Are vision and mission statements just corporate fluff?

The short answer: yes, if you let them. But they don't have to be, and they can even make your life easier in difficult moments, provided that you treat them... as business tools, not as a field to be filled with low-flying declarations about global prosperity and world peace. In this post, you will learn how to approach this topic so as not to waste time and avoid the trap of excessive generality.

What are vision and mission anyway?

A vision can be imagined as a state you want to achieve. Indeed, it is often a kind of “guiding star” — something that is beyond the capabilities of a single company to achieve, but sets a long-term direction and your reason for existence. The most important features of a well-developed vision are:

• It must inspire, evoke emotions, and give a sense of meaning

• Future-oriented – a long-term goal that goes beyond market position or industry leadership.

• Conciseness – it must be easy to remember and catchy. Forget about complex sentences, think in terms of sentence equivalents and infinitives.

In the case of the space sector, a good vision can cover many important aspects: space exploration, sustainable development in orbit and on Earth, the accessibility of space technology to the average person, and human safety. Even if you are tired of referring to the biggest players in the sector as examples, SpaceX and Blue Origin have very cool, imaginative, and concise visions. The former wants to “make life multiplanetary,” and Jeff Bezos plans to “open up space for everyone.”

The mission, on the other hand, is more specific and, nomen omen, down to earth. It answers the question of what you do, for whom, and why. In the case of the mission, the key will be to maintain:

• Precision and level of operations – say what you do on a daily basis, e.g., you provide imaging using artificial aperture

• Customer focus and value – add who you do it for and what they gain; for example, municipal authorities responsible for traffic management

• Uniqueness – and emphasize what sets you apart from the competition. In the case of imaging, this could be, for example, resolution, refresh rate, etc.

It doesn't really matter whether you offer products or services. Ultimately, your vision and mission must support your business storytelling and appeal to the people who will reach for their wallets or approve company expenses.

How to approach mission and vision?

Even if lofty questions make you smile skeptically, don’t dismiss them completely. Seriously. Simon Sinek's famous “start with WHY?” can sometimes be boring, but still – a well-thought-out answer will fuel you to continue. Think: why does your company exist? What drives you? What problems do you want to solve and why is it important? And don't settle for trivial answers, dig deep and repeat this exercise often.

Don't forget to research your environment thoroughly. Do some research on global trends in the space sector. Talk to people in the industry. Check out what the competition is doing. Go to industry events and ask questions. What are the market niches or unmet needs that you can fill?

Be sure to involve your team, don't do it alone. Conduct a workshop with key people in the company, understand their perspectives and motivations, and find a common denominator that will allow you to set a direction.

And finally, refine your vision and mission so that they are as simple as possible. You may have great ideas, but if the market doesn't understand them, you'll never see any money. So test, ask questions, simplify, and extract what is essential and understandable. With a properly described direction and goal, it will be easier to make difficult decisions: what to reject? What to invest in? Which customers to give up? Where to allocate valuable human resources? These complex dilemmas with serious consequences can bury many an efficient team, so the easier you make navigation for yourself, the better.

What can you do right now to refine your vision and mission and prepare for scaling?

1. Ask yourself key questions: Why do you exist? Whose problems are you solving? How are you different from your competitors?

2. Examine your environment and make sure you are truly delivering unique value.

3. Take advantage of your employees' knowledge and never stop refining your story.