Like people, companies also have a peculiarity that sets them apart from others, reporting very specific characteristics that make consumers perceive them in a certain way.
An important part of this corporate identity is given by its mission, vision and values. Let’s see what each of these concepts consists of.
What do we mean by a company’s mission, vision and values?
These three elements will be the ones that mark the company’s roadmap in its plans and decision-making for the future, but each of them has its own peculiarities, which we will explore below.
The first element that we encounter is the mission. This is the main idea for which the organization works, its reason for being. This would be the ultimate goal of the business, the one towards which it is gradually directed with every little decision that is made and every goal achieved. This is the long-term goal of the company. You could say that it acts like a compass, always marking a course to watch.
But that doesn’t mean the mission is static and untouchable, let alone. It is common for revisions and updates to be made as the business acts as an evolving organization which evolves and adapts to the environment in which it is found, which is not static either.
The mission cannot be reduced to the absurd and be placed only in the economic perspective of “making profitable”, or “generating a certain sum of money”, which would obviously enter the plans of any company other than one. organization. Non-profit . It is about establishing the idea for which the company was created.
If the mission is the long-term idea of the company, you could say that the vision would be this idea but in the medium term. It is the specific situation we want for our company in a few years, And therefore each work and each project must be oriented to be able to arrive at this position in the concrete.
The question we must ask ourselves when it comes to raising the vision of the company is where we want to be in X years, and also, what goals we want to achieve. It must be an approach that inspires and motivates all employees, Who will row together in the same direction, like the team they are, to achieve the forecast. And, since the vision is for everyone, it should be presented in a simple and clear manner, so that all workers, regardless of their location and background, understand it.
Although a differentiation between mission and vision is usually established, as they are independent concepts, there is a certain tendency for companies in some northern European countries to synthesize themselves into a single concept, so it is not. Rarely do we find it unified if we search for information regarding any brand in these territories.
Obviously, the vision must be an achievable and reasonable goal within the capabilities of the business itself and after considering its future growth prospects. It wouldn’t be reasonable for a small neighborhood shoe store to become the world’s largest shoe exporter in five years. You must be aware of your own strengths but also of your weaknesses.
On the other hand, the vision should not be to remain in the same position as us, unless the specific circumstances of the environment anticipate a serious economic crisis, a scenario in which, to maintain our sales at the level of the other years, this is already a magnificent achievement. But by removing these types of situations which fortunately do not abound, the vision must also be a stimulus to achieve growth, improvement and ultimately a better position in the future.
A reasonable view in the example of the small shoe store might be to become the benchmark store in the neighborhood, to grow enough to be able to open another store and start a chain, or even gain some market share not only locally but in other parts. of the country through digital marketing and online sales through the network.
We come to the third point of the entrepreneurial spirit roadmap. In this case, we are referring to values. These would be the general guidelines for the action of our company.
They are usually between five and seven, and would be some kind of sacred law to keep in mind in every action that we develop within the company. These would be our particular rules of the game. They could even be seen as the entity’s own personality. They have an important ethical component, And in this sense, they will mark the red lines of corporate actions, always specifying what will be the limits that should not in any case exceed.
Of course, these values will be for everyone. Every member of the company should keep this list in mind when performing their day-to-day duties, regardless of what position they occupy in the organization chart of the company.
Values can be of different types, depending on their purpose. We can therefore observe the following modalities.
1. Value of work dynamics
will mark the appropriate guideline for the performance of tasks specific to the production or the performance of the service in the manner required by the organization, obtaining the best possible result. We must always seek the most effective methods and at the same time set ourselves the goal of achieving excellence in our product.
2. Development value
Refers to ‘ how workers should act to always get a better product or service to offer to customers. One of the clearest would be the one that seeks innovation, so that we always have a leading product, which is more attractive than that of the competitors.
3. Social value
Refers to the responsibility of society towards the environment and society itself during its operation. And it is that we all know the power that a large company can have, and therefore, it must have a double responsibility. In other words, they must be an example for society.
4. Value of customer service
they are those designed to provide consumers with a unique experience that will be remembered and which builds their loyalty, So that he becomes a recurring customer of our company.
Once we get an overview of the three elements, let’s go over some general functions that they all perform as part of the normal operation of the business.
The mission, vision and values of a company have an important function, and it is that of communicate and inform both the employees themselves and customers, suppliers, partners and other groups of all these guidelines and objectives governing the work of this company.
It is very useful for a new addition to the company to have access to the company philosophy and to have a quick and satisfactory adaptation. It also allows other companies to somehow know the strategies of competitors and thus be able to act accordingly, establishing similar metrics or standing out from others to make a difference and achieve results. more attractive. This process can be traced back to the initial business, generating mutual enrichment.
Neither can we ignore the clear strategic function that the mission, vision and values acquire. And it is clear that all these elements constitute the main lines of action, now and in the future, and therefore they will be final when it comes to establishing strategies.
Practical example of a company’s mission, vision and values
As always, it’s easier to understand new concepts when we have real-life examples, we will pass review everything that is described in the article, taking as a reference a well-known company in Spain and internationally, In this case we refer to the oil company Repsol. All information is accessible and public from its own website.
Example of a mission
In this case, the objective is clear and concise. Repsol’s mission is to be a company that provides energy to consumers, but still does so while maintaining a commitment to sustainability in its insertion into the planet.
This will therefore be the key that will guide any small action and any project carried out in the organization.
The path for the future is to be a company that provides energy on a global scale, In an innovative way, respectful of people and nature and at the same time efficient in its procedures. It will seek to generate value and always do so in a way that ensures sustainability, ultimately advancing the society in which this company is located.
Examples of values
As for the guidelines for daily action, Repsol has four clearly differentiated, which are as follows.
1. Anticipate challenges
A leading company like this he must anticipate all scenarios and thus be able to face any threats but at the same time take advantage of the opportunities it can happen.
2. Be efficient
As an energy company, at Repsol they know better than anyone how important it is to take advantage of each resource and give it the maximum use possible. This should apply at all levels during production.
3. Always respectful
Respect must guide every event at Repsol, both in the work environment, create an inclusive climate, where all employees trust each other, As in relation to consumers and to society itself.
4. Create value
As a benchmark company, this company and all those who make it up must be of value in themselves, and they must be aware of the importance they have and the service they provide to society through their work.
- Martos, R. (2009). Corporate culture: mission, vision and values in the strategic management of companies in the automotive sector in Spain. Polytechnic University of Catalonia.
- Creu, RC (2007). Values-Mission-Vision. Contributions to the economy. Intercontinental academic services.
- Rivera, O. (1991). The concepts of: mission, vision and strategic objective. University of Deusto.