To move profit upward, common business knowledge says to provide an excellent product with excellent service at profoundly excellent prices. But did you know there is a more subtle – possibly more powerful – factor that can pave the path to better profits? Your mission statement.
A company’s mission statement is a clear, memorable, concise statement describing why the company exists. It energizes a sense of purpose, guides your decisions, gives meaning and inspiration to your people, fuels employee retention, engagement and innovation, and ultimately heightens customer satisfaction. This, in turn, lowers costs and boosts profits!
Here are a few examples of great mission statements:
- Starbucks: Our mission is to inspire and nurture the human spirit one person, one cup and one neighborhood at a time.
- Nike: To bring inspiration and innovation to every athlete in the world.
- CVS Corporation: To be the easiest pharmacy retailer for customers to use.
- Microsoft: To help people and businesses throughout the world realize their full potential.
- HandsOn Network: To inspire, equip and mobilize people to take action that changes the world.
- Southwest Airlines: Dedicated to the highest level of customer service delivered with a sense of warmth, friendliness, individual pride and company spirit.
In fact, Southwest Airlines hires for congruence with their mission. They hire for attitude and train for skills. They create a fun, caring environment for employees and customers, which inspires employee engagement and customer satisfaction. Again, this lowers costs and boosts profits!
To create a real sense of mission and direction in your business, try figuring out what purpose, cause or passion truly drives you and your colleagues. This is the “why” of your business. Figuring it out and stating it clearly will attract people who genuinely want to make the journey with you and remain highly engaged in their work. (To learn more about why this is true, watch this short but fascinating video.)
Why should you care about that? Research shows that, at best, 30% of workers are actually engaged in their jobs, while 40-50% are just putting in time and 20-30% are so disengaged that they’re actually working against you. That is if your company is just normal. How much stronger would you company be if 100% of your people gave you everything they had, every day?
You can make that happen. The starting place is making sure that everyone in your company knows how the work they do matters, even in a small way, in making the world a better place. That’s the magic of having a powerful mission statement!