SME survey

Are vision, mission and values statements important/ relevant for small business?

It might be worth just clarifying the difference between a vision and mission statement before diving into the survey; as there is sometimes confusion. A vision should outline where you want your organisation to be or how you want to be perceived in the domain in which you operate - this could be an idealised view of the world from your perspective. It’s a long-term view and concentrates on the future. It could be the basis of why you’re in business.

Mission statements define the fundamental purpose of a business; briefly describing why it’s in existence and what it does to achieve the vision. It’s more practical than a vision as it could contain how the vision is going to be implemented.

The intention of this survey of 47 respondents was to establish what small business owners’ opinion was with regard to vision, mission and values statements.

As can be seen in figure 1, less than half had the “full set” of statements and 17 respondents had nothing at all.

Interestingly though, 80.9% deemed these statements to be important (see figure 2). So the final aspect of the survey was to understand why those surveyed responded as they did. Of those that indicated that such statements weren’t important, the consensus was that such things are more for corporate businesses, that a small business’s focus should be on more practical things and that if a business plan is in place, arbitrary statements make little difference.

The “don’t knows/unsure” emulated some of what was said above, but for some the importance had not been considered or it was on the “things to do pile”! The majority of those that deemed having statements as important, broadly speaking, thought they provided a foundation for the business that could help with focus, direction and strategy. Having such statements in place also helps attract employees and stakeholders in the business that can align behind them.

If you don’t have any of these statements for your business, they can help you make choices within your business because your choices should be in line with the statements you have made. Why not give it a try?

Figure 1

Figure 2

Get involved

To take part in the next survey about your turnover – visit here: https://forms.gle/ DzwsuorcQzoJSMdq7. The results will be shared in the next edition of this magazine.