Why are Company Visions and Values Important

11/01/19

Organisations and businesses of varying sizes can have company visions and values in place. These internal beliefs are something that a firm can use to its advantage as it can inform everything from strategic planning to employee working practices and quality control.

However, it’s rare for a company to quickly put these together or have them already instilled; they instead can take a lot of time and resource to create and then implement. It’s also often the case that when building these that they are all done at the same time – and in addition to a company vision statement, a company mission statement is often also included.

Here, we’ve taken a more detailed look at what these are, why they can be so important and how these three separate entities can be defined for a business. In addition, we’ve examined some examples of these that could prove useful for companies who have yet to set their respective visions, values and mission statements.

What is a Vision Statement and Mission Statement?

A company vision statement can be defined as something which basically sets out and states the goals and objectives that a business wants to achieve in the future. This is also something that then helps to inform the business decisions it makes.

Building on this, a mission statement is often something more immediate which sums up a business’ current position – e.g. what it provides, what it does well in comparison to its competition, who its customers are and its reason for existing. The best mission statements are often those that are no longer than a few sentences and manage to encapsulate all this information effectively.

What are Company Values?

Sometimes referred to as ‘corporate core values’, company values are a number of guiding beliefs or principles that a business holds and follows. These essentially define and explain how those working within this business are expected to behave or carryout their respective roles.

Typically, these will be listicle and will be positive attributes like ‘dedication’, ‘reliability’, ‘hard work’.

Examples of Company Values, Visions and Mission Statements

While company values, visions and mission statements will vary from business to business, often it’s the case that there’s a similar positive theme running through them.

Taking company values in isolation as an example, this article from 6Q breaks down several company values examples from famous brands and companies. As this breakdown shows, there’s a typically inclusive and realistic feel to each value – which makes these more realistic for businesses.

In a similar vein to this, in this post from HubSpot there are numerous examples of company vision statements and mission statements from a number of leading firms. Again, these are on the most part very positive and the language used is often in-keeping with the industry or target demographics.

Why these are Important

There are a number of reasons why these can be important to a business. Providing guidance for a company and its employees is one example alluded to above, but having set company values and a clear mission and vision statement can bring the following positives to a firm:

  • There can be reassurance for employees that the business has a more secure future, thanks to its planning and forward thinking.
  • Off the back of this, employees can feel more at ease, motivated and potentially see their morale boosted.
  • It sets an expectation of the quality of work that the company wants to have completed, which can increase customer satisfaction.
  • The decision-making process can be easier for those planning future work or business campaigns.
  • New team members can be more easily integrated into the business, if all the key values and beliefs are already laid out.
  • Overall processes can become more streamlined and effective, which saves more time and effort.

Developing Company Values, Vision and Mission Statements

As previously mentioned, it can take a lot of time to create and agree a list of values and a clear vision and mission statement, so this is the first obstacle a business should look to overcome by setting up a team to draft up some ideas.

With this, it can be a good idea for a company to get the input of all – or the majority of – employees as this can help to ensure that what’s decided fairly reflects the business and its way of working.

During this process, the assigned team may want to consider these aspects:

  • Where the company wants to be in the coming years.
  • What its USPs are.
  • Why the business is better than its competitors.
  • What are our Strengths and Weaknesses

The group shouldn’t be scared to discuss or disagree with one another, as it might be that an idea may need to be refined or expanded upon. It can in fact be useful to offer a critique, as it can be the beginnings of a good idea which then becomes something even better.

With this, a business should hopefully be able to draft or create a basic list of values and its vision and/or mission statement.

A final piece of advice here would be to share the ideas with the wider company and potentially have employees vote for their favourites, or the statements or beliefs they feel best represent the business. This can help a company be doubly sure that they’re creating something that is the right fit for their firm and ambitions.


Image courtesy of iStock

Whilst care has been taken in the production of this article and the information contained within it has been obtained from sources that Aon UK Limited believes to be reliable, Aon UK Limited does not warrant, represent or guarantee the accuracy, adequacy, completeness or fitness for any purpose of the article or any part of it and can accept no liability for any loss incurred in any way whatsoever by any person who may rely on it. In any case any recipient shall be entirely responsible for the use to which it puts this article. This article has been compiled using information available to us up to 11/01/19.

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