Capterra Glossary
Mission Statement
A mission statement is a short statement that outlines an organization's vision, mission, and values. A mission statement should clearly answer what the purpose of the organization is, what issues they seek to solve in the world, and how their values guide their operations. A mission statement is important because it communicates to an organization's workforce, community, and external stakeholders what their organization stands for. Typically, a business's mission statement will not change overtime, unless the company undergoes a drastic remodel.
What Small and Midsize Businesses Need to Know About Mission Statement
A mission statement often serves as a North Star for growing businesses. It's crucial for growing organizations to know what they stand for and where they are going before they can expect investors, customers, and even their own workforce to support their growth. Small businesses with strong mission statements instill a strong sense of purpose and clarity around their job duties, which helps improve the financial gains of a business as it scales up.
Related Terms
- Enterprise Resource Planning (ERP)
- Procurement
- Total Cost of Ownership (TCO)
- Vendor
- Supply Chain Planning (SCP)
- Telematics
- Senpai
- Vendor Management
- Value-Added Reseller (VAR)
- Bill of Materials (BOM)
- Supply Chain
- Smart Factory
- Scanner
- SCADA (Supervisory Control and Data Acquisition)
- Radio-frequency Identification (RFID)