What is the difference between a mission statement and a vision statement?

What is the difference between a mission statement and a vision statement?

A mission statement defines a company's purpose and primary objectives, while a vision statement outlines what the company aspires to achieve in the future.

Can you give me examples of each?

Sure! A mission statement example could be 'To empower every person and every organization on the planet to achieve more.' A vision statement might be 'To create a better everyday life for the many people.'

Why are both important for a business?

Both are crucial as they guide the company's strategy, inspire employees, and communicate the organization's goals to stakeholders.

How often should a company update these statements?

It's advisable to review and potentially update them every few years or when significant changes occur in the business environment.