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Most organizations have a vision, mission, and value statement. Many try to live these every day as they serve as a guide to attaining organizational goals and overall successful operations.
Purpose Wheel, Kravatzky & Stephens
You’re in the process of relooking at the strategy of your organisation. To take stakeholder value to the next level, you think its critical to become more purposeful and maximize your impact on society and the environment. The first step to this is rethinking your company’s identity - purpose, vision, mission and values - and align these to your strategic goals.
ISO/DIS 37000(en) Guidance for the governance of organizations
However, you have a hunch that your organization has more potential to deliver stakeholder value, positively impact society and the environment and that this potential has not been articulated, is not
Your instincts are most likely correct because there is a lot of confusion around the meaning of mission and vision. Definitions vary with different practitioners. In fact, often mission statements are mistaken for vision statements and vice-versa. Even in the best of cases, in our opinion, these statements are missing a fundamental element, purpose.
A purpose statement should articulate the core problem an organization intends to solve profitably, with its solutions for people and the environment, that will significantly improve their wellbeing. The statement should also specify that the organization will not be profiting from producing negative impacts.
A vision statement should articulate how a company will see itself and what it's role will be once it is successfully addressing the core wellbeing problem it is meant to solve.
A mission statement should articulate the key unique capabilities and practices the company will leverage as it sets out to address its core wellbeing problem.
Values are consistent with the achievement of an organization's purpose. They are behavioral principles which are expected to function as everyday north stars for stakeholders of the organization.