The power of vision, mission, and core values for small and medium enterprises (SMEs)

In the fast-paced world of small and medium-sized enterprises (SMEs), the focus is often on immediate goals for the business, for example, sales revenue, client acquisition and retention, and cash flow management. However, the real foundation of a successful SME lies in something deeper – a well-defined vision, mission, and set of core values.

Joanne Boyd, founder of CJX Business Services, explores below why a clear vision, mission, and core values are crucial for SMEs, and how they can strengthen your brand. She also offers tips on creating and implementing them effectively.

Vision: The future you are working towards

These elements are more than just words on a website; they create a guiding framework that directs your team, builds customer loyalty, and defines your business's legacy. A vision statement is a business's 'North Star' – it defines the future you aim to create and keeps your team motivated, focused, and aligned. For SMEs, having a vision can be transformative, helping you stand out in competitive markets and setting a clear path for growth.

How it benefits SMEs

• Direction and focus: A vision offers clarity, helping you make strategic decisions that align with your long-term goals.
• Employee motivation: Employees feel more inspired when they are part of a business with a bigger purpose, improving morale and retention.
• Customer connection: Clients often feel more connected to brands with a sharp vision, especially those with a purpose beyond profits.

Creating a compelling vision statement

To develop a strong vision, consider what change or impact you want your business to have. Keep it inspiring, forward-thinking, and, importantly, realistic yet aspirational. For instance, “To be the most trusted local supplier of eco-friendly products.”

Mission: The “why” and “what” of your business

While the vision is about where you are going, the mission focuses on why your business exists today and what it does to achieve that future. A well-crafted mission statement keeps your business grounded, ensuring that each project, product, and strategy aligns with your purpose.

How it benefits SMEs

• Strategic alignment: A mission statement acts as a filter for decision-making, ensuring that all actions align with your core objectives.
• Enhanced communication: It helps communicate your purpose to clients, employees, and stakeholders, showing that you stand for something meaningful.
• Consistency and focus: With a mission in place, it is easier to stay focused and avoid distractions that don’t align with your core purpose.

Crafting an effective mission statement

Your mission statement should address the “who,” “what,” and “why” of your business. It is essential to keep it short, specific, and action oriented. For example, “To provide small businesses with high-quality marketing tools that are affordable and easy to use.”

Core Values: The guiding principles of your business

Core values represent the principles and standards that define how your business operates. For SMEs, they shape your company culture, impact decision-making, and create consistency in how you interact with customers and stakeholders.

How they benefit SMEs

• Internal Alignment: Values unify your team, creating a shared understanding of acceptable behaviours and ethical standards.
• Customer trust and loyalty: Core values help clients understand your business’s character and build trust, especially when they see those values reflected in your actions.
• Talent attraction and retention: Values attract like-minded employees and help retain those who align with your culture, creating a stronger, more cohesive team.

Defining core values

Choose three to five values that reflect your company’s personality and approach. Examples include integrity, innovation, accountability, community focus, or customer-centricity. Each value should be meaningful and actionable, serving as a daily reminder of what your business stands for.

Implementing vision, mission and values within your SME

It’s one thing to have these guiding principles and another to integrate them into daily operations. Here are some ways to embed them in your company culture:

• Communication: Regularly communicate your vision, mission, and values in meetings, onboarding sessions, and company updates to ensure alignment.
• Decision-making: Use them as a framework for decisions, evaluating if initiatives align with your vision, support your mission, and uphold your values.
• Employee engagement: Encourage employees to reflect on these principles in their work. Recognize and reward behaviours that embody your company values.
• Client relationships: Share your mission, vision, and values with clients to build stronger connections, showing them that you, as a business, are driven by purpose, not just profit.

Conclusion: Setting your SME on a path to purpose-driven success

For SMEs, the journey to growth and success can be uncertain, with challenges at every turn. However, with a well-defined vision, mission, and set of core values, you can guide your business with purpose, consistency, and clarity. These principles are not only a roadmap for where your business is headed but also the foundation of a brand that resonates with employees, clients, and stakeholders alike.

About the author

CJX Business Services is a consultancy firm working with SMEs in Lancashire and Cumbria and a Boost & Co member. Founder Joanne Boyd, who received support from Boost when establishing her business, has since also been a coach and mentor on the Boost programmes.

If you’re looking to grow, scale or start your business, use Boost; Lancashire’s Business Growth Hub. We offer a range of funded business support services. Call our Business Support Helpdesk on 0800 488 0057 to find out more or complete our enquiry form.