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1/ Mission Statements 
I used to think mission statements were just corporate fluff
False words that companies created for HR reasons
I've slowly changed my mind about them
They are THE BEST stakeholder alignment & decision-making tool ever
EVER!
Need convincing?
I used to think mission statements were just corporate fluff
False words that companies created for HR reasons
I've slowly changed my mind about them
They are THE BEST stakeholder alignment & decision-making tool ever
EVER!
Need convincing?
2/ What is a mission statement?
At its core, a mission statement should answer this question:
*****Why does the company exist?*****
A profound question that is easy to overlook!
At its core, a mission statement should answer this question:
*****Why does the company exist?*****
A profound question that is easy to overlook!
3/ When used properly
Mission Statements should guide ALL of the actions of the organization
It's like a company's North Star
If an activity doesn’t advance the mission,
it should be discarded!
If an activity does advance the mission,
it should be adopted!
Mission Statements should guide ALL of the actions of the organization
It's like a company's North Star
If an activity doesn’t advance the mission,
it should be discarded!
If an activity does advance the mission,
it should be adopted!
4/ A Mission and a Vision statement are different
Mission: WHY the company exists
Vision: What the company/world looks like if the company is successful
Both important, but they are NOT interchangeable
Mission: WHY the company exists
Vision: What the company/world looks like if the company is successful
Both important, but they are NOT interchangeable
5/ The reason I used to think mission statements didn't matter
is because the vast majority of companies/CEOs
don't believe they matter!
Most companies SUCK at creating & communicating them!
Why should employees/shareholders care about a mission
if the company/CEO doesn't?
is because the vast majority of companies/CEOs
don't believe they matter!
Most companies SUCK at creating & communicating them!
Why should employees/shareholders care about a mission
if the company/CEO doesn't?
6/Let's get back to that key question
****Why does the company exist?****
What problem is the company trying to solve????
****Why does the company exist?****
What problem is the company trying to solve????
7/Great mission statements answer this question
and have a few things in common
Simple - as few words as possible
Inspirational -- they motivate all stakeholders
Optionable -- they leave the "how" open-ended
Communicated often -- Managers restate the mission regularly
and have a few things in common
Simple - as few words as possibleInspirational -- they motivate all stakeholdersOptionable -- they leave the "how" open-endedCommunicated often -- Managers restate the mission regularly
8/ It's not hard to find bad mission statements
I randomly choose Proctor & Gamble
I searched "Proctor & Gamble mission statement"
$PG doesn't have a mission statement, but rather a purpose
Here's what it says:
I randomly choose Proctor & Gamble
I searched "Proctor & Gamble mission statement"
$PG doesn't have a mission statement, but rather a purpose
Here's what it says:
9/ How many of $PG's thousands of employees do you
think could recite this purpose word for word?
I bet it rounds to zero
Is it:
Simple - no!
Inspirational -- eh
Optionable -- sort of
Communicated often -- not from what I see
FAIL! FAIL! FAIL! FAIL!
think could recite this purpose word for word?
I bet it rounds to zero
Is it:
Simple - no!Inspirational -- ehOptionable -- sort ofCommunicated often -- not from what I seeFAIL! FAIL! FAIL! FAIL!
10/ How could this be improved?
Here's my suggestion:
Here's my suggestion:
11/
"To improve the lives of the world's consumers"
THAT would be a great mission
Imagine if $PG actually said/believed this
and communicated it often.
I bet it would help to align ALL of $PG's key stakeholders
AND dramatically simply decision making across the company
"To improve the lives of the world's consumers"
THAT would be a great mission
Imagine if $PG actually said/believed this
and communicated it often.
I bet it would help to align ALL of $PG's key stakeholders
AND dramatically simply decision making across the company
12/ Even if you loathe $TSLA & @elonmusk,
I bet you have heard the company's mission!
“to accelerate the world’s transition to sustainable energy.”
Simple - yes!
Inspirational -- yes!
Optionable -- yes!
Communicated often -- yes!
I bet you have heard the company's mission!
“to accelerate the world’s transition to sustainable energy.”
Simple - yes!Inspirational -- yes!Optionable -- yes!Communicated often -- yes!
13/ $TSLA communicates this mission OFTEN
Which aligns ALL of $TSLA's key stakeholders
Customers
Employees
Investors
Managers
Suppliers
Society
behind its mission
Which aligns ALL of $TSLA's key stakeholders
CustomersEmployeesInvestorsManagersSuppliersSocietybehind its mission
14/ Remember when @elonmusk decided
to OPEN SOURCE $TSLA's patents?
WHY WOULD ANY COMPANY DO THIS????
Answer:
Doing so
*accelerates the world’s transition to sustainable energy*
to OPEN SOURCE $TSLA's patents?
WHY WOULD ANY COMPANY DO THIS????
Answer:
Doing so
*accelerates the world’s transition to sustainable energy*
15/ Anyone remembered when $TSLA's customers
VOLUNTEERED TO WORK FOR FREE
(FOR FREE)
to help the company?
Think about that!
Is it possible that they did so
because they believe so deeply in the company's mission?
VOLUNTEERED TO WORK FOR FREE
(FOR FREE)
to help the company?
Think about that!
Is it possible that they did so
because they believe so deeply in the company's mission?
16/ $TSLA is an outlier in a bazillion ways
So who else nails mission statements?
$ZNGA: "to connect the world through games"
$CRWD: "to protect our customers from breaches"
$AAXN: "to protect life"
A+ all around!
So who else nails mission statements?
$ZNGA: "to connect the world through games"
$CRWD: "to protect our customers from breaches"
$AAXN: "to protect life"
A+ all around!
17/ @themotleyfool mission statement:
"to make the world smarter, happier, and richer."
Fool Live was launched in 2020 in response to COVID-19
@TomGardnerFool & @DavidGFool asked:
Will Fool Live "make the world smarter, happier, and richer?"
Yes, Yes, Yes
Do it!
"to make the world smarter, happier, and richer."
Fool Live was launched in 2020 in response to COVID-19
@TomGardnerFool & @DavidGFool asked:
Will Fool Live "make the world smarter, happier, and richer?"
Yes, Yes, Yes
Do it!
18/ You may know my career mission statement
"to spread financial wellness"
My time is aligned around this mission
I spend A TON of time on Twitter, Fool Live, & Podcasts
Financially, this makes little sense
but, it's THE BEST way that I know
"to spread financial wellness"
"to spread financial wellness"
My time is aligned around this mission
I spend A TON of time on Twitter, Fool Live, & Podcasts
Financially, this makes little sense
but, it's THE BEST way that I know
"to spread financial wellness"
19/ Coming up with a great mission statement is HARD
Like, REALLY hard
Took me a long time to settle on
"to spread financial wellness"
Lots of conversations with @TMFStoffel
(who is the person that turned me on to the power
of mission statements the most)
Like, REALLY hard
Took me a long time to settle on
"to spread financial wellness"
Lots of conversations with @TMFStoffel
(who is the person that turned me on to the power
of mission statements the most)
20/ If you create a great mission statement for yourself
I bet you'll make different decisions
both in the short-term and long-term!
I bet you'll make different decisions
both in the short-term and long-term!
21/ Loved this recent thread by @justinkan
(Co-founder of @Twitch)
His #1 lesson from a recently failed startup?
"Start with the mission"
A+ from me! https://twitter.com/justinkan/status/1346677734580178949?s=20
(Co-founder of @Twitch)
His #1 lesson from a recently failed startup?
"Start with the mission"
A+ from me! https://twitter.com/justinkan/status/1346677734580178949?s=20
22/ Mission Statements matter
If you are a CEO / entrepreneur
THINK HARD ABOUT YOUR COMPANY'S MISSION
and communicate it often!
Don't overlook it, and be sincere
If your REAL mission is "to make myself rich"
I don't want to buy from you or work for you
If you are a CEO / entrepreneur
THINK HARD ABOUT YOUR COMPANY'S MISSION
and communicate it often!
Don't overlook it, and be sincere
If your REAL mission is "to make myself rich"
I don't want to buy from you or work for you
23/ What's your mission?
I'd love to hear it!
I'd love to hear it!
