Businesses on a mission – why a mission statement increases business success
If your company is like most others, it probably has a coherent mission statement that is both thought-provoking and inspiring. The question then is, do you abide by that mission statement in your day to day operations, and do you teach your team to do the same? The founders of most companies create mission statements that define and endorse what they feel their companies represent. Good mission statements highlight the reason why the company exists in the first place, and the purpose the company is supposed to serve.
Why should a business leader emphasize his or her company’s mission? The answer is simple – it increases the company’s success, and in more ways than one.
How having a mission increases a company’s success
When your employees feel connected to the company mission and are passionate about it, they are more likely to engage positively with the company, and this fosters a positive work culture. Employees who understand their company’s mission are more invested in the impact that the company makes on the world, and they tend to keep that mission in the back of their minds and draw motivation from it as they perform their daily duties. It is the secret ingredient that you need to boost employee productivity, increase performance, and achieve success.
Businesses that are on a mission have a way of making employees feel like they are serving a higher purpose, not just showing up to work so that they can collect a paycheck. Employees in such situations end up falling in love with their work, and this is reflected in the heightened levels of productivity, and lower employee turnover – employees who are often reminded of the company mission are 54% more likely to stick around for more than five years, and they tend to be high performers.
Trust between employees and company stakeholders is important in ensuring the success of the company, and leaders of mission-driven companies are perceived as trustworthy by their employees. Most mission statements pledge to do some social good, and when company leaders take steps to make good on such pledges, it registers in the mind of their employees that the company cares about making a real difference, as well as being authentic and transparent.
Ultimately, companies with strong missions get a reputation for having a good work culture and high levels of trust within its ranks. This helps attract talented and dedicated employees who are looking to do meaningful work in a deeply engaging company. As a result, mission-driven companies end up edging out the competition. That is how having a mission increases a company’s success.
How business leaders can drive the company mission
Different employees within the company may have different interpretations of the company mission, and they may have different ideas on how to accomplish that mission. Part of your job as a leader is to ensure that you align every team member’s role in the company with the mission. Your employees choose to work in your company because they felt somehow connected to the mission, so it’s your duty to nurture that connection.
Many companies have missions that promise to make society better in one way or the other. If yours is one such company, you have lots of options at your disposal when it comes to choosing a way to fulfil your mission. To find out some of the ways that businesses are realizing their mission of making a real difference in the world, read this article on Purple Ocean for some insights.
To gauge if the strategy you are using to drive the company mission is working, you need to collect some feedback from both your employees and your customers. Ask your employees “What is it that you are paid to do?” If their response to that question bears some resemblance to the mission of your company, then you are on the correct path. If their response sounds as though they are reading a to-do-list out loud, it means your mission driving plan isn’t working, and you need to either step it up or switch gears.
During your regular interactions with your employees, ask them if they have seen the mission of the company in action, or how they would like to see it being deployed. You should also survey your customers to find out what impressions they get when they hear your company mission. The customers’ perception of your mission is important because it affects the appeal of your brand, and therefore your profitability. You should also think about how your company mission is affected when you partner with other companies, when you put out new products, or when you change your strategies in areas such as marketing. Also, when you hire new employees, ensure that they learn about the company mission as part of their orientation.
Remember that a company mission is not just a lofty-sounding statement that looks good on your homepage and brochure. It is a promise that you need to deliver on for the sake of your employees, your customers, and your brand’s success. Make sure that your mission is clear, and that delivering on it stays a priority every day that your company is in business. That’s how to drive the company mission in order to achieve success.