Do you have a vision of what you want your business to become? Have you put that idea down on paper — perhaps as part of your business plan? If so, you have a vision statement.

A vision statement outlines what you want your business to be in the future. It gives shape and direction to your long-term business goals. Your vision is something for you (and your employees) to strive for, and is a snapshot of how you want to be seen 10 years out.

In contrast, a mission statement describes what your business does best today. It’s a snapshot of what the company is now. Businesses should have both.

“We create and design logos for Canadian companies that are easily identifiable and resonate with the public” is a mission statement.

“We’ll be one of the world’s leading brand marketing companies by 2015. We’ll work with global clients to develop branding strategies for new and existing products.” This is a vision statement. It should be succinct, vivid, and inspiring.