When establishing an organisation and taking part in any sort of business around the world, it is extremely important that the employees, lower and top management, know where they are headed and how they will get there. This is where the mission and vision statement come into play. Both statements allow employees and the outside world to know where the company wants to be in the future and how they are working to get there.
The mission and vision statements of a company do not need to be long paragraphs, but both are simply put together and are amalgamated using basic, but visionary language to help those readers understand a lot in a short amount of time. Creating, defining and showing how you are going to achieve what you want is done through mission and vision statements.
What the company is working for is defined through their mission statement, which sets it apart from the vision statement because the former is more about what the organisation is doing and how they plan on working. A vision statement gives a futuristic look into where the company wants to be in the future and why, which makes the mission statement go hand in hand with it.
Time frame is the most important difference between the two since the mission statement primarily focuses on what the company is currently doing and why. The vision statement, which can also be defined by its name, is more of a projection into the future and how the company strives to reach it, but in reality, the vision statement usually does not change and keeps the company and the employees guided on a straight path.
Working on the mission statement will allow the company to work towards fulfilling their vision statement and if any one of the two are missing, this will force the company to be unfocused on the path ahead.