A resident of Highland Park, IL, Matthew Eriksen is an organization development professional and the CEO of 4XF, Inc. In his role at the company in Northbrook, IL, Matthew Eriksen is in charge of vision and mission development as well as long- and short-term strategizing.

The phrases “mission statement” and “vision statement” are often used interchangeably. However, the two are vastly different and play a large role in strategy-making.

A company’s vision tells the world where the company wants to be in the future. The vision is grounded in the company’s values and core beliefs, so it remains constant.

A company’s mission, on the other hand, tells what the organization does, its objectives, and goals. A mission is more practical than a vision. The mission outlines the actions the company must take now to reach its goals. Because the mission is based on the company’s goals, it can be modified over time as a result of internal and external factors.

Only after appreciating a company’s vision and mission can decision-makers formulate company strategies. Strategies aim to achieve the company’s mission, which is the embodiment of the company’s vision.