Without a clear plan for the future, growing your firm can quickly become chaotic. The best way to bring order to the chaos is to develop your firm’s vision, mission, and values. Read 8 Figure Firm’s blog to learn more.
What is a vision?
When developing your firm’s vision, mission, and values, you must first establish your firm’s vision. The idea should describe where your firm’s future. It should be concise, memorable, inspirational, motivational, future-oriented, and ambitious.
Here are a few companies’ vision statements:
- “To create a better everyday life for many people.” IKEA
- “We’re in business to save our home planet.” Patagonia
- “To provide access to the world’s information in one click.” Google
- “Toyota will lead the future mobility society, enriching lives around the world with the safest and most responsible ways of moving people.” Toyota
- “Imagine a world in which every single human being can freely share the sum of all knowledge. That’s our commitment.” Wikimedia Foundation (Wikipedia)
- “Become the leading authority figure in law firm building.” 8 Figure Firm
It’s important to note that your vision statement can be vague and not concretely achievable. You also may not reach your vision within your lifetime – and that’s okay!
What is a mission?
Once you’ve created your vision statement, you’re ready to develop your firm’s mission. The mission is a simple statement meant to explain why your law firm exists and its purpose. If your vision is the destination, your mission outlines how you will get there.
Here are the same companies’ mission statements:
- “Offer a wide range of well-designed, functional home furnishing products at prices so low that as many people as possible will be able to afford them.” IKEA
- “Build the best product, cause no unnecessary harm, use business to inspire, and implement solutions to the environmental crisis.” Patagonia
- “To organize the world’s information and make it universally accessible and useful.” Google
- “Through our commitment to quality, ceaseless innovation, and respect for the planet, we strive to exceed expectations and be rewarded with a smile.” Toyota
- “To empower and engage people around the world to collect and develop educational content under a free license or in the public domain, and to disseminate it effectively and globally.” Wikimedia Foundation (Wikipedia)
- “Help 100 law firms develop $10 million in predictable yearly revenue.” 8 Figure Firm
We recommend that your mission statement is obtainable and easier to measure than your vision statement.
What are values?
The last part of your vision, mission, and values involves setting the principles that guide your firm’s actions. Your core values serve as the cultural cornerstones of your business, and they should never be compromised.
- IKEA: Lead by example; togetherness; caring for people and planet; cost-consciousness; simplicity; renew and improve; different with a meaning; give and take responsibility
- Patagonia: Build the best product; cause no unnecessary harm; use business to protect nature; not bound by convention
- Google: Building belonging; expanding opportunity; protecting users; responding to crises; advancing sustainability
- Toyota: Act for others; work with integrity; drive curiosity; observe thoroughly; get better and better; continue the quest for improvement; create room to grow; welcome competition; show respect for people; thank people
- Wikimedia Foundation (Wikipedia): We strive for excellence. We welcome and cherish our differences. We are in this together. We engage in civil discourse. We are inspired.
- 8 Figure Firm: Faith; generosity; courage to lead; a life of significance; urgency in execution; clarity of thought
Why are they important?
Your vision, mission, and values are vital for several reasons. A vision statement will help you hone in on what you want to accomplish, enhance the culture, and give clear direction to leadership. It gives your firm a clear destination.
Your vision describes what you plan to achieve, your mission statement describes how you will achieve it. A well-written statement will clarify your priorities and guide your business decisions, which helps you stay grounded and focused.
Your core values act as the compass to get you from where you are now to where you want to be. They define the boundaries of your business, assist in hiring individuals who will help you reach your vision, and develop your company culture.
How do you develop them?
Now that we’ve defined the vision, mission, and values, it’s time to look at how you can develop these statements.
How to develop a vision
Since your vision describes what you want to become, you need to look deep inside yourself and brainstorm with your team to craft your statement. Remember that your message should be future-focused, motivating, and reflect your firm’s culture.
Some questions to ask:
- What are your hopes and dreams?
- What problem are you solving for the greater good?
- Who and what are you inspiring to change?
How to develop a mission
To develop your mission, you must chart a path toward your vision. You and your trusted employees should work together to craft a statement that outlines your firm’s purpose and works for your business.
Here are some questions to help you draft your mission statement:
- What does your law firm do?
- What will you be known for in your community?
- How is your law firm different from another?
- What do you do that gives you a competitive advantage?
- Why does your firm do it differently?
- Who is your ideal client?
- Who is your perfect teammate?
- How will you treat your clients and employees?
How to develop values
Lastly, you will need to define your core values, which are slightly different from developing your vision and mission. Your values should be an authentic representation of your firm, not just a term that sounds good. Getting together with your team is a great way to develop your values.
A few questions to consider:
- What is important to you and your firm?
- What are the strengths of your firm?
- How would you describe your firm to someone outside the business?
- What is your duty towards your clients?
- What does your firm prioritize?
- What does success look like for your clients and employees?
- How are big decisions made?
Speak to an Expert
You must develop your vision, mission, and values to grow your firm. Each is vital to your firm’s success and necessary for defining your end goal and how you will get there. Remember that without intention, your firm could devolve into chaos.
Developing your vision, mission, and values is necessary, but it can quickly become challenging. With programs like ONE.Coach and ONE.Coach Premier, we will support you on your journey to eight figures in predictable yearly revenue.
If you’re ready to take your law firm to the next level, register for ONE.Coach today. We’ll help you turn your law firm into a law business.
