Does A Mission Statement Define Your Business?
Does a Mission Statement Define Your Business?
There are approximately 18.5 million companies in North America , with 83% of companies using a mission statement . But according to Chris K. Bart, a professor of strategy and governance at McMaster University, he estimates that only 10% of mission statements say something meaningful . Does this mean that there are only approximately 185,000 companies in North America that are competitive, forward thinking with strong corporate cultures while the rest are wandering aimlessly through the economic landscape?
Peter Drucker stated that “A business is not defined by the company’s name, statutes, or articles of incorporation. It is defined by the want the customer satisfies when he buys a product or service. To satisfy the customer is the mission and purpose of every business. The question “What is our business?” can, therefore, be answered only by looking at the business from the outside, from the point of view of customer......
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