By Dr. Vlad Krotov
A business school’s strategic planning begins with a good mission statement. Having a formal and sustainable strategic planning process is a formal requirement of all major accreditation agencies for business schools. For example, EQUIS standards require every accredited business school to “define the School’s mission and explain how it relates to its identity.” (EQUIS Standards & Criteria, Chapter 1, 2023). Similarly, AACSB requires that every accredited business school should “articulate a clear and focused mission for the school” as a part of its strategic planning process (AACSB Guiding Principles and Standards for Business Accreditation, Standard 1, 2023).
A good mission statement is essential for every business school’s survival and success in the face of growing competition in business education. A mission statement serves as a concise and impactful declaration of a school’s purpose and core values. It should effectively communicate the organization’s reason for existence, its target audience, and its guiding principles.
In order to succeed, a business school needs to be known for something. Almost everything that the school does and everyone that the school is affiliated with should contribute to this reputation. Without this focus and distinctiveness, your business schools will be lost among numerous other “me too” schools, eventually suffering declining enrollment and shortages of essential resources.
Here are some characteristics of a good mission statement for a business school:
-
- Clear and Concise: A good mission statement is clear, straightforward, and concise. All stakeholders should be able to understand it, including students, faculty, staff, and employers. A mission statement should not more than a few sentences.
- Specific and Focused: The mission statement should clearly outline the school’s primary purpose and focus. It should avoid being overly broad, generic, or vague. Being “everything to everyone” is one of the worst strategies a business school can pursue.
- Inspiring and Motivating: A mission statement should motivate and inspire all stakeholders. It should create a sense of purpose and passion among students, faculty, and staff.
- Timeless: Business “buzzwords”, educational technologies, and pedagogical “fads” come and go. Strategies and goals of a business school may change over time too. In spite of all the changes in the external and internal environment, a good mission statement should remain relevant and timeless. It should provide a sense of continuity and stability for the school and serve as the most important foundation for all strategic decisions.
- Unique and Differentiating: The mission statement should clearly highlight what sets your business school apart from thousands of other business schools across the globe. It should emphasize the organization’s unique value proposition to students. Being a “me too” business school is a sure path to mediocrity and declining enrollments.
- Realistic and Achievable: While the mission statement should be aspirational, it should also be grounded in reality. Not everybody can be a Harvard Business School, serving the needs of executives from Fortune 500 companies. This is okay. Not everybody wants to commute in a Mercedes or Ferrari. People also need affordable and reliable Toyotas and Fords that get them where they want to be.
- Aligned the Mission of the University: The mission statement should align with the university’s vision, mission, values, and goals. It should reflect the principles that guide decision-making and actions within the broader organization that the business school is a part of.
- Student-Centric: A good mission statement should focus on delivering value to the school’s target audience. It should emphasize the impact the school aims to have on its students and the broader community that it serves.
- Memorable: A memorable mission statement is more likely to be embraced by all the stakeholders. A creative statement with strong language and imagery can make it more memorable. Business schools should stay away from confusing “academic talk” or business jargon. The mission of the business school should be recited or explained by every faculty member in his or her own words. Reviewers from accreditation agencies often ask faculty whether they can explain the mission of their business schools.
- Inclusive: The mission statement should be inclusive, embracing all the relevant stakeholders: students, faculty, staff, alumni, and employers.
- Communicable: A good mission statement should be easily communicated across all levels of the business school. It should be accessible and relatable to everyone involved with the school. Each business school should invest time and resources in spreading awareness of its mission statement.
- Measurable: Although a mission statement is not a strategic plan, it should be possible to evaluate the organization’s progress and alignment with its mission over time. Lengthy, broad, generic, and vague mission statements make such evaluation difficult.
Crafting a compelling and effective mission statement often involves lengthy collaboration and reflection among key stakeholders to ensure that it accurately represents the organization’s identity, aspirations, and principles. Unfortunately, many business schools do not have anyone formally in charge of the strategic planning process. Mission statements are often drafted or revised just before accreditation or reaccreditation report submission deadlines.