2.2.1 Formulating Strategies

Developing Mission and Vision Statements

Vision and mission statements establish a sense of what the organization hopes to accomplish or what they hope to become at some point in the future. A corporate vision serves as a focal, rallying point for members of the organization who may find themselves pulled in multiple directions by competing demands. In the face of multiple expectations and even contradictory efforts, it is highly beneficial to have an ultimate vision that can serve as a "tie breaker" in establishing priorities. A sense of vision is also extremely important for members of the firm to view as a source of motivation and purpose. As the book of Proverbs in the Christian Bible points out: "Where there is no vision, the people perish (Prov. 29:18).