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MISSION & VISION STATEMENTS: SOME CONSIDERATIONS

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                                                                     Mission and Vision

                                                                    Brown & Brown, Inc.

 Brown & Brown’s Mission Statement is as follows:

Making a positive difference in the lives of our customers by helping to protect what you value most.

Brown & Brown Inc. is the fifth largest independent insurance brokerage in the United States.  With central offices located in the Daytona Beach area, Brown and Brown is a publicly traded stock company on the NYSE, with a ticker symbol of “BRO”.

Their vision statement is best summarized in their “Our Culture” statement. 

“Built on integrity, innovation, superior capabilities, and discipline.”

This writer could not find an actual “vision statement” for the company, but the “Our Culture” statement substitutes nicely, in this writer’s opinion, for what is being contemplated.

When evaluating “mission statement” precepts, numbers of peer-reviewed journal articles address this primal aspect of a corporation’s existence.  The following quote is an encapsulation of the constant considerations that corporate executives have, when moving forward with their guidance of their corporate structures:

“Many authors have expressed the view that the mission statement should be the ‘starting point’ for effective strategic management. Despite the scarcity of persuasive empirical data, mission statements continue to be developed, disseminated, and valued, and researchers continue to be interested in analyzing them from different perspectives. The light motive for this particular study is the assumption that if innovation is a critical strategic advantage for an organization, it should somehow be reflected in the mission statement, having in mind that innovation should not be a reactive process but part of a strategy that gives direction.” [1]

Publicly traded companies like Brown & Brown, Inc. have vast earnings results that move beyond the purview of all but the rarest privately held corporations.  The financial results of Brown & Brown Inc.’s annual production can be found on the SEC website that gives users access to public companies’ financial operations.  Results of virtually all large-scale publicly traded companies can be found here:

www.sec.gov/edgar/search-and-access [2]

When evaluating successful companies like Brown & Brown, Inc., looking at “Our Culture” statements begin to give an observer the clues that show how successful companies generate consistent success in their operations.  The “Our Culture” statement of ““Built on integrity, innovation, superior capabilities, and discipline” strongly shows any observers that a company like Brown & Brown, Inc. is extremely focused on delivering value in its products, operations, and services.

As delineated in the Strategic Management textbook, the following statement pertains to virtually any corporation’s “Vision Statement”, as follows:

One key task of leadership is to give an organization a sense of direction. Strong leaders have a clear, compelling vision of where the organization should go, eloquently communicate this vision to others within the organization in terms that energize people, and consistently articulate their vision until it becomes part of the organization’s culture.” [3]

The term “vision” repeats, over and again, in the basic text statement of just how valuable corporate leadership can be.  Vision and leadership intrinsically go together, in virtually all aspects of a successful corporation’s activities.  The vision statement of a company does lead that company forward, in theory, towards a success-oriented series of actions and strategies.

Brown & Brown Inc., in virtually all its operational activities, does seem to meet the criteria for satisfying the precepts of both “Mission” and “Vision” statements.  A multi-decade track record of impeccable success has differentiated Brown & Brown, Inc. from the vast majority of competitors.  Its Vision and Mission Statements, no doubt, have played significant roles in guiding Brown & Brown, Inc. forward in its relentless march toward excellence.

 

References

[1]  Popovska, Borata.  (Dec. 2015).   FIRM’S INNOVATIVENESS PERFORMANCE AS A MATTER OF STRATEGIC DETERMINATION: MISSION STATEMENT INNOVATION VALUE.   Economic Development .   Vol 17,  Issue 3.     p29-46. 18p.    Retrieved from Business Source Complete

[2] SEC.  (2021)   www.sec.gov/edgar/search-and-access .  Retrieved from www.sec.gov

[3] Hill, Schilling, Jones.  (May 15, 2019)  Strategic Management: An Integrated Approach: Theory and Cases, 13th Edition.  Mindtap Course

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Written by Cipher-This

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