Mission Statements found at 98% of the 50 highest growth
Fortune 1000 companies.
The Strategy Planning Institute and Kinetic Wisdom, Inc., developers of the industry-leading strategic planning tool Mission Expert (www.missionexpert.com), announced the results of a study recently completed looking into the correlation between corporate growth, profitability and the existence of a company mission statement.
The Sun Online Agency was commissioned to conduct a survey studying Fortune 1000 companies looking for trends over a 1 and 5 year period. The study was conducted through extensive online research along with a number of company interviews. Although 90% of the highest growth companies for 2006 had published mission statements, the most surprising difference was noted while looking at long-term growth over a 5-year period, where 98% of the companies studied have mission statements.
The study quantifiably supports what most management consultants and public companies have known all along, and that is, that companies that have a long-term vision of their future and a stated mission for their employees, grow faster than their peers. With Wells Fargo/US Census Bureau statistics [http://www.businessweek.com/smallbiz/news/coladvice/ask/sa990930.htm] that show less than half of all small businesses live to see their fifth birthday, the study also suggested that small and midsized businesses should take a queue from their larger public brothers, whereas less than 50% of small and midsized companies have a public mission statement.
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