Is Your Mission Statement Still Relevant?
Your business has been around for a few years now, so is your original mission statement still relevant? It’s important to assess how your current business model and strategy aligns with the mission statement that you started with. Things change, businesses evolve, and goals are (hopefully) being met. With all of that in mind you might be surprised to realize that it’s about time for a mission statement refresh.
What is a mission statement?
Even if you’re never written up an official mission statement it’s very likely that your company already has an “unofficial” mission statement. At its core a mission statement is simply defined as a formal summary that outlines the aims and values of a company, organization, or individual.
When should I review my mission statement?
Preferably, you’ll be reviewing your business’s mission statement regularly while your company is actively living it’s brand. If it’s been a few years since you last did a mission statement audit then it’s safe to assume that a few tweaks may be needed. Here are a few other important events that could trigger the need for a reassessment:
- Your company has been acquired.
- The products and/or services that you sell are now different or have seen substantial changes.
- Your business is growing and expanding its scope.
- Your industry has been altered by political, social, economic, or other changes.
- Leadership has recently changed.
- Your business or organization accomplished its current mission statement.
This list is hardly exhaustive, though, so be sure to assess your own business and it’s unique needs.
How to revise your current mission statement
Revising an existing mission statement can be even more difficult than creating the original. First, assess your existing statement and its effectiveness. This exercise suggests asking yourself the following six questions when analyzing and revising mission statements:
- Who are we?
- What is our purpose?
- What “business” are we in?
- What social or political problems do we exist to address?
- What are our core values?
- What makes us unique?
Other techniques include listing current objectives, assessing changes in the company, and reviewing what your business-related passions are. Bring in key employees to assist with the process and don’t be afraid to collaborate and get input on your ideas. If your business has a Board, don’t forget to involve them in the process as needed.
After you’ve gone through the exercises listed here, all that’s left to do is communicate your new mission statement to the world!