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A great way to formalize a company’s purposes, goals, and values is to have formal mission, vision, and values statements.
The Mission statement addresses the question “Why do we exist?” or “What is the fundamental reason for our organization’s existence?”
The Vision statement describes the desired future position of the company and answers the questions “What do we want to achieve in the future?” and “Who do we want to become?”
A company’s values are the guiding principles for the way it expects its employees to behave.
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