Lately, I’ve had a few conversations with product leaders who were still quite confused about what makes a great business vision and mission.
Let me help and use two companies to illustrate what to do – and not to do.
First, on the example not to follow, let’s see how the retailer Macy’s is articulating their mission and vision”:
Macy’s Mission
“To be a retailer with the ability to see opportunity on the horizon and have a clear path for capitalizing on it. To do so, we are moving faster than ever before, employing more technology and concentrating our resources on those elements most important to our core customers.”
Macy’s Vision
“To operate Macy’s and Bloomingdale’s as dynamic national brands while focusing on the customer offering in each store location.”
That’s quite a mouthful mission and a confusing vision! I’m unsure what kind of retailer they are and how they want to leverage technology to serve their customers better.
It doesn’t tell me much about what’s really at stake or how they differentiate. In short, I’m unclear on who Macy is and where they want to lead their business.
Now, let’s take a look at Tesla:
Tesla’s Mission
“To create the most compelling car company of the 21st century by driving the world’s transition to electric vehicles.”
Tesla’s Vision
“To accelerate the world’s transition to sustainable energy.”
That’s quite a contrast! Their mission clearly states Tesla’s focus. How they want to compare with others, and what their timeframe is. It’s bold yet credible.
Their vision is taking it to the next level and is quite inspirational. It reveals that Tesla is much more than another car company. They want to bring their expertise in sustainable energy to more domains to make a more profound impact.
Interestingly, the stock performance of both companies is showing a very different trajectory. I’ll take it as pure correlation, as many factors come into play. Yet, a solid mission and vision are undoubtedly the best foundation for a great business.
Now, step back and think about your business mission and vision. How does it feel? How credible, straight-to-the-point, and inspiring are they?