1/ Mission Statements 🧵

I used to think mission statements were just corporate fluff

False words that companies created for HR reasons

I've slowly changed my mind about them

They are THE BEST stakeholder alignment & decision-making tool ever


Need convincing? ⬇️⬇️⬇️⬇️
2/ What is a mission statement?

At its core, a mission statement should answer this question:

*****Why does the company exist?*****

A profound question that is easy to overlook!
3/ When used properly

Mission Statements should guide ALL of the actions of the organization

It's like a company's North Star

If an activity doesn’t advance the mission,

it should be discarded!

If an activity does advance the mission,

it should be adopted!
4/ A Mission and a Vision statement are different

Mission: WHY the company exists

Vision: What the company/world looks like if the company is successful

Both important, but they are NOT interchangeable
5/ The reason I used to think mission statements didn't matter

is because the vast majority of companies/CEOs

don't believe they matter!

Most companies SUCK at creating & communicating them!

Why should employees/shareholders care about a mission

if the company/CEO doesn't?
6/Let's get back to that key question

****Why does the company exist?****

What problem is the company trying to solve????
7/Great mission statements answer this question

and have a few things in common

1⃣Simple - as few words as possible
2⃣Inspirational -- they motivate all stakeholders
3⃣Optionable -- they leave the "how" open-ended
4⃣Communicated often -- Managers restate the mission regularly
8/ It's not hard to find bad mission statements

I randomly choose Proctor & Gamble

I searched "Proctor & Gamble mission statement"

$PG doesn't have a mission statement, but rather a purpose

Here's what it says:
9/ How many of $PG's thousands of employees do you

think could recite this purpose word for word?

I bet it rounds to zero

Is it:

1⃣Simple - no!
2⃣Inspirational -- eh
3⃣Optionable -- sort of
4⃣Communicated often -- not from what I see

10/ How could this be improved?

Here's my suggestion:

"To improve the lives of the world's consumers"

THAT would be a great mission

Imagine if $PG actually said/believed this

and communicated it often.

I bet it would help to align ALL of $PG's key stakeholders

AND dramatically simply decision making across the company
12/ Even if you loathe $TSLA & @elonmusk,

I bet you have heard the company's mission!

“to accelerate the world’s transition to sustainable energy.”

1⃣Simple - yes!
2⃣Inspirational -- yes!
3⃣Optionable -- yes!
4⃣Communicated often -- yes!
13/ $TSLA communicates this mission OFTEN

Which aligns ALL of $TSLA's key stakeholders


behind its mission
14/ Remember when @elonmusk decided

to OPEN SOURCE $TSLA's patents?



Doing so

*accelerates the world’s transition to sustainable energy*
15/ Anyone remembered when $TSLA's customers



to help the company?

Think about that!

Is it possible that they did so

because they believe so deeply in the company's mission?
16/ $TSLA is an outlier in a bazillion ways

So who else nails mission statements?

$ZNGA: "to connect the world through games"

$CRWD: "to protect our customers from breaches"

$AAXN: "to protect life"

A+ all around!
17/ @themotleyfool mission statement:

"to make the world smarter, happier, and richer."

Fool Live was launched in 2020 in response to COVID-19

@TomGardnerFool & @DavidGFool asked:

Will Fool Live "make the world smarter, happier, and richer?"

Yes, Yes, Yes

Do it!
18/ You may know my career mission statement

"to spread financial wellness"

My time is aligned around this mission

I spend A TON of time on Twitter, Fool Live, & Podcasts

Financially, this makes little sense

but, it's THE BEST way that I know

"to spread financial wellness"
19/ Coming up with a great mission statement is HARD

Like, REALLY hard

Took me a long time to settle on

"to spread financial wellness"

Lots of conversations with @TMFStoffel

(who is the person that turned me on to the power

of mission statements the most)
20/ If you create a great mission statement for yourself

I bet you'll make different decisions

both in the short-term and long-term!
21/ Loved this recent thread by @justinkan

(Co-founder of @Twitch)

His #1 lesson from a recently failed startup?

"Start with the mission"

A+ from me! https://twitter.com/justinkan/status/1346677734580178949?s=20
22/ Mission Statements matter

If you are a CEO / entrepreneur


and communicate it often!

Don't overlook it, and be sincere

If your REAL mission is "to make myself rich"

I don't want to buy from you or work for you
23/ What's your mission?

I'd love to hear it!
You can follow @BrianFeroldi.
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