing:

3. Draft Your Statement

The vision statement for Adidas, for example, is “To be the design leaders with a focus on getting the best out of the athletes with performance-guaranteed products in the sports market globally.”

4. Revise for Clarity

5. implement, communicate, and intentionally restate it.

Tips for communicating your vision statement:

5 Best Practices for Writing a Vision Statement

Top 20 vision statement examples, 3. make-a-wish.

“To build Calm into one of the most valuable and meaningful brands of the 21st century.”

9. Facebook

12. netflix, 13. habitat for humanity, 16. pandora music, 18. planet fitness, 19. audible, get started on your vision statement today.

“Business as usual produces predictable results. But if you want something fresh, something new, that takes vision. Greatness only happens by design.” Michael Hyatt , The vision driven leader

More From Forbes

Business planning: how to craft your vision and mission statement.

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A rudderless ship is vulnerable to the strongest blowing wind. So too is your business if you're focused only on the here and now, and your operation is perpetually reacting instead of proacting. Leading professionals know that looking forward drives growth.

Here, we'll examine how to build a strong foundation. Now that you’ve spent time examining your "why" and the legacy you'd like to leave behind, we'll discuss in detail how to craft your vision and mission statement. With this, you'll have a blueprint for success and a target on the horizon to strive for.

Your mission statement is a set of words that defines and communicates the purpose of your business. It shows how you define success, make business decisions and ensure that everyone involved in the company is on the same, inspired track.

Google ’s mission statement is a great summation of what the company does: “to organize the world’s information and make it universally accessible and useful.” Here's  Microsoft 's: “We believe in what people make possible. Our mission is to empower every person and every organization on the planet to achieve more.”

Step 1: Establish The Framework

Define your purpose. 

• Why did you choose this line of business?

• What is the best part of your business, and what keeps you going?

Who do you serve? 

• Who is your ideal buyer?

• Who are your customers?

• How do you treat your customers and employees, and why is that important to you?

Establish your reputation. 

• What do you do better than anyone else? Why should people buy from you ?

• What do you want your legacy to be? What do you want to be known for?

• What keeps your competition up at night — what’s your “secret sauce?"

• What do you stand for?

Measure your success. 

• What does success look like to you?

• What kind of goals have you established to make your business succeed? How will you measure them and how will you know when you've arrived?

Step 2: Refine Your Mission Statement

Now that you have broad objectives, it’s time to start narrowing them down. Ideally, your mission statement should be three to four sentences that capture your goals, purpose and your "why."

Ask for input from your employees, and make it personal. It should be something everyone can buy into. Go for the big picture; the sky is the limit.

Keep in mind mission statements can evolve over time. Try different combinations until you find one that resonates with you and your employees. Use actionable words. It can be helpful to include goals in your mission statement, like “95% of the time we will …”

Remember, there are no wrong mission statements. If it resonates with you and your employees, your mission statement is complete.

Step 3: Create Your Business Vision

Now that you know what you stand for, it’s time to build the blueprint to get there. Here are key steps to follow:

Start with your history.

You have to look back to move forward -- you can’t know where you’re going if you don’t know where you’ve been.

• When did you start in business, and how many employees did you have?

• Write all your company's significant milestones on a piece of paper with a brief description of each, and turn it into a line graph with peaks and valleys. What are the positive and negative milestones and turning points, and when did they occur?

• What are the achievements you are most proud of to date? Any awards or innovations? Include big and small achievements.

• What are your favorite parts of the business? What are your passions?

• What other details need to be included in the history of your business for a complete picture?

Now, pretend your business history belonged to a third party. What do you notice? What are significant positive or negative business decisions and what was the outcome? What's holding you back from moving forward? What were the obstacles and how did you overcome them?

Look at the present.

• What does your business look like currently?

• What are your strengths, weaknesses, opportunities and threats?

• What is your value proposition?

• What do you need to get to your goals? Resources, finances, income, employees, training, product launches?

• Do you have work-life balance?

• How is the company’s financial health? Sales, payables, loans, inventory?

• Is your technology current? Do you have a website, social media presence, infrastructure?

• Do you have key employees? Do they need development or training? If so, where are you going to obtain it and what is the return on investment?

• If you could make two or three changes to have an immediate impact, what would they be and how would you do it?

Plan for the future.

Picture your business three months, six months, one year, three years, five years and ten years down the line.

• What are your top short- and long-term goals, in order of priority?

• How can you best leverage your top three strengths?

• How do you define short-term and long-term success?

• What impactful ideas do you have that have not yet been implemented? What would it take to act on them? What's holding you back?

• What should you start doing, stop doing or find a different way of doing?

• If you put energy into it, where could your business shine that it isn’t already?

• What three things would make your business a success in the coming year? How can you achieve that?

• What are secondary goals for success? How can you achieve them? What will the business look like if you do? What resources are required?

It's a lot to think about, but it's worth the investment of your time to create a clear vision for your company. Where you are and where do you want it to be?

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Mission vs. vision statements: definitions & examples

The lowdown on mission and vision statements (with definitions and examples)

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What are mission and vision statements? A mission statement defines the organization’s business, its objectives, and how it will reach these objectives. A vision statement details where the organization aspires to go. Why does your company exist? What do you hope to accomplish in the next several years?

On the surface, those questions seem pretty straightforward. But if you’ve ever had to respond with something concise and powerful, you know that it’s way more challenging than it seems.

This is where your mission and vision statements come in. To craft them, you need to put in the work to understand what your company is all about, as well as where you’re headed in the future.

And once you’ve invested the elbow grease to do so, you’ll be prepared to respond to questions about your reason for being with something impressive – rather than silence and a deadpan expression.

So, let’s dig into everything you need to know about mission and vision statements, shall we?

Mission statements vs. vision statements

Sometimes the terms “mission statement” and “vision statement” are used interchangeably or even combined into a single statement.

But they mean two very different things. Your mission statement is what your company is doing right now, while your vision statement is what you hope to achieve in the future – where you are in this moment versus where you’re going. 

Let’s bring this home: if someone asks you, “So, what do you do?” you might say, “I’m a software developer at a mid-size software company” or “I’m a circus clown.”

But, what if they asked you, “What do you want to be doing five or 10 years from now?” Your answer might be a bit different, right?

Maybe you’d say, “My goal is to move into a management position where I oversee all of the company’s developers” or “Ultimately, I’d like to be a world-famous clown and the choice entertainer at birthday parties for celebrities’ kids.”

Mission statement examples

We’ve put together a mini list of inspiration to help you get started. Below are some winning mission statements from a few well-known companies. We know it’s tempting, but no, you cannot copy them. 

sweetgreen : “Our mission is to inspire healthier communities by connecting people to real food.”

Nike : “Bring inspiration and innovation to every athlete* in the world. *If you have a body, you are an athlete.” 

Etsy : “Our mission is to Keep Commerce Human.” 

LinkedIn : “Connect the world’s professionals to make them more productive and successful.”

How to write a mission statement

Alright, now the real work begins: rolling up your sleeves and pulling together your own mission statement.

Let’s mention one more thing about what a mission is not – a slogan. A slogan (think “Just do it” or “Like a good neighbor, State Farm is there”) is a catchy marketing line that customers can immediately associate with a brand. Your mission statement is more than that. It captures the heart of your organization and explains why you do what you do and why you exist in the first place. 

A solid mission statement calls for you to dig deep, beyond just “Do a good job” or “Delight our customers”, which can make writing your mission statement tough. Fortunately, we’ve broken it down into three (kind of) easy steps.

1. Start with the basics

Mission statements run the gamut from one sentence to several paragraphs, and there’s a lot that they can include. Some mission statements even go into detail about how a company not only serves their customers, but also their employees and communities.

But, let’s just keep this simple for now. In its most basic form, your mission statement should capture: 

• What your company offers your customers (why do you exist?)
• Who your company serves (who are your target customers?)
• Why your company stands out (what makes you different from your competitors?)

Grab your favorite pen (we know you have one!) and a notepad and write a short (just a single sentence fragment will work) response to each of those prompts.

For example, imagine that you work for a software company that developed an app that uses highly tailored personality tests to match candidates with dream jobs. You might come up with something like this: 

• What your company offers your customers An easy solution to finding a dream job
• Who your company serves Young professionals who feel lost about their next career steps
• Why your company stands out Your personality assessments are patented and highly rated

Got your own answers scribbled down? Great! Let’s move to the next step.

2. Piece it together

You have the nuts and bolts of your mission statement figured out, but, let’s be honest, it’s still a hot mess. It’s time to tape them together into a more readable statement.

Begin rearranging the pieces, swapping in different words, and making other changes to come up with a few potential statements. 

Don’t feel like you’re married to the very first version you come up with. It’s all about trial and error here. Plus, the more options you come up with, the more flexibility you have to land on something that sings. 

Sticking with our personality test company example, you might develop these potential mission statements: 

• Helping young professionals find careers where they can thrive with patented and effective personality assessments.
• Growing tomorrow’s leaders through targeted personality assessments that match young professionals with careers.
• Forging career pathways for today’s professionals through effective personality assessments.
• Using patented and customized personality assessments to help young professionals find their perfect careers. 

They’re all pretty solid choices, right? Don’t worry. The next step will help us narrow these down.

3. Collect feedback and refine

Your mission statement captures your company as a whole, which means you can’t write it in a vacuum. Make sure it really does your organization justice by welcoming other viewpoints in the process. 

Collect feedback from your teammates, leaders, board of directors, and loyal customers. You can gather their thoughts through a formal survey, focus groups, or just casual one-on-one chats. 

Pull together all of the mission statements that you came up with (that you think are good options, of course), and ask questions like:

• Which of these statements do you like the most? Why?
• Which of these statements do you like the least? Why?
• Is there anything that you think these statements are missing?
• Do you have any other ideas for mission statements?

The trick here is that you can’t just collect that feedback – you should actually think about and work with it.  

Imagine that in response to the personality test mission statement options, most people agreed that they wanted to see something shorter and snappier. You take that in and end up with a final mission statement like this:

Building better careers through customized personality assessments.

Bam! You have your mission statement. It seems easy peasy laid out like this, right? But don’t fret if it’s not done in a snap for you. 

It might take some time and many rounds of revisions to nail it. That’s totally normal. Take it as a sign that you’re giving your mission statement the effort and consideration it deserves. 

Vision statement examples

Forecasting the future of your company – and with such bravado – makes creating a vision statement a strange (and somewhat braggy and therefore slightly uncomfortable) task. But, seriously, that’s what a vision is all about. See below for examples of companies who have taken this task and owned it.

Habitat for Humanity : “A world where everyone has a decent place to live.” 

Ford : “To become the world’s most trusted company.”

Ben & Jerry’s : “We make the best possible ice cream in the best possible way.” 

Dow : “We want to become the most innovative, customer-centric, inclusive, and sustainable materials science company in the world. Our goal is to deliver value growth and best-in-class performance.”

You’ll notice that nonprofits tend to describe an ideal world while for-profit companies describe their place in an ideal world.

How to write a vision statement

You probably don’t have a crystal ball that will help you foresee the future of your company (although, if you do, are you willing to share?). 

So, coming up with your vision statement can be a challenge for someone without psychic abilities, since it makes you think super big. Zoom out and ask yourself, “What’s the ultimate purpose I’m serving?”

Have no fear, we’ve boiled this vital project into three approachable steps.

1. Define your end game

Start by understanding why your product or service matters. What does it help people do? How does it better their lives? 

Think about our career personality test example for a moment. What’s the end result there? Nope, it’s not the app itself. The ultimate result (and value!) is a match with a career that seems like a perfect fit.

Think of it this way: Your company is the road on which your customers are running a race. Once they cross the finish line, what do they get? This can help you see how what you’re doing makes a difference for your customers, your community, or even the world.

2. Pinpoint when you know you’ve made it

When you look five or 10 years down the road (let’s stop there for now), what fills out your win column? Jot down everything that comes to mind. 

Turning back to our personality test scenario, do you want to become the world’s most trusted resource for career exploration? Do you want to create a world where nobody hates their jobs? Do you want every person to have confidence in their next career step?

Remember, this is your chance to be ambitious and be bold, so don’t be timid. Find your swagger and go big!

3. Pull together your vision

Ok, you’re almost there. You have two elements locked down: 

• What you ultimately produce and why it matters
• How you’ll know when you’re successful

Now, similarly to what you did with your mission statement, it’s time to start piecing them together using different combinations and wording to see what you come up with. 

Sticking with our running career test example, your vision statement could be any one of the following (among many other gazillion options you come up with, of course).

• Position ourselves as the most trusted partner in career exploration.
• Build a world where absolutely nobody dreads heading to work.
• Create a career landscape where Monday is just as great as Friday.

Again, this is a game of trial and error until you’re happy with a near-final product that you can run by other people for feedback.

At the end of that, you’ll have a vision statement that sums up your goals for the future of your organization.

Purpose of vision and mission statements

We won’t be offended if you’re wondering, “What’s the point of all this?”

Trust us: creating these statements is worth the sweat. They’re far more than formalities and really can be useful for your organization.

Your mission statement highlights your company’s core values and helps everybody – from your customers to your employees – immediately understand what your business is about and how you’re different from your competitors.

Your vision statement serves as a roadmap of sorts. It’s an inspiring reminder of what you’re working toward, which is easy to lose sight of when you’re bombarded with the day to day.

But here’s the thing: you can’t stop at just creating them. In order for them to do their job, you need to actively promote and live them. 

That doesn’t just mean slapping them up on your website or printing them on a poster that hangs in your break room. You need to integrate them as core parts of your culture by always acting and making decisions with those statements in mind.

Plus, you need to educate your employees about what your mission and vision are, and what they really mean. One survey found that a whopping 61% of employees didn’t know their company’s mission statement. You can’t really expect your team to help you achieve your mission and vision if they don’t know what they are.

So, give new employees the message on day one. Make your company mission and vision part of the onboarding process for new hires, and return to these statements whenever you’re launching new projects, problem-solving, brainstorming, or making big decisions.

Do that, and your mission and vision statements won’t be a formality. They’ll be fundamental to the way you do business.

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5 Top Vision Statement Examples For Your Business Plan

Free Mission and Vision Statement Templates

Aayushi Mistry

• October 25, 2023

Example 1: A vision statement by Microsoft

To help people and businesses throughout the world realize their full potential.

Microsoft Corporation is an American multinational technology company with headquarters in Redmond, Washington. It develops, manufactures, licenses supports, and sells computer software, consumer electronics, personal computers, and related services. Its best-known software products are the Microsoft Windows line of operating systems, the Microsoft Office suite, and the Internet Explorer and Edge web browsers. Its flagship hardware products are the Xbox video game consoles and the Microsoft Surface lineup of touchscreen personal computers. Microsoft ranked No. 21 in the 2020 Fortune 500 rankings of the largest United States corporations by total revenue; It was the world’s largest software maker by revenue as of 2016. It is considered one of the Big Five companies in the U.S. information technology industry, along with Google, Apple, Amazon, and Facebook.

Information Courtesy: Wikipedia

Ratings by experts: 4 / 5

• This mission statement communicates the intention of the empowerment of people and organizations.
• It also indicates the vision of catering to the world’s unity and productivity.
• However, the [How] is missing.

Example 2: A vision statement by Harley Davidson

Harley-Davidson, Inc. is an action-oriented, international company, a leader in its commitment to continuously improve our mutually beneficial relationships with stakeholders (customers, suppliers, employees, shareholders, government, and society). Harley-Davidson believes the key to success is to balance stakeholders’ interests through the empowerment of all employees to focus on value-added activities.

Harley Davidson , Inc. is the fifth-biggest motorcycle manufacturer of heavyweight motorcycles in the world.

• The mission statement shows the company is looking forward to expanding its business. Moreover, they have shown interest in the stakeholder’s leadership.
• No user benefit is shown.

Example 3: A vision statement by Google LLC

To organize the world’s information and make it universally accessible and useful.

Google LLC is an American multinational technology company that specializes in Internet-related services and products, which include online advertising technologies, a search engine, cloud computing, software, and hardware. It is considered one of the Big Five technology companies in the U.S. information technology industry, alongside Amazon, Facebook, Apple, and Microsoft.

Ratings by experts: 5 / 5

• Clear communication on the intention.
• Short, simple, and catchy.
• Relevant to the audience and their services.

Example 4: A vision statement by KFC in the year 2013

To sell food in a fast, friendly environment that appeals to price-conscious, health-minded consumers…

KFC stands for Kentucky Fried Chicken. It is an American fast-food restaurant chain headquartered in Louisville, Kentucky, that specializes in fried chicken. It is the world’s second-largest restaurant chain after McDonald’s

Ratings by experts: 3 / 5

• Clear mention of the target customer.
• Can’t be used for branding purposes.
• The reason why the statements fall back is that their actions as a brand did not completely align with their mission.

Example 5: A vision statement by Unilever

To make sustainable living commonplace. We believe this is the best long-term way for our business to grow.

Unilever plc is a British multinational consumer goods company headquartered in London, England. Unilever products include food, confections, energy drinks, baby food, soft drinks, cheese, ice cream, tea, cleaning agents, coffee, pet food, bottled water, toothpaste, chewing gum, frozen pizza, pregnancy tests, juice, margarine (Upfield), beauty products, personal care, breakfast cereals, pharmaceutical, and consumer healthcare products. Unilever is the largest producer of soap in the world. Unilever’s products are available in around 190 countries.

Information courtesy: Wikipedia

• This statement targets the current requirement of the world community. Which is very relevant to the industry in which the company serves.
• This is a long-term vision and can even concrete vision statement
• Good use of vocabulary.

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35 Vision And Mission Statement Examples That Will Inspire Your Buyers

Published: February 28, 2024

Why do you choose to buy products and services from certain brands even when cheaper options exist? It often comes down to a compelling brand mission — like these 35 mission statement examples.

Brands use a mission statement to express their values. As consumers, we like to patronize businesses that have values we believe in.

A strong mission statement makes it easy for consumers to understand your values and feel confident purchasing from you.

Still, loyalty doesn’t happen overnight. Building brand loyalty, like creating mission and vision statements, takes time. You may just find the inspiration that you need in someone else’s mission statement, so we’ve gathered 35 example mission statements to help make your research easy.

If you’re in a bit of a time crunch, use this table of contents to find precisely what you’re looking for to inspire the development of your company’s mission.

100 Mission Statement Examples & Templates

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Table of Contents

What is a mission statement?

How to write a mission statement, what is a vision statement.

• Mission vs Vision Statements

Mission and Vision Statement Template

Best mission statement examples.

• Best Vision Statements Examples

A mission statement is a simple statement about the goals, values, and objectives of an organization. A mission statement summarizes why a business exists and helps a company respond to change and make decisions that align with its vision.

This brief description helps customers, employees, and leadership understand the organization’s top priorities.

An effective mission statement will naturally change over time. As a company grows, it may reach its early goals, and they’ll change. It’s important to revise mission statements as needed to reflect the business’s new culture as it achieves its goals and develops new targets.

What makes a good mission statement?

A great mission statement combines physical, emotional, and logical elements into one exceptional customer (and employee) experience that you value as much as they do. A good mission statement will not only explain your brand’s purpose but will also foster a connection with customers.

When your brand creates a genuine connection with customers and employees, they’ll stay loyal to your company, thereby increasing your overall profitability.

Mission statements also help you stand out in the marketplace, differentiating your brand from the competition.

I’ve personally observed that there’s more brand recognition for companies when consumers think they have an important mission.

When wearing a pair of TOMS shoes, I’ve noticed that people comment more on my shoes than when I’m wearing Converse or Nike shoes (which are both more well-known brands). TOMS famously created the One for One® model, where they vowed to donate one pair of shoes for every one purchased.

A memorable company mission makes your product more noteworthy.

What are the three parts of a mission statement?

Your mission statement should clearly express what your brand does, how it does it, and why the brand does it. You can quickly sum this up in your mission statement by providing the following:

• Brand purpose. What does your product or service do or aim to offer and for whom?
• Brand values. What does your company stand for? For example, are you environmentally conscious and provide a more sustainable solution to solve a problem? Values are what make your company unique.
• Brand goals. What does your company accomplish for customers? Why should they purchase from you instead of other competitors?

With these three components, you can create a mission that is unique to your brand and resonates with potential customers. Next, we’ll guide you step by step on how to write a proper mission statement to build on as your company evolves.

You understand the importance of a well-crafted mission statement that effectively summarizes a company’s purpose, but how do you write one? Let’s look at the steps to write a good mission statement, and then we’ll dive into mission statement examples to inspire your creativity.

• Explain your company’s product or service offering.
• Identify the company’s core values.
• Connect how your company’s offering aligns with your values.
• Condense these statements into one.
• Refine your mission statement.

1. Explain your company’s product or service offering.

A good mission statement helps prospects understand what your company does in a literal sense. This means explaining your offering in basic, clear terms. Your explanation should answer the most basic questions like:

• Are you selling a product or service?
• Why would customers buy it?
• How does your offering solve for the customer?

Record your answers and focus on how your product or service brings value to your buyer personas , otherwise known as your target audience.

2. Identify the company’s core values.

Now, this is where you can start thinking bigger. You didn’t just make a product or service at random. Instead, you’re most likely motivated by a set of core values . This is particularly important for socially conscious businesses and brands that care about well-being.

Core values are deeply ingrained principles that guide a company’s actions. Take HubSpot’s culture code, HEART , for example:

• Empathetic.
• Remarkable.
• Transparent.

These are principles that not only company employees respect but are principles that our customers appreciate as well. By identifying core values that hold meaning on personal and organizational levels, you’ll have an appealing set to add to your mission statement.

3. Connect how your company’s offering aligns with your values.

So, how can your company offering serve your core values? You need to draw a connection between the two in a way that makes sense to the public.

For example, if one of your core values centers on innovation, you want to frame your product or service as pushing boundaries and explaining how it helps customers innovate their lives or business practices. Essentially, you’re taking the literal benefit of the offering and expanding it to serve a higher purpose.

4. Condense these statements into one.

A mission statement can be as short as a single sentence or as long as a paragraph, but it’s meant to be a short summary of your company’s purpose. You need to state the what, who, and why of your company:

• What — The company offering.
• Who — Who you’re selling to.
• Why — The core values you do it for.

Condense this to be between one and three sentences long. At this stage of development, it’s often helpful to write several mission statement drafts to help process ideas and experiment.

Once you have successfully conveyed your brand’s message, it’s time to refine and perfect your mission statement.

5. Refine your mission statement.

Above all, your mission statement stands as a marketing asset that is meant to be:

• Free of fluff.

Your mission statement should clearly outline the purpose of your company offering, capture the company spirit, and show the common goals the company is working to achieve.

Have other team members or advisors read your mission statement draft and make adjustments if needed according to their recommendations. This is normally a slow process for brands, and I’ll share ideas and company mission statement examples in a moment to help inspire creativity in the writing process.

A vision statement is aspirational and expresses your brand’s plan or “vision” for the future and potential impact on the world. They often serve as a guide for a brand’s future goals and explain why customers and employees should stick around for the long haul.

What makes a good vision statement?

A good vision statement should be bold and ambitious. It’s meant to be an inspirational, big-picture declaration of what your company strives to be in the future. It gives customers a peek into your company’s trajectory and builds customer loyalty by allowing them to align their support with your vision because they believe in the future of your brand as well.

What are the three parts of a vision statement?

Your company vision is meant to be inspirational while also aligning with the company’s mission. A vision statement should have the following characteristics:

• Aspirational and ambitious. Have a lofty outlook for what you want your business to accomplish? Here’s the place to put it. Your vision statement should be aspirational and showcase how your business will grow in the future.
• Practical and achievable. While your statement should be ambitious, it shouldn’t be impossible. Set a goal that is both challenging and practical.
• General. Your vision should be broad enough to encompass all of your brand’s overall goals. Think of it as an umbrella for your mission statement and company objectives to nest under.

Both mission and vision statements are often combined into one comprehensive “mission statement” to define the organization’s reason for existing and its outlook for internal and external audiences — like employees, partners, board members, consumers, and shareholders.

The difference between mission and vision statements lies in the purpose they serve.

Mission Statement vs. Vision Statement

A mission statement clarifies what the company wants to achieve, who they want to support, and why they want to support them. On the other hand, a vision statement describes where the company wants a community, or the world, to be as a result of the company’s services.

Thus, a mission statement is a roadmap for the company’s vision statement.

A mission statement is a literal quote stating what a brand or company is setting out to do. This lets the public know the product and service it offers, who it makes it for, and why it’s doing it. A vision statement is a brand looking toward the future and saying what it hopes to achieve through its mission statement. This is more conceptual, as it’s a glimpse into what the brand can become in the eyes of the consumer and the value it will bring in the long term.

In summary, the main differences between a mission statement and a vision statement are:

• Mission statements describe the current purpose a company serves. The company’s function, target audience, and key offerings are elements that are often mentioned in a mission statement.
• Vision statements are a look into a company’s future or what its overarching vision is. The same elements from the mission statement can be included in a vision statement, but they’ll be described in the future tense.

Now that we know what they are, let’s dive into some useful examples of each across different industries.

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What Is a Business Plan?

Understanding business plans, how to write a business plan, common elements of a business plan, the bottom line, business plan: what it is, what's included, and how to write one.

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Adam received his master's in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem.

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A business plan is a document that outlines a company's goals and the strategies to achieve them. It's valuable for both startups and established companies. For startups, a well-crafted business plan is crucial for attracting potential lenders and investors. Established businesses use business plans to stay on track and aligned with their growth objectives. This article will explain the key components of an effective business plan and guidance on how to write one.

Key Takeaways

• A business plan is a document detailing a company's business activities and strategies for achieving its goals.
• Startup companies use business plans to launch their venture and to attract outside investors.
• For established companies, a business plan helps keep the executive team focused on short- and long-term objectives.
• There's no single required format for a business plan, but certain key elements are essential for most companies.

Investopedia / Ryan Oakley

Any new business should have a business plan in place before beginning operations. Banks and venture capital firms often want to see a business plan before considering making a loan or providing capital to new businesses.

Even if a company doesn't need additional funding, having a business plan helps it stay focused on its goals. Research from the University of Oregon shows that businesses with a plan are significantly more likely to secure funding than those without one. Moreover, companies with a business plan grow 30% faster than those that don't plan. According to a Harvard Business Review article, entrepreneurs who write formal plans are 16% more likely to achieve viability than those who don't.

A business plan should ideally be reviewed and updated periodically to reflect achieved goals or changes in direction. An established business moving in a new direction might even create an entirely new plan.

There are numerous benefits to creating (and sticking to) a well-conceived business plan. It allows for careful consideration of ideas before significant investment, highlights potential obstacles to success, and provides a tool for seeking objective feedback from trusted outsiders. A business plan may also help ensure that a company’s executive team remains aligned on strategic action items and priorities.

While business plans vary widely, even among competitors in the same industry, they often share basic elements detailed below.

A well-crafted business plan is essential for attracting investors and guiding a company's strategic growth. It should address market needs and investor requirements and provide clear financial projections.

While there are any number of templates that you can use to write a business plan, it's best to try to avoid producing a generic-looking one. Let your plan reflect the unique personality of your business.

Many business plans use some combination of the sections below, with varying levels of detail, depending on the company.

The length of a business plan can vary greatly from business to business. Regardless, gathering the basic information into a 15- to 25-page document is best. Any additional crucial elements, such as patent applications, can be referenced in the main document and included as appendices.

Common elements in many business plans include:

• Executive summary : This section introduces the company and includes its mission statement along with relevant information about the company's leadership, employees, operations, and locations.
• Products and services : Describe the products and services the company offers or plans to introduce. Include details on pricing, product lifespan, and unique consumer benefits. Mention production and manufacturing processes, relevant patents , proprietary technology , and research and development (R&D) information.
• Market analysis : Explain the current state of the industry and the competition. Detail where the company fits in, the types of customers it plans to target, and how it plans to capture market share from competitors.
• Marketing strategy : Outline the company's plans to attract and retain customers, including anticipated advertising and marketing campaigns. Describe the distribution channels that will be used to deliver products or services to consumers.
• Financial plans and projections : Established businesses should include financial statements, balance sheets, and other relevant financial information. New businesses should provide financial targets and estimates for the first few years. This section may also include any funding requests.

Investors want to see a clear exit strategy, expected returns, and a timeline for cashing out. It's likely a good idea to provide five-year profitability forecasts and realistic financial estimates.

2 Types of Business Plans

Business plans can vary in format, often categorized into traditional and lean startup plans. According to the U.S. Small Business Administration (SBA) , the traditional business plan is the more common of the two.

• Traditional business plans : These are detailed and lengthy, requiring more effort to create but offering comprehensive information that can be persuasive to potential investors.
• Lean startup business plans : These are concise, sometimes just one page, and focus on key elements. While they save time, companies should be ready to provide additional details if requested by investors or lenders.

Why Do Business Plans Fail?

A business plan isn't a surefire recipe for success. The plan may have been unrealistic in its assumptions and projections. Markets and the economy might change in ways that couldn't have been foreseen. A competitor might introduce a revolutionary new product or service. All this calls for building flexibility into your plan, so you can pivot to a new course if needed.

How Often Should a Business Plan Be Updated?

How frequently a business plan needs to be revised will depend on its nature. Updating your business plan is crucial due to changes in external factors (market trends, competition, and regulations) and internal developments (like employee growth and new products). While a well-established business might want to review its plan once a year and make changes if necessary, a new or fast-growing business in a fiercely competitive market might want to revise it more often, such as quarterly.

What Does a Lean Startup Business Plan Include?

The lean startup business plan is ideal for quickly explaining a business, especially for new companies that don't have much information yet. Key sections may include a value proposition , major activities and advantages, resources (staff, intellectual property, and capital), partnerships, customer segments, and revenue sources.

A well-crafted business plan is crucial for any company, whether it's a startup looking for investment or an established business wanting to stay on course. It outlines goals and strategies, boosting a company's chances of securing funding and achieving growth.

As your business and the market change, update your business plan regularly. This keeps it relevant and aligned with your current goals and conditions. Think of your business plan as a living document that evolves with your company, not something carved in stone.

University of Oregon Department of Economics. " Evaluation of the Effectiveness of Business Planning Using Palo Alto's Business Plan Pro ." Eason Ding & Tim Hursey.

Bplans. " Do You Need a Business Plan? Scientific Research Says Yes ."

Harvard Business Review. " Research: Writing a Business Plan Makes Your Startup More Likely to Succeed ."

Harvard Business Review. " How to Write a Winning Business Plan ."

U.S. Small Business Administration. " Write Your Business Plan ."

SCORE. " When and Why Should You Review Your Business Plan? "

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