When is the last time you pulled out your mission, vision and values statements to see if they’re still relevant?
If you haven’t done this in the last three to six months, now might be a good time. Not because it’s Q4 for a lot of us or to kick off the new year with a new message. While these tidy boxes are great, the reason is actually quite different. It’s because a lot has changed.
The business environment we operate in today is very different from just two years ago:
- What matters to your employees today is likely different than in pre-pandemic times,
- The way people decide what products or services they choose is different,
- And how you run your business is likely different than you did two years ago.
Sometimes it feels like we consider our MVVs untouchable. Something to review every decade. However, listening to my clients and talking with CEOs, I’m seeing that this may be a really important inflection point. A time to re-consider if the big vision you have for your business is still the right vision.
The top two reasons my clients come to me to rewrite their mission, vision and values are because: a) their business has evolved and they’ve outgrown their current messaging, or b) it’s no longer resonating with people. Given how many things have changed, it’s possible that you may be experiencing one or both of these scenarios as well.
Assessing Your Mission, Vision and Values
As you consider whether your mission, vision and values are still relevant, it might help to look at them through a few different lenses. First and foremost, do they still inspire you? If you’re not bought in, your team and your customers won’t buy in either.
Secondly, are they written in a way that will inspire and motivate your team? Many companies are struggling with employee engagement and retention. Yet, research shows purpose-driven companies have 40% higher retention rates than their competitors. This means your message matters.
I also believe this is particularly important as it relates to your values. The things people prioritize today – time, flexibility, sustainability, equity, social impact, purpose – look different than they did just two years ago.
The third lens, of course, is your customer. Are your mission, vision and values clear to your customers? Are they attracting the right people to your brand? If the answer is no, it might be a good time to do some listening and to identify the missing links.
There are so many great ways to test and assess your MVV. You can use surveys, focus groups, informal discussions and 360s, to name a few. The majority of these are very inexpensive. The important part is to use these tools to get feedback, so you aren’t making these decisions in a vacuum.
Some experts are calling this time period the Great Re-evaluation. Meaning people are re-evaluating where they work, why they do the work they do and why they choose the brands they choose. With all of these questions swirling, it’s a great time to make sure your company’s mission, vision and values are rock solid.
If you’d like help with evaluating your mission, vision and values, I’d be happy to set up a 30-minute conversation to help you assess where you are in the process. You can reach out to me here.