“Companies that enjoy sustained success have core values ​​and a core purpose that remain fixed as their business strategies and practices continually adapt to a changing world.” Vision Statement describes the future. It indicates where the company is going or where it wants to go. While mission statements describe the state of presence: why the company exists today and/or what the company is doing to pursue its vision of the future. Together they provide direction to the company by focusing its attention on getting things done day by day to achieve its mission, while taking steps to pursue its vision of the future – its long-term business intent. Vision and mission statements are often mentioned in front of companies' annual reports and when we access the websites of different companies, we will come across their vision and mission statements. They may also be displayed on company premises as they are emphasized in company information and key documents. Vision Statement: What do we want to become? Vision is the power to see or imagine the future. In strategic planning, vision is also defined as looking into the future. It is essential that the management of any organization agrees on the basic vision of the company that it strives to achieve in the long term. A vision statement should answer the question: “What do we want to become?” A clear vision statement sets the stage for preparing a comprehensive mission statement. A vision statement, therefore, developed by management should be short, preferably one sentence, and should be developed in consultation with as many managers and executives as possible. Reasons to have a vision statement1) Focuses the team.2) Shows a picture of where the company is going.3) Instills focus, discipline and structure within the organization.4) Ensures the team understands the direction of the company.Few questions that will help in strategic vision formation are:1. What business are we in now?2. What business do we want to operate in?3. What will our customer want in the future?4. What are the expectations of our stakeholders?5. Who will be our future competitors? Suppliers? partners?6. What should be our competitive scope?7. What impact will technology have on our business?8. What environmental scenarios are possible? Mission Statement: What is our business? The mission statement should, however, answer the question, “What is our business?” Druker says that asking this question is synonymous with asking the question, “What is our mission?” Mission statements should be such that they emphasize the company's reach in terms of products, markets and what distinguishes the company from others in the same industry.