What is the difference between a business' vision and mission?

Understanding the Difference between Business Vision and Mission It is essential for any business to have a clear and concise vision and mission in order to achieve success in the marketplace. It is important to understand the difference between vision and mission, as each serves a different purpose. A business’ vision is its long-term view for the future, typically focusing on a larger, more ambitious goal. It serves as the overall guide for the company, defining the what and why of their organization. On the other hand, a business’ mission identifies the smaller, more achievable objectives that are necessary to fulfill the bigger vision. Why both a Vision and Mission are Crucial Having a vision and mission allows a business to establish clear objectives and encourages everyone involved to work towards the same goals. It also serves as a measure of success, providing employees and shareholders with a clear benchmark by which to measure progress. Additionally, a good vision and mission will make customers and the general public more aware of the business’ aims and intentions, creating trust and loyalty. Creating a Vision and Mission Statement Businesses should make sure their mission and vision align with each other. A mission should not contradict a vision or vice versa. A mission should also be concrete and achievable, while a vision can be more abstract and represent a greater concept. Ultimately, the vision and mission of a business should be customized to its individual needs and goals, giving employees something to strive for.