Opinion

Money Talks The importance of mission, vision and core values in business

Dr. Bak Barnaba Chol

I have no single doubt in my mind that you have ever heard of these words in your world of comfort. I also know that many businesses have mission, vision and values for their existence as you too have. Nevertheless, I intended to elaborate and stress their importance, with believe that they are a must for every business to exist and grow healthier. In South Sudan, I rarely see companies indicating their mission, vision and core values clearly. They are supposed to be written in bold and hang on the wall at receptions and in every corner of the company for outsiders to learn, for the management be reminded every moment and for employees to stick and continue believing in their worth of labor. Mission statements define the business purpose and primary objectives. Mission statement is always written in present tense, and explains why you exist as a business, both to members and visitors. It is supposed to be short, clear and powerful. If your business is providing fast food for example, then you need to write that clearly and state that your objective is to serve your esteemed customers fast, affordable and healthy food. Without hesitation let your customers know that you are the fastest and cleanest restaurant to get food from. Let your actions reflect that too otherwise your mission will soon be a hurdle in your growth and expansion. If you don’t believe in providing fast and clean fast food don’t lie to your customers because if you do that, you will never be trusted and you will certainly loose to your competitors instead. Vision defines your business purpose, it focuses on its goals and future aspirations. It should be uplifting and inspiring. Please note that it is timeless, even if you change your business strategy, your vision remains the same. Let’s say you compete with others in the food industry, but your goal is to be the best fast food provider in the town. What needed to be clearly told to everybody is that you inspire to be the best restaurant that provides fast, affordable and healthy food in town. What is important in this is how business owners and their stakeholders become genuinely inspire when they have a compelling vision. Remember, a clear and worthwhile mission does the same. These statements motivate employees in their daily endeavors especially when they are written with intent and clearly communicated effectively. Believe me customers, suppliers and media will deal with your business with confidence and commitment. I repeat, you must have a clear and concise mission and vision to build a trusted brand. Beside these statements, your business (company) must have explicit value statements. Values underpin the vision, and mission. They are ‘’core beliefs or DNA’’ of your business. They are the standard of how your restaurant wants to operate the business of food making and service. How you treat your customers, how you want your employees and stakeholders to feel while working for you. Values help in guiding decision making, what you stand for and how you recruit and retain your employees. Everyone that deals with your restaurant must understand them. They must be written clearly with concrete language to truly reflect and represent you. Let’s say you value, hard work, honesty, cleanliness and good health, which become your list of values in your small restaurant in the town. There is no way you can operate without these statements and think you can grow and beat the market. They are vital in your business. They become the foundation upon which you build a solid and sustainable business. My readers, the importance of this three statements are to make your employees more committed and enthusiastic. They will be pulled to the same direction you inspire to navigate. Your board members and stakeholders will pour in more money as they become more aware of where the company is heading to if statements are well articulated and effectively communicated.  Your vision becomes the lenses to determine decisions, operations and customer experience. Remember to revise your vision and mission regularly to make sure your company is on track and please take action to correct any derailing eventualities. Also know how to measure the track progress (a topic for another day). To be a successful business leader that inspired to excel in your profession, you must have values that guide your behaviors and set of cultural standard that motivate you in your business. South Sudanese business owners must know this and should always thrive to live up to that. This is very important if we truly want to be competitive and effective in the region. We can’t blame foreign investors for taking advantage of our weaknesses while we sit-still waiting for heavenly miracle. Time is now, set your company right or be miserably soiled!

About the Author.

Bak Barnaba Chol (Dr. BBC) holds a doctorate in Finance from United States International University. He is an Adjunct Assistant Professor at the University of Juba. His areas of research interest are Banking, economics, entrepreneurship and finance. You can reach him via Email: alukchan@gmail.com  Phone: 0929001008.

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