Day 9/30: Difference between Mission and Vision
…which can be a chicken and egg situation in its own sense 🤔
From my last company, a B2B supply chain startup, I learned firsthand that the company mission and the product vision are functionally the same. 🤯
However, this differentiation becomes crucial as soon as you’re in a company where there are multiple product lines/portfolios and even multiple products within each of those product lines. 🥴
A company’s mission statement must explain to the world why this company deserves to exist. What is its purpose in this world? It must serve as the guiding light or North Star of the sum of every business function/unit within the company.
Essentially, the mission statement serves as the heart of the business that pumps lifeblood throughout the entire organization.
The company’s mission statement and product visions of each product or product line are like a family. Each product vision must connect back to the mission statement, and each product vision is like a descendent of the mission statement.