Let me start this off by asking a few questions. What’s your firm’s mission? Could you tell me your firm’s vision? And what’s your firm’s value statement?
If you’re thinking, “I have no idea,” you’re not alone. In fact, I couldn’t tell you a single company mission for anywhere I worked before Rightworks. It might’ve been mentioned on my first day at those companies, but it wasn’t clear in the work we were doing every day. When you’re focused on the daily grind, it’s easy to lose sight of the bigger picture.
You may wonder why knowing your company’s mission, vision and values is important. And you’ve come to the right place. In this blog, we’ll explore:
- What a company’s mission, vision and values are.
- Why having a clear mission, vision and value statement is crucial.
- How to effectively share these across your organization.
- The impact they have on firm culture.
- The consequences of neglecting these essential elements.
Sound good to you? Let’s go!
Company mission, vision and values defined
Before we dive into why a company’s mission, vision and values are important, let’s break down each one.
What is a mission statement?
In its very basic form, a company’s mission statement defines the core purpose of your accounting firm. It describes what your firm does and why it exists. It supports your firm’s vision, and it communicates both purpose and direction to your staff, clients, vendors and other stakeholders. In other words, it’s the heartbeat of your firm.
Mission statements typically follow a simple structure:
Our mission is to [provide a service] to [an ideal client description] that will result in [this value for that client].
A well-structured mission statement can help attract new clients, motivate your team and guide your firm’s decision-making.
Rightworks Academy members: Use our guidebook to help you with your mission statement.
What is a firm’s vision?
A firm’s vision paints a picture of what your firm aspires to be in the future. Its goal is to inspire staff by providing a sense of direction and purpose. Consider what’s unique about the way you serve your clients and what long-term difference you want to make in the world around you. The goal of your vision is to help accomplish your mission.
While this example isn’t accounting-focused, it’s from a beloved brand of this southern gal, The Coca-Cola Company.
“Our vision is to craft the brands and choice of drinks that people love and enjoy, to refresh them in body and spirit. And done in ways that create a more sustainable business and better shared future that makes a difference in people’s lives, communities, and our planet.”
The following example from Target isn’t accounting-focused either (I can’t play favorites here), but it’s short, sweet and concise.
“Guided commitments to great value, the community, diversity, and the environment.”
Your vision should set a high-level, overarching goal that your firm wants to achieve without getting into the specifics.
What are a firm’s values?
Your firm’s values serve as a moral compass that guides the actions and behaviors of your firm and your staff. They help define the culture and the way business is conducted. Values are the foundation of your firm’s identity and help shape interactions with your staff, clients and vendors.
Think of it this way: Your mission and vision describe where you’re going. Your values define what kind of people you want to be on the journey.
Some examples include:
- Integrity: We uphold the highest standards in the work we do.
- Excellence: We strive to deliver high-quality and professional services.
- Innovation: We aim to embrace continuous improvement and stay ahead of trends and advancements within the profession.
Your firm’s values should be the vehicle that drives your vision toward your mission.
Why a company mission, vision and value statement matter for accounting firms
You may find yourself wondering, “I’m an accountant, not a motivational speaker. Why does my firm even need all this stuff?” Well, there are a lot of reasons your firm needs this “stuff,” and we’ve listed them below.
1. It gives your firm direction and purpose.
Just as a balance sheet provides a snapshot of a company’s financial health, your company’s mission, vision and values clearly show your firm’s purpose and direction. They answer these crucial questions:
- Why does our firm exist?
- Where do we want our firm to go?
- How do we conduct ourselves?
2. It provides the framework for your firm’s decision-making.
Your mission, vision and values are a compass that guides your firm toward decisions that align with your core principles (i.e., your business model).
3. It helps your firm stand out in a competitive market.
What makes your firm stand out against other accounting firms? You guessed it. Your company’s mission, vision and values. They act as a unique identifier that sets you apart from the competition and attracts clients who align with your principles. (Pro tip: Disclose these items on your website so they’re easy to find.)
4. It improves client trust and loyalty.
Clients are more likely to trust your firm and stick around for the long haul when they have a clear sense of your firm’s purpose and strong values. It’s also a good barometer for whether you’re serving your ideal clients.
5. It helps your firm attract and retain top talent.
It’s no secret that there’s an accountant shortage. But one way to attract talent (and keep them around) is by giving your staff purpose-driven work. A recent Deloitte study shows that 89% of millennials and 86% of Gen Zs say having a sense of purpose in their jobs is important. In fact, nearly half of each generation has turned down an employer because their values didn’t align.
Sharing is caring
Now that we’ve covered why your firm needs a company mission, vision and value statement, let’s talk about why you should share these and how you can share them across your firm. If you’ve created them, you need to share them. Otherwise, your staff won’t understand your firm’s purpose or how to achieve your mission.
Why should I share?
- To get your team in alignment. When everyone in your firm understands and can internalize your mission, vision and values, it helps create a unified direction and purpose.
- To empower your people. Knowing these guiding principles empowers your staff to make decisions that align with your firm.
- To create pride and ownership. Sharing these statements helps your team feel like they’re part of something bigger. This can help foster a sense of pride and ownership in your firm’s success.
How do I share?
- Make it visible. The easiest way to share your company’s mission, vision and values is to display it. Put it in your office, on your website and in your firm’s materials.
- Include it during onboarding. When new employees join your firm, make sure you incorporate these items into their onboarding process.
- Lead by example. Everything starts at the top with leadership. Make sure your leadership team embodies these values in their actions and decisions.
- Share stories. Let your staff, clients and vendors know how your mission, vision and values have guided successful outcomes or helped your firm overcome challenges.
The impact on team culture
Believe it or not, your company’s mission, vision and values are the foundation of a healthy culture and should be at the forefront of everything your firm does. They help unite your team around a common goal, creating a sense of camaraderie and a shared purpose. And to take it a step further, you should include your staff on this cultural journey.
How to include your staff
- Create a collaborative environment. Including your staff when you create or refine your mission, vision and values will solidify buy-in. It also ensures that these statements resonate across your entire team, because they helped establish them.
- Request regular feedback. Set up channels or send regular surveys to get candid feedback about how well your firm is living up to its stated mission and values.
- Designate a Value Champion. Select a staff member or two to be a “Value Champion.” They’ll help promote and embody your firm’s principles.
- Provide continuous education. Provide training and development opportunities that will align with and reinforce your firm’s mission, vision and values.
The pitfalls of neglecting your mission, vision and values
If you neglect your company’s mission, vision and values, there can be dire consequences, such as:
- Lack of direction. Without a clear mission, your firm may struggle to create meaningful goals or make strategic decisions.
- Disengaged staff. If there’s no unifying purpose, your employees may feel disconnected from their work and your firm’s objectives (because there are none).
- Increased turnover. As we mentioned before, most staff want purpose-driven work. If there’s no clear purpose or value for them to align with, chances are, they’ll leave.
- Questioned abilities. Without guiding principles, the quality and consistency of your services may vary. This can affect client satisfaction and lead to distrust.
- Missed opportunities. With no clear mission, vision or values in place, you’ll most likely be running your firm and serving clients based on whoever walks in the door. You and your team will end up with too many non-ideal clients, offering services you don’t enjoy and most likely missing out on opportunities to grow and better your firm.
Your mission, should you choose to accept it…
By clearly defining and effectively sharing your company’s mission, vision and values, you create a roadmap—one that leads to success that goes beyond financial statements and tax returns. These elements are the foundation of a culture that guides your firm. They help you attract and retain the talent you need (and want), help your firm stand out from the crowd, and keep your team, clients and vendors in alignment.
So, your mission:
Take the time to invest in defining your firm’s purpose, vision and values, and include your staff in the process. The dividends will be well worth it for your firm, your culture and your clients.
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