How can company adapt their mission, vision and business activities according to the Changing market?

Learning Objectives:

  1. Define Mission and vision statement
  2. How to formulate a mission for your company?
  3. How to turn vision into mission?
  4. What strategies can company use to achieve their mission?

“A vision statement, no matter how big or small the company, should serve as a description of the company’s overarching aspirations,” said Phil Shawe, CEO and cofounder of TransPerfect, a translation services company.

“A mission statement illustrates the purpose of the company, what it does and what it intends on achieving. Its main function is to provide direction to the company and highlight what it needs to do to achieve its vision,” said Joel Klein, business, marketing consultant and producer of BizTank, a SharkTank-style platform.

A mission statement answers the question, “Why does my business exist?” A vision statement answers the question, “Where do I see my business going?”

An effective mission statement must be a clear, concise declaration about your business strategy.

  • What do we do?
  • How do we do it?
  • Whom do we do it for?
  • What value are we bringing?

Your vision and mission as different as they maybe be should go in hand in hand as they are both what your company is about. Thus turning your company’s vision into mission would require you to see where your company stands now and where to see the company going in the future. As your mission statement should be a path to achieve your vision.

  • Your mission statement must also address future goals.
  • Finding short term goals
  • Setting mile stones

As the market changes it is very essential for the the company to change as well; changes in leadership are usually very vital as the fresh set of eyes will help see the situation better and as there are few companies that changed their business model completely in order to be successful eg, paypal

However, it doesn’t mean all companies should change their business model. All should look to explore what new possible markets can the company reach while still striving at the company is known for but it should also consider what is not working and what should be taken away.