Creating a mission statement that resonates with all stakeholders
As businesses grow and evolve, one of the most critical steps in their success is creating a well-crafted mission statement. A mission statement outlines a company's purpose and values and helps to guide decision-making, motivate employees and attract customers. A great mission statement should resonate with all stakeholders, including employees, shareholders, customers, and the broader community.
However, creating a mission statement that speaks to all stakeholders can be a challenging task. It requires a deep understanding of the values and beliefs of each group and how they intersect with the company's mission. Below are some tips on creating a mission statement that resonates with all stakeholders, including how to involve stakeholders in the process.
Understand the Values of Each Stakeholder Group
A company's stakeholders include its employees, shareholders, customers, suppliers, and the broader community. Understanding the values and beliefs of each stakeholder group is essential in creating a mission statement that resonates with all of them. Begin by listing all the stakeholder groups and researching what each group cares about and what their expectations are from the company.
For example, employees may prioritize job security, good work-life balance, and career growth opportunities. Shareholders may prioritize profitability and return on investment. Customers may prioritize product quality, affordability, and customer service. By understanding the values of each group, a company can create a mission statement that meets everyone's goals.
Involve Stakeholders in the Process
Involving stakeholders in the mission statement creation process is crucial in ensuring that the statement resonates with all. Stakeholders can provide unique perspectives and insights that management might not have considered. Involving stakeholders also ensures that their values and beliefs are represented in the mission statement.
There are several ways to involve stakeholders in the process, such as conducting surveys, focus groups, and one-on-one interviews. Management can also host workshops or town hall meetings to gather ideas and feedback. Involving stakeholders also increases their buy-in and commitment to the mission statement.
Use Clear and Concise Language
A great mission statement should be easy to understand and memorable. Avoid using complex language, jargon, or buzzwords that people may not understand. Use simple language that anyone can understand, and keep the statement short and sweet. Shortening the statement to a few words can make it more memorable and increase its impact.
For example, Nike's mission statement, "To bring inspiration and innovation to every athlete* in the world (*if you have a body, you are an athlete)," is simple, memorable, and inclusive. It resonates with everyone who wants to be inspired and innovate, not just athletes.
Align the Statement with Company Goals
A mission statement must align with the company's goals, values, and vision for the future. It should be a roadmap for everyone in the company, guiding decision-making and directing efforts towards common goals. A mission statement should reflect the company's unique qualities, such as its culture, products, or services.
For example, Patagonia's mission statement, "Build the best product, cause no unnecessary harm, use business to inspire and implement solutions to the environmental crisis," aligns with its values and vision for the future. Patagonia is known for its high-quality, sustainable products and its commitment to environmental sustainability.
Live the Mission Statement
Creating a mission statement is just the beginning. To truly resonate with stakeholders, the company must live up to its mission statement every day. The mission statement should be visible and present in everything the company does, from its products and services to its marketing and communication strategies.
For example, Starbucks' mission statement, "To inspire and nurture the human spirit – one person, one cup, and one neighborhood at a time," is evident in its cozy store design, customer service, and ethical sourcing practices. Starbucks' commitment to its mission statement has helped it become one of the world's most popular coffee brands.
Conclusion
Creating a mission statement that resonates with all stakeholders is a crucial task for any business. It requires a deep understanding of each group's values and beliefs and how they intersect with the company's mission. By involving stakeholders in the process, using clear and concise language, aligning the statement with company goals, and living the mission statement every day, businesses can create a mission statement that inspires and motivates everyone involved in the company's success.