Vision Statements of Fortune 50 Companies
1
Are the Vision Statements of Fortune 50 Companies Convincing?
You Can Make That Decision.
James Ike Schaap, Ph.D.*
Adjunct (Associate) Professor
College of Business
California State University, Monterey Bay
Seaside, CA 93955
775-827-5709
(*-Corresponding author)
Angel F. González, Ph.D.
Assistant Professor
College of Business
California State University, Monterey Bay
Seaside, CA 93955
Vision Statements of Fortune 50 Companies
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BIOGRAPHY
James I. Schaap
Dr. James Ike Schaap has over 40 years of university teaching experience. During this
time, he has published numerous articles on strategic management. He was a cofounder and
former board member at The Center for Logistics Management, College of Business, University
of Nevada, Reno. As an adjunct associate professor at the College of Business, California State
University, Monterey Bay, in addition to teaching strategic management to graduate students, Dr.
Schaap provides much-needed graduate education to working professionals who cannot attend
traditional classroom educational programs.
BIOGRAPHY
Angel F. González
Dr. Angel F. González teaches restaurant and hotel operations management at the College
of Business at California State University Monterey Bay. He is a certified trainer and proctor for
ServSafe and ManageFirst. He previously taught at Oklahoma State University, Universidad del
Este, and the University of Puerto Rico. His primary research is in travelers’ behaviors and
preferences.
His career in the hospitality industry has involved working for Hyatt Hotels, Hilton
Hotels, and the Walt Disney corporation.
Vision Statements of Fortune 50 Companies
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ABSTRACT
The purpose of the study is to provide a background for describing and explaining organizational
vision statements. The corporations selected were on the 2019 Fortune 500 list. Of that list, the
researchers specifically looked at all revenues, net profits (as percentages), and vision statement
word counts for the Fortune 50 companies—for 2019. The study also looked at the vision
statement word counts for all Fortune 500 companies whose net profits were equal to or greater
than the top performing Fortune 10 companies—for 2019. The findings show that the top 10 of
the Fortune 50 companies have, on average, lower vision statement word counts than the rest of
the firms—except for one segment (31 – 40). These same 10 companies, had, on average, lower
vision statement word counts than the other 39 Fortune 500 companies studied (i.e., who had a
net profit of equal to or greater than the top performing Fortune 10 companies—for 2019). The
researchers believe that a vision statement is an important tool for every organization, and it
should play a significant role in the long-term operation of any business. A well-crafted vision
statement can provide the focus and motivation to take your business to the next level—it should
be easy to remember and it should inspire and motivate everyone.
Keywords: Convincing, goals, objectives, purpose, strategic intent, vision, vision statement(s)
Vision Statements of Fortune 50 Companies
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INTRODUCTION
The concept of vision statements can be confusing (Ward, 2020). However, management
expert Dr. Peter Senge neatly sums up a vision statement as a shared picture of the future of a
company (Kirkpatrick, 2016, p. 1).
Historically, according to Schreim (2020), visions are related to spiritual or supernatural
encounters in religious diegeses (e.g., the Bible) that provide insight into future events. However,
vision statements did not become prominent in business literature until the 1970s and 1980s.
The researchers, however, feel that vision statements are difficult to write. They must be short,
clear, vivid, inspiring, and concise without complicated jargon, words, or concepts. Moreover,
successful vision statements must be convincing, memorable, and engaging. They should also be
powerful and compelling and tell the reader what a company will look like in the future.
Vision statements can have a large impact for a company if they demonstrate the right
characteristics and are successfully communicated and implemented. Even a great vision
statement will be ineffective if not implemented properly. As such, all aspects of the company
must align with the vision statement for maximum effectiveness (Kirkpatrick, 2016, p. 143).
That said, Shallenberger and Shallenberger (2019) wrote: “Whether leading a team or their own
life, great leaders first focus on what they want to create (the vision) and then figure out the real
issue standing between their current reality and that vision” (p. 2).
A business is not defined by its name, statutes, or articles of incorporation. The
researchers feel that it is defined by the business’s vision statement. Only a clear definition of
that vision makes for clear and realistic business objectives (Drucker, 1973, p. 59). The vision
statement is a tool that every manager and organization must have in their arsenal (Bolon, 2005).
For years, it has been identified as the first step in the strategic planning process, superseding and
providing a foundation for the development of strategies, plans, and programs (Leontiades,
1982).
Companies with core purposes and values enjoy enduring success, while their strategies
and practices continuously adapt to a changing world (Collins & Porras, 1996). The idea or
objective for the existence of an organization defines its vision. Most companies have a vision
statement. It is a declaration of the organization’s reason for being. It answers the question,
“What business are we in?” (Khalifa, 2011, p. 25). Companies, as this paper demonstrates,
publish these statements for the public on their websites. According to Ireland and Hitt (1992),
the aim is to publicly declare the organization’s purpose, goals, products, markets, and
philosophical views. Yadav & Sehgal (2019) asserted that the vision statement can be a good
source of motivation and inspiration to employees. Importantly, however, certain elements of
the vision statement should change over time to motivate employees.
Over the past decade, purpose has become a strategic management watchword. Since
2010, the word purpose has appeared in the titles of more than 400 new business and leadership
books and thousands of business-related articles. And no wonder, many people—not just
millennials—want to work for organizations whose vision statements resonate with them
intellectually and emotionally. Yet, many enterprises struggle to clearly define, much less
Vision Statements of Fortune 50 Companies
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embody, their purpose (i.e., their vision). For example, many companies have vision statements
that include generic goals such as “being the company of choice” and “maximizing shareholder
value.” Statements like these, according to Blount and Leinwand (2019), miss the mark of what
drives a successful business. They do not speak to what the firm actually does or who its target
customers are. In addition to generic goals, other vision statements include high-minded but
vague aspirations. For example, phrases such as “inspiring people to put their best selves
forward every day” and “spreading the power of optimism” fail to answer the following
questions: What is your precise reason for existing? What value are you giving your customers?
Why is your firm uniquely capable of providing it?
A powerful vision statement is one that achieves two objectives: clearly articulating
strategic goals and motivating the workforce—it is convincing and exciting. These objectives are
important individually and synergistically. When employees understand and embrace an
organization’s vision, they are inspired to do work that is good—and sometimes great—while
delivering on stated aims (Blount & Leinwand, 2019).
In the literature on organizations and strategy, numerous terms in vision statements are
sometimes used synonymously and have partially overlapping meanings but are occasionally
intended to be totally distinct from one another. As one CEO put it:
I have come to believe that I need a vision to guide us, but I cannot seem to get my hands
on what the vision is. I have heard lots of terms like vision, purpose, values, strategic
intent, but no-one has given me a satisfactory way of looking at vision that will help me
to sort out this morass of words. It is really frustrating (Collins & Porras, 1991, p. 30).
Most organizations respond to the need for foresight by creating something they typically
call a vision statement. While this is a step in the right direction, most vision statements are
terribly ineffective as a convincing and guiding force. In fact, most corporate statements—
whether they are called a vision statement, purpose, philosophy, credo, or the company way—are
of little value and do not have the intended effect. They do not focus the attention of employees
and motivate them to work toward a common goal. In fact, they are usually nothing more than a
boring stream of meaningless words. For example, below are some typical examples of vision
statements from actual companies:
• The Corporation is committed to providing innovative engineering solutions to
specialized problems where technology and close attention to customer service can
differentiate it from commodity of production or job shop operations.
• We provide our customers with retail banking, real estate, finance, and corporate
banking products which will meet their credit, investment, security and liquidity
needs.
• [The company] is in the business of applying micro-electronics and computer
technology in two general areas: computer-related hardware; and computer
enhancing services, which include computation, information, education, and finance
(Collins & Porras, 1991, pp. 30-31).
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What is wrong with these? They are long, uncompelling, and boring. They are not clear,
crisp, or hard-hitting. Like many poor guiding vision statements, they are nothing more than
exaggerated descriptions—and bland ones at that—of the operations of companies (Collins &
Porras, 1991, p. 31).
VARIOUS DEFINITIONS OF A VISION STATEMENT
To better understand the characterization and meaning of vision statements, rather than
reference just one scholarly source, the researchers wanted to present what more than a dozen
leading strategic management textbook authors and scholars have thought about this term over
the past 12 years.
As per Carpenter and Sanders (2009), a (simple) vision statement is where an
organization is going—it is forward-looking and identifies the organization’s desired long-term
status. Vision statements can be very brief, even just a couple of words or sentences. Because a
strategy is difficult to execute, firms with clearly and widely understood visions make strategic
decisions easier (pp. 46-47).
Baldoni (2012, p. 7) wrote that the vision is the lodestar that shines in the distance and
serves as a guiding light—where you want to go. Moreover, vision is the process of becoming;
organizationally, it is like saying what you want to be when you grow up. It is aspirational in
nature.
According to Hill and Jones (2012, p. 31), the vision of the company lays out some
desired future state—it articulates, in bold terms, what the organization would like to achieve.
In keeping with Hitt et al. (2013, p. 17), these authors view a vision as a picture of what a
firm wants to be and, in broad terms, what it wants to ultimately achieve.
As stated by Keffer (2014, pp. 15-16), the vision statement sets a long-term goal for the
organization. It is a very short phrase or sentence that sets a motivating tone for planning the
future of the organization. More so, it is the organization’s shared hopes, dreams, and image of
the future. The vision statements answers what an organization wants to become.
Rothaermel (2015, pp. 30-31) outlined a vision as what an organization wants to
accomplish—it captures the company’s forward-looking and inspired aspirations. Additionally,
an effective vision pervades an organization with a sense of winning and motivates employees, at
all levels, to aim for the same goals.
Gamble et al. (2015) defined the vision statement as “where we are going—the course
and direction management has chartered and the company’s future product-customer-market-
technology focus” (p. 17). Further, they stated that: Well-conceived visions are distinctive and
specific to a particular organization; they avoid generic, feel-good statements like “We will
become a global lead leader and the first choice of customer in every market we choose to
serve”—which could apply to any of hundreds of organizations” (p. 17).
Vision Statements of Fortune 50 Companies
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Kirkpatrick (2016, p. 2) stated that a vision statement includes three key features:
a future state that a leader wants to achieve, a long-term future, and the organization’s future
state. Furthermore, a vision statement tells employees why the company is in business. And to
be considered a “statement,” it must be shared with others in the organization (p. 4).
In keeping with David and David (2016, p. 43), a vision statement should answer the
basic question – “What do we want to become?” Further, the vision statement should be short,
preferably one sentence.
Consistent with Stark and Kelly (2016, pp. 6-7), a vision instills a sense of purpose. They
also said that a vision keeps us on track. And, finally, a vision guides communication, decisions,
and feedback between managers and employees. In addition, Stark and Kelly (2016, p. 8)
indicated that visions should be short, clear, concise, and compelling. They should outline where
a company wants to be.
Hagemann et al. (2017, p. 20) defined a vision as a clear picture of a positive future state
designed to provide people with a compelling reason to make progress toward that state and
accomplish an organization’s goals. The vision answers, indirectly, where the company is going.
Vision statements need to be simple, but they also need to be rich, adaptable, and able to fit in
any context (p. 116).
As stated by Wheelen et al. (2018), the vision statement simply describes what the
organization would like to become (p. 17).
Shallenberger and Shallenberger (2019) stated that the vision is the high-level desired
outcome. The vision is not a goal because it does not need to be specific or measurable (that
comes later). The vision is a focus beyond the obstacles and doubts and seeing where a company
wants to be in the future. That is precisely why a vision can be exciting. It drives you, and it
gets other people involved and aligned (p. 28).
According to West (2020), vision, sometimes referred to as the statement of purpose, is
the process of laying out a compelling, overarching focal image guiding everyone in an
organization in the long-term. It incorporates foresight, provides event horizon, connects with
current capabilities, incorporates enduring values, “is short,” and memorable (p. 89).
Thompson et al. (2020) described a (strategic) vision as management’s aspirations for the
company’s future and the course and direction charted to achieve it (p. 23).
And, lastly, Northouse (2021) stated that a vision is a mental model of an ideal future
state—with positive outcomes that are attractive and inspiring. It can be generated by an
individual leader or crafted by a team working together (pp. 161-162).
REVIEW OF THE LITERATURE
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The following literature review, for the most part, condenses top-level scholarly
explorations of vision statements. These works, certainly limited in nature, are presented
chronologically, starting in 1991, to highlight how the past 29 years various writers’ thinking has
developed regarding this stimulating, debatable, and confrontational topic although there
definitely are timeline gaps. Nevertheless, the researchers chose this method instead of a content-
oriented tactic so the reader can clearly understand the thinking of various writers and
researchers.
In 1991, Collins and Porras wrote the following information:
The few truly great companies have known for years—in some cases, for over a hundred
years—the importance of having a vision. Recently, a wider range of companies (those
who want to attain greatness) have come to believe in the importance of this elusive, yet
vitally important, component of corporate success.
Most organizations respond to the need for a vision by creating something they
typically call a mission statement. In fact, most corporate statements we have
encountered—be they called mission, vision, purpose, philosophy, credo, or the company
way—are of little value. They do not have the intended effect. They do not grab people
in the gut and motivate them to work toward a common end. They do not focus attention.
They do not galvanize people to put forth their best efforts toward a compelling goal.
They do not mean something to people all up and down the organization. In fact, they
are usually nothing more than a boring stream of words (pp. 30-31).
And, again, in 2002, Collins and Porras wrote the following material about the word
vision:
Vision has become one of the most overused—and least understood—words in the
English language. The word vision conjures up all kinds of images. We think of
outstanding achievement. We think of deeply held values that bond people in a society
together. We even think of audacious, exhilarating goals that galvanize people. We
think of something that reaches inside us and pulls out our best efforts. We think of
dreams of what we want to be. And therein lies a problem. All of us know vision is
important, but what exactly is it? (p. 219)
As Cottrell (2006) has stated, the problem with vision statements is that they are just that
– statements. Sometimes they are aspirational, but typically they are disconnected from those
they are meant to inspire. But vision itself is hugely powerful (p. 189).
Özdem (2011) stated that a good vision statement should emphasize a unique
characteristic of the organization that differentiates it from others and take the internal and
external environment of the company into consideration. The vision also must be clearly
understood and shared by all stakeholders of the organization (p. 189).
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Hitt et al. (2013) specified that most vision statements are too vague or too broad in
scope, or that they are riddled with superlatives. Clearly, vision statements that are poorly
developed do not provide the direction a firm needs to take appropriate strategic actions (p. 19).
According to Gamble et al. (2015, p. 17), an effective vision statement has seven key
characteristics:
a) Graphic – Paints a picture of the kind of company that management is trying to create
and market position(s) the firms is striving to stake out.
b) Directional – Is forward-looking.
c) Focused – Is specific enough to provide leaders with guidance in making decisions
and allocating resources.
d) Flexible – Is not so focused that it makes it difficult for leadership to adjust to
changing circumstances.
e) Feasible – Is within the realm of what the organization can reasonably expect to
achieve.
f) Desirable – Indicates why the directional path makes good business sense.
g) Easy to Communicate – Is explainable in 5 minutes and, ideally, can be reduced to a
simple, memorable “slogan”.
Hagemann et al. (2017) felt that a vision must be visual—it needs to be something people
can see in their mind’s eye. It must be something in which employees can believe in. They
have to desire it. They have to feel connected to the vision in a very personal way (pp.7-8). The
vision itself is important, but so is the way it is communicated. As a leader, it will, at some
point, be your responsibility to stand up and take ownership of the vision through a speech or
presentation to others (p. 162).
Amato and Macchi (2018, p. 109) stated that the purpose of a vision statement is to create
an aligned organization where everyone is working together toward the same desired ends.
Additionally, an effective vision statement has to include three main elements: significant
purpose, a picture of the future, and clear values (Blanchard & Stoner, 2004). Amato and
Macchi (2018, p. 113-114) also stated that to be powerful, a vision statement must possess eight
specific characteristics:
a) It must be short – no more than one phrase;
b) it must contain a prime goal to be achieved;
c) it can encompass all organizational interests;
d) it is not a one-time, specific goal that can be met, and then discarded;
e) it provides a source of motivation for employees to do their best by including a
degree of difficulty or stretch;
f) it offers a long-term perspective for the organization and indicates the future
environment in which it will function;
g) it is unlikely to be changed by market or technology changes;
h) and, it is viewed as desirable by all the shareholders and stakeholders.
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Gamble et al. (2021) wrote that well-conceived visions are distinctive and specific to a
particular organization and help steer the energies of company personnel in a common direction
(p.17).
Finally, Northouse (2021) mentioned that vision statements should use words and
symbols that motivate and inspire. A vision must be affirming, uplifting, hopeful, and must
describe in a way that underscores its worth (p. 167).
PURPOSE OF THE STUDY
The purpose of this study was to present a background that describes and explains
organizational vision statements and removes the so-called uncertainty encompassing the foci,
while at the same time preserving the magic—the spark—that is necessary for a compelling
vision statement.
RESEARCH QUESTION
Have the top-performing Fortune 500 companies (i.e., Fortune 50) developed, for both
their employees and customers, persuasive and/or convincing vision statements?
HYPOTHESES
Based on the research question as well as on a review of the current literature on this
topic, the researchers developed two hypotheses:
H
1
: The vision statements of higher-performing Fortune 50 firms have developed, on
average, lower word counts than those of lower-performing Fortune 50 firms.
Note: Strictly from a definitional standpoint, the words higher-performing means
net profit shown in a percentage format (this is, regardless of what industry they
are in – see Appendix 1). That said, strictly from a hypothetical standpoint, if one
Fortune 50 company has a net profit of 5% and another company has a net profit
of 2%, the company that is making a net profit of 5% is “higher-performing” than
the company that is making a net profit of 2%.
H
2
: The vision statements of higher-performing Fortune 500 firms, with a net income
of 24.9% or higher, have developed, on average, lower word counts than those of
lower-performing Fortune 50 companies.
DESIGN AND METHODS
First Sample Size:
The corporations selected for this study were listed on the 2019 Fortune 500 list. Of that
list, this study specifically looked at all the revenues, net profits (in percent), and vision
statement word counts of Fortune 50 companies (see Appendix 1).
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Second Sample Size:
Next, the researchers looked at the vision statement word counts for all Fortune 500
companies that had a net profit, percentagewise of 24.9% and greater, of equal to or greater than
the 10 top-performing Fortune 50 companies (Fortune 10). This happened to be 39 companies
(see Appendix 2).
Measures:
The average net profit of the highest-performing Fortune 10 companies was 24.9 % or
greater. Additionally, these same 10 firms had an average vision statement word count of 19.9
(see Appendix 1). Lastly, the average vision statement word count for the second sample was
23.1 (see Appendix 2).
DISCUSSION OF RESULTS
What do John F. Kennedy and Mahatma Gandhi have in common? They both had an
inimitable vision and went on a mission to steer and unite the public towards their particular
goals and objectives. When articulated properly, vision statements can be powerful tools and can
be used as strategic roadmaps to steer and unite organizations, employees, and stakeholders
towards a common purpose. In addition, vision statements can help corporations define their
long-term purpose and establish a unique identity (Schreim, 2020).
A review of the literature about vision statements suggests that there has not been a study
to explore, as these researchers have done, the relationship between vision statement word counts
for large companies (i.e., Fortune 500) and their financial success (i.e., net profit). That said, a
similar study was performed by Schaap and Schaap (2020). However, that paper only looked at
mission statements. The current researchers found that the Fortune 10 companies had an average
mission statement word count of 16.3 or an 18.0% lower vision statement word count than the
19.9 vision statement word count for the other Fortune 50 companies. However, this report
examined this relationship in detail. By doing so, the reader can clearly see, as shown in Table 1,
that, on average, the Fortune 10 companies had, on average, lower vision statement word counts
than the rest of the other Fortune 50 firms, excluding 31 – 40. These same 10 companies had, on
average, lower vision statement word counts than the other 39 Fortune 500 companies (i.e. that
also had a net profit of 24.9% or greater), as shown in Table 2.
Table 1 Vision statement word counts and net profits of Fortune 50 companies
Fortune 50 companies,
ranked by net profit
Average number of vision
statement words
Average net profit,
in %
1 – 10
19.9
0.248885
11 – 20
27.1
0.109284
21 – 30
24.1
0.054739
31 – 40
18.8
0.026307
41 - 50
23.7
-0.003450
1 – 50
22.6
0.087153
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Table 2 Vision statement word counts and net profits of Fortune 500 companies
Fortune 500 companies,
ranked by net profit
Average number of vision
statement words
Net profit, in %
25 to 496 – 39 companies
23.1
0.249 to 0.588
As the reader can clearly see, the Fortune 10 companies average net profit, in percent,
compared with three other Fortune 50 categories (11 – 20, 21 – 30, and 41 – 50), had on average
vision statement word count of much less than the other Fortune 50 companies, and significantly
out-performed the other organizations—in terms of net profit. Moreover, Fortune 500
companies with a net profit of 24.9% or greater (39 companies – see Appendix 2), also had a
lower average vision statement word count than some Fortune 50 companies. Therefore, one can
conclude that lower word counts are substantially better for profits (as hypothesized in H
1
and
H
2
).
And finally, our analysis showed that five of the Fortune 50 companies had exactly the
same word count for both mission and vision statements (even though the mission and vision
statements differed) – Alphabet—10 words, PepsiCo—29 words, United Technologies—33
words, United Health Group—42 words, and Anthem—9 words. Twenty-four of the Fortune 50
companies had lower word counts for their vision statements than for their mission statements,
whereas 20 had higher word counts for their vision statements. Unfortunately, the researchers
could not find the vision statement for one of the Fortune 50 companies (MetLife).
CONCLUDING REMARKS
Ask yourself, what are you deeply passionate about? What can you be the best in the
world at? More important, what drives your economic engine (Collins, 2001, p. 203)?
Unlike a mission statement, which articulates a company’s purpose and reason for
existence now, a vision statement is internal-facing and is based upon the future state of an
organization—usually within 3 to 5 years. It should be larger than life. It should include what it
would look like for a company to dominate the market, expand products and services, and
perhaps acquire other businesses. It is the driving force for your leaders and all employees
(Villareal, 2017, p. 42). Schreim (2020, p. 27) identifies the vision by answering four key
questions:
a) What do you want your company to be (down the road)?
b) How can your company be superior to your competitors?
c) How does your company want to be perceived?
d) What enables your company to achieve a competitive advantage?
As mentioned earlier, the vision statement defines what an organization wants to
accomplish in the future. That said, a well-crafted vision statement can provide the focus and
motivation to take a business to the next level. It should be easy to remember. It should inspire,
arouse, and convince everyone. The vision statement should also anchor the company’s brand
promise and value. Knowing this, the current researchers believe that a vision statement is an
Vision Statements of Fortune 50 Companies
13
important tool for every organization. A vision statement should play a significant and important
role in the future operation of a business. Moreover, it should be used for strategic planning, in
problem solving, and promoting the long-term objectives of the organization. The vision
statement should be well distributed and visible. Finally, everyone in the organization should
know about the vision statement and understand it (O’Hallaron & O’Hallaron, 1999).
A surprising number of vision statements found on company websites and in annual
reports are vague and unrevealing, saying little about the company’s future product-market-
customer-technology focus. In fact, many read like a public relations statement—lofty words
created because it is fashionable for companies to have an official vision statement (Gamble, et
al., 2021, p. 18).
Further review of the literature on the development of vision statements shows that some
researchers like the idea that a vision statement should be short (i.e., eight words or fewer).
Taking this information into account and looking at the Fortune 50 list of vision statements, only
three firms have vision statement word counts at eight words or fewer—Bank of America,
Fannie Mae, and CVS Health (refer to Appendix 1) – ranked 6, 14, and 31, respectively, in terms
of net profit. In our opinion, all three companies had very convincing vision testimonials. In
terms of the Fortune 500 companies with a net profit of 24.9% or greater, in 2019 (39
companies), six firms had vision statement word counts of eight words or fewer—Simon
Property Group, Fortive, Regeneron Pharmaceuticals, Biogen, Bank of America, and BB&T
Corporation (see Appendix 2).
In reviewing our hypotheses (i.e., specifically H
I
): we found that vision statements for
higher-performing Fortune 50 firms developed, on average, lower word counts than those for
lower-performing Fortune 50 firms—see Appendix 1. What is more, in further reviewing H
2
, the
vision statements of higher-performing Fortune 500 companies (39 companies—see Appendix 2)
developed, on average, lower vision statement word counts than those for lower-performing
Fortune 500 firms.
Although this study is not about how long a sentence in a vision statement should be, the
researchers do feel it is worthwhile to call attention to sentence length. According to Wylie
(2009), the longer the sentence (i.e., vision statement) is, the less the employee, customer, or
reader will understand it.
1
Wylie’s study shows the following:
• When the average sentence length in a piece was fewer than eight words long, readers
understood 100% of the story.
___________
1
Ann Wylie runs a company called Wylie Communications Incorporated where she works with
communicators who want to reach more readers and with organizations that want to get the word out. Ann Wylie is
the author of more than a dozen that help people improve their communication skills, including
RevUpReadership.com, a toolbox for writers. Her manual Planning Powerful Publications, published by the
International Association of Business Communicators (IABC), has been called “the bible” of publication planning.
Before starting her firm, Ann was editor of the Hallmark Cards’ employee magazine, CROWN. Under her
Vision Statements of Fortune 50 Companies
14
leadership, CROWN was named the best publication of its kind in the nation by Women in Communications (WIC)
and best of its kind in the world by IABC.
• Even at 14 words, they (i.e., the readers) could comprehend more than 90% of the
information.
• However, with sentences of 43 or more words, comprehension dropped below 10%.
• The bottom line is that sentences should be broken up into shorter sentences or
condensed.
According to Nirmaldasan’s (2012) research, first published in Vidura, October-
December 2011 (a.k.a. Journal of the Press Institute of India), if a sentence is eight words or
less, the sentence is very easy to read. If it is 11 words, the sentence is easy to read. If the
sentence is 14 words, it is fairly easy to read. If the sentence is 17 words, it is of standard
readability. However, if the sentence is 21 words, it is fairly difficult to read. If it is 25 words, it
is difficult to read. And, if the sentence is 29 words or more, it is very difficult to read.
Using Nirmaldasan’s (2012) data, Table 3 shows the readability of the Fortune 50 vision
statements, in terms of word count.
Table 3 Readability of vision statements
Fortune 50 companies,
ranked by net profit
Average number of vision
statement words
Readability ranking
1 – 10
19.9
Standard
11 – 20
27.1
Difficult
21 – 30
24.1
Fairly difficult
31 – 40
18.8
Standard
41 - 50
23.7
Fairly difficult
1 – 50
22.6
Fairly difficult
Additionally, further applying Nirmaldasan’s (2012) data with data extrapolated from
Schaap and Schaap’s (2020) findings, the vision statement word counts are higher (as shown in
Table 3), by at least 10% or more, in five categories.
Considering Nirmaldasan’s (2012) data, the study suggests that a vision statement should
be fairly short in length—eight to 19 words. It should use, lively, inspiring, and thought-
provoking expressions. Furthermore, it should describe a company’s long-term purpose using
unusual, colorful verbs, and adjectives. It should feel really good when you read it and say it. It
should be clearly and easily understood, and commonly shared among all employees.
Additionally, your vision statement should always be on the minds of your employees and
understood by the rest of the world. If it is too long or complicated, it will be hard to remember
and support (Leslie, 2018).
According to Kirkpatrick (2016, p. 38), the key characteristics of a vision statement
includes brevity, uniqueness, and a definition of success. If a vision statement is unclear,
employees will not understand the company’s intentions or be able to implement the company’s
Vision Statements of Fortune 50 Companies
15
vision. Kirkpatrick (2016) went on to say that clarity (i.e., simplicity) and brevity (i.e.,
shortness) are the most essential characteristics of a vision statement. Succinct vision statements
that are easy for employees to understand and remember. Unfortunately, many companies,
typically well-established organizations have extremely long and unclear vision statements (p.
49).
Last, according to the Public Works and Government Services of Canada (2020), without
realizing it, long and complicated sentences in vision statements, strung together with commas
and other punctuation marks are common. If you really want to write for your reader, you need
to write shorter and simpler sentences. A target to aim for is 15 – 20 words. That is usually long
enough to get your point across without losing your reader. Sentences of more than 25 words are
often difficult to understand on a first reading. Even the most seasoned reader will struggle to
make sense of sentences longer than 30 words.
LIMITATIONS
The results of this study must be interpreted with certain caveats in mind. First, data are
prone to errors of leniency, acquiescence, and halo effects (Brownell, 1995). Biases related to
such errors may certainly be present in the data. Second, the Fortune 50 of the Fortune 500 list
were not randomly selected. They were selected strictly out of convenience and based on net
profit. Third, even though the results are interesting, only 50 Fortune 500 companies were
selected, just 10% of the Fortune 500. Because this was a small number, the researchers decided
to look at the entire Fortune 500 list of companies that had a net profit in 2019, of 24.9% or
better (i.e., the average net profit for the top 10 high-performing companies). This made for a
total of 89 Fortune 500 firms or 17.8%.
Vision Statements of Fortune 50 Companies
16
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Vision Statements of Fortune 50 Companies
19
APPENDIX 1
Fortune 50 Companies
(Rank is Shown in Net Profit Percent Order – as of 2019)
↓
No. of Net profit
Rank Company Current Vision Statement Words in % Ranking
1. Microsoft To help people and businesses throughout the world realize
their full potential. 12 .355564 (26)
2. Berkshire Hathaway To be the provider of choice in our communities for
comprehensive real estate and financial solutions. 16 .319760 (4)
3. Intel We are on a journey to be the trusted performance leader that
unleashes the potential of data. 17 .297157 (43)
4. JP Morgan Chase We want to be the best financial services company in the
world. Because of our great heritage and excellent platform,
we believe this is within our reach. 27 .263610 (18)
5. Alphabet To provide access to the world’s information in one click. 10 .251010 (15)
6. Bank of America To be the world’s finest financial services company. 8 .235097 (25)
7. Apple To make the best products on earth, and to leave the world
better than we found it. 17 .212381 (3)
8. Citigroup We believe that excellence in consulting requires client
advocacy and stewardship, a passion for leading-edge
investment solutions and the delivery of experienced consulting
services in a way that helps us exceed our clients expectations
every day. 36 .187098 (30)
9. Johnson & Johnson Today, as the world’s largest and most broadly based
healthcare company, we are committed to using our reach and
size for good. We strive to improve access and affordability,
create healthier communities, and put a healthy mind, body
and environment within reach of everyone, everywhere. 45 .185325 (37)
10. Wells Fargo To satisfy our customers' financial needs and help them
succeed financially. 11 .177499 (29)
11. Verizon To inspire tomorrow's creators to use technology to build
brighter futures for themselves, their families and the world. 18 .014722 (19)
12. Comcast As Comcast evolves, we continue to look to the future –
seeking out new communications technology, new opportunities,
and more choices. We want to continue to provide people with
the communications products and services that connect them
to what's important in their lives. 42 .138159 (32)
13. IBM IBMers believe in progress—that the application of
intelligence, reason and science can improve business,
society, and the human condition. 20 .118493 (38)
Vision Statements of Fortune 50 Companies
20
14. Fannie Mae To be America's most valued housing partner. 7 .118230 (22)
15. PepsiCo Be the global leader in convenient foods and beverages by
winning with purpose. 13 .113113 (48)
16. Freddie Mac We remain focused on building a world-class company that
is meeting the needs of our customers while advancing the
industry. 20 .105981 (40)
17. Home Depot To create a company that would keep alive the values that
were important to us. Values like respect among all people,
excellent customer service and giving back to communities
and society. 31 .102779 (27)
18. MetLife Not available .084205 (44)
19. United Technologies We ensure UTC's technological advantage in the market and
solve the toughest scientific challenges for our business unit
customers. We are an engaged, diverse and empowered team
working collaboratively toward our shared vision. 33 .083262 (46)
20. AT&T We aspire to be the most admired and valuable company in the
world. Our goal is to enrich our customers' personal lives and
to make their businesses more successful by bringing to market
exciting and useful communications services, building
shareowner value in the process. 44 .081400 (9)
21. State Farm Insurance To be the customer's first and best choice in the products and
services we provide. We will continue to be the leader in the
insurance industry and we will become a leader in the financial
services arena. Our customers' needs will determine our path.
Our values will guide us. 49 .068517 (36)
22. Prudential Financial To distinguish Prudential as an admired multinational
financial services leader, trusted partner, and provider of
innovative solutions for growing and protecting wealth. 22 .066453 (50)
23. United Parcel Helping customers pioneer more sustainable solutions,
Service delivering packages more efficiently, creating more
connections around the world and finding more ways to take
action and give back. 26 .061786 (41)
24. UnitedHealth Group We are committed to diversity and inclusion. Our five core
values are integrity, compassion, relationships, innovation and
performance. These core values are embedded into our greater
mission of helping people live healthier lives and making the
health system work better for everyone. 42 .061170 (6)
25. Procter & Gamble Be, and be recognized as, the best consumer products and
services company in the world. 15 .054375 (45)
26. Anthem To be the most innovative, valuable, and inclusive partner. 9 .052190 (33)
Vision Statements of Fortune 50 Companies
21
27. Amazon To be Earth’s most customer-centric company, where
customers can find and discover anything they might want to
buy online, and endeavors to offer its customers the lowest
possible prices. 29 .041310 (5)
28. Exxon Mobile Exxon Mobil Corporation is committed to being the world's
premier petroleum and petrochemical company. 14 .054126 (2)
29. General Motors To create a future of zero crashes, zero emissions, and zero
congestion, and we have committed ourselves to leading the
way toward this future. 24 .044750 (13)
30. Target Guided commitments to great value, the community, diversity,
and the environment. 11 .038975 (39)
31. CVS Health Help people to live longer, healthier, happier lives. 8 .034090 (8)
32. Lowe’s We will provide customer-valued solutions with the best
prices, products and services to make Lowe's the first choice
for home improvement. 21 .032352 (42)
33. Walgreens Be the first choice for pharmacy, well-being and beauty –
caring for people and communities around the world. 17 .030270 (17)
34. Marathon Petroleum We will be recognized as a trustworthy, high performing team
by our internal business partners; be respected by our suppliers;
be admired by our competitors; and be considered the
employer of choice by our employees. 35 .027157 (31)
35. Phillips 66 To provide energy and improve lives, and we back that up
with core company values of safety, honor, and commitment. 20 .026930 (23)
36. Costco A place where efficient buying and operating practices give
members access to unmatched savings. 14 .025840 (14)
37. Kroeger To be a leader in the distribution and merchandising of food,
pharmacy, health, and personal care items, seasonal
merchandise, and related products and services. 24 .025670 (20)
38. Valero The world needs reliable, affordable and sustainable energy.
We are advancing the future of energy through innovation,
Ingenuity, and unmatched execution. 21 .021740 (24)
39. ADM ADM exists to unlock the power of nature to enrich the
quality of life. 14 .021433 (49)
40. Chevron To be the global energy company most admired for its people,
partnership and performance. 14 .017580 (11)
41. Walmart Be the destination for customers to save money, no matter
how they want to shop. 15 .012966 (1)
Vision Statements of Fortune 50 Companies
22
42. Cardinal Health To be healthcare’s most trusted partner by building upon our
scale and heritage in distribution, products and solutions, while
driving growth in evolving areas of healthcare through
customer insights, data and analytics, and focusing our
resources on what matters most. 40 .009960 (16)
43. FedEx Being a dynamic and progressive courier services firm that
leverages of technology and impact the lives of all people. 19 .008251 (47)
44. Dupont We are committed to providing all of our patients with the
highest level of care. 15 .005792 (35)
45. Amerisource Bergen AmerisourceBergen is the leader in healthcare distribution,
services and solutions. 10 .005090 (10)
46. Ford Motors To become the world’s most trusted company, designing smart
smart vehicles for a smart world. 15 .000290 (12)
47. McKesson To improve care in every setting — one product, one partner,
one patient at a time. 15 .000160 (7)
48. Boeing Designed to inspire and focus all employees on a shared future
and to reaffirm that, together, we can meet the challenges that
lie ahead. 24 -.006290 (28)
49. Dell Technologies It’s the way we do business. It’s the way we interact with the
community. It’s the way we interpret the world around us–our
customers’ needs, the future of technology, and the global
business climate. Whatever changes the future may bring our
vision — Dell Vision — will be our guiding force. So Dell
needs full customer satisfaction. In order to become the most
successful computer company, they need the newest
technology and loyal customers. 73 -.025491 (34)
50. General Electric We rise to the challenge of building a world that works. 11 -.045200 (21)
Details:
1.
Rank of the Fortune 50 companies shown in net profit percent order (highest to lowest).
2.
Ranking is determined by revenue order (highest to lowest).
3.
Average number of vision statement words for 1 – 10, by net profit in percent, Fortune 50 companies: 19.9
4.
Average number of vision statement words for 11 – 20, by net profit in percent, Fortune 50 companies: 27.1
5.
Average number of vision statement words for 21 – 30, by net profit in percent, Fortune 50 companies: 24.1
6.
Average number of vision statement words for 31 – 40, by net profit in percent, Fortune 50 companies: 18.8
7.
Average number of vision statement words for 41 – 50, by net profit in percent, Fortune 50 companies: 23.7
8.
Average number of vision statement words for 1 – 50, by net profit in percent, Fortune 50 companies: 22.6
Notes:
9.
Fortune 50 U.S. companies current vision statements, as on their web sites.
10.
Fortune 50 U.S. companies (2019), by net profit, (in billions).
11.
Fortune 50 U.S. companies (2019), by revenue (in billions) – source:
https://en.wikipedia.org/wiki/List_of_largest_companies_in_the_United_States_by_revenue.
12.
Fortune 50 U.S. companies (2019), by net profit, (in billions) – source:
https://www.macrotrends.net/stocks/charts/name of the company.
Vision Statements of Fortune 50 Companies
23
APPENDIX 2
39 of the Fortune 500 Companies with Net Profits of 24.9% or Better
(Shown in Net Profit Percent Order – as of 2019)
↓
Rank Company Co. Current Vision Statement Net Profit No. of
Ranking (in %) Words
1. Broadcom 150 Broadcom Inc. combines global scale, engineering
depth, broad product portfolio diversity and superior
execution and operational focus to deliver category-
leading connectivity products so its customers can
build and grow successful businesses today and in
the future. 58.8 37
2. VISA 153 To be the best way to pay and be paid, for everyone,
everywhere. 50.0 13
3. Micron 105 We are a world leader in innovative memory solutions
Technology that transform how the world uses information. For
over 40 years, our company has been instrumental to
the world’s most significant technology advancements,
delivering optimal memory and storage systems for a
broad range of applications. 46.5 44
4. Simon Property 496 Innovating the future of the shopping experience. 43.1 7
Group
5. Fortive 422 Essential technology for the people who accelerate
progress. 40.5 8
6. NextEra Energy 184 Be North America’s leader in the generation and
delivery of clean energy. 39.7 12
7. Facebook 57 People use Facebook to stay connected with friends
and family, to discover what’s going on in the world,
and to share and express what matters to them. 39.6 27
8. Mastercard 210 Mastercard is a growth company with a constant
commitment and dedication to delivering value to
consumers, businesses and shareholders. 39.2 19
9. Regeneron 450 Push the bounds of science. Make life-changing
Pharmaceuticals medicines. 36.4 8
10. Altria Group 162 Responsibly lead the transition of adult smokers to a
non-combustible future. 35.5 11
11. Texas Instruments 199 Our culture is driven by our core values of integrity,
innovation and commitment. These values have been
at the heart of who we are and how we behave for
decades, dating back to our founders and their vision
for TI at its inception in 1930. 35.4 45
Vision Statements of Fortune 50 Companies
24
12. Amgen 129 Amgen strives to serve patients by transforming the
promise of science and biotechnology into therapies
that have the power to restore health or save lives. In
everything we do, we aim to fulfill our mission to
serve patients. 35.3 38
13. Nvidia 268 We're one team solving the world's visual computing
challenges. 35.3 9
14. Biogen 235 Caring deeply. Working fearlessly. Changing lives. 32.9 6
15. Charles Schwab 289 To be the most trusted leader in investment services. 31.9 9
16. Intercontinental We engineer technology, exchanges and clearing
Exchange 469 houses that connect companies around the world to
global capital and derivative markets. 31.7 19
17. S&P Global 470 We accelerate progress in the world by providing
intelligence that is essential for companies,
governments and individuals to make decisions with
conviction. 31.3 22
18. Constellation Worth reaching for: We push boundaries with a
Brands 403 passion that allows us to provide more for consumers,
shareholders, employees and the communities where
we live and work. 30.6 27
19. BlackRock 221 BlackRock's purpose is to help more and more
people experience financial well-being. 30.3 12
20. M&T Bank Corp. 462 We strive to be the best company our employees
ever work for, the best bank our customers ever do
business with, and the best investment our
shareholders ever make. 29.7 29
21. Intel 43 We are on a journey to be the trusted performance
leader that unleashes the potential of data. 29.7 17
22. Adobe 339 Defining the future of digital media and digital
experiences. 28.7 9
23. Devon Energy 297 To be the premier independent oil and natural gas
company in North America. 28.5 13
24. McDonald’s 149 To move with velocity to drive profitable growth
and become an even better McDonald’s serving
more customers delicious food each day around the
world. 28.2 24
Vision Statements of Fortune 50 Companies
25
25. U.S. Bancorp 117 Our relationships are built on trust that we build every
day through every interaction. Our employees are
empowered to do the right thing to ensure they share
our customers’ vision for success. We work as a
partner to provide financial products and services
that make banking safe, simple and convenient.
We’re here to help navigate important milestones
and strengthen futures together. We do the right
thing. 27.5 66
26. Booking Holdings 216 We are committed to offering an informative,
user-friendly website with the best rates guaranteed.
Our goal is to provide business and leisure travelers
worldwide with a pleasant, efficient and cost-
effective way to book hotel accommodations. 27.5 36
27. Fifth Third Bancorp 384 To be the one bank people most value and trust. 27.5 10
28. Yum Brands 494 Yum Brands is committed to continuing the success
realized during our first ten years. Our success has
only just begun as we look forward to the future, one
which promises a long runway for growth, especially
on an international level. 27.1 40
29. CSX 260 To be the best run railroad in North America. 27.0 9
30. Philip Morris We will be far more than a leading cigarette company.
International 110 We’re building PMI’s future on smoke-free products
that are a much better choice than cigarette smoking.
Indeed, our vision – for all of us at PMI – is that
these products will one day replace cigarettes. 26.7 44
31. SunTrust Banks 304 A legacy of financial expertise, right down to our
roots. We are an organization driven by purpose and
one of the nation’s largest and strongest financial
services companies. 26.6 28
32. PNC Financial We are proud of our longstanding history of building
Services 159 strong communities that create financial opportunities
for individuals, families and businesses. The
commitment to creating a differentiated experience
for our customers is driven by our commitment to
doing the same for our employees. 26.5 44
33. Celgene 207 To be the world’s leading biopharma company that
transforms patients’ lives through science. 26.5 13
34. Union Pacific 134 Build America for all generations by connecting our
nation’s businesses and communities to each other
and the world. 26.1 18
Vision Statements of Fortune 50 Companies
26
35. Stryker 233 By focusing on four key values, we are able to offer a
diverse array of innovative products and services in
orthopaedics, medical and surgical, and
neurotechnology and spine that help improve patient
outcomes. 26.1 33
36. Regions Financial 447 Regions aims to be the premier regional financial
institution in America through being deeply embedded
in its communities, operating as one team with the
highest integrity, providing unique and extraordinary
service to all of its customers, and offering an
unparalleled opportunity for professional growth for
its associates. 26.0 47
37. Bank of America 25 To be the world’s finest financial services company. 25.5 8
38. KeyCorp 413 N/A 25.2 N/A
39. BB&T Corp. 246 To create the best financial institution possible. 24.9 7
Details:
1.
Rank of Fortune 500 companies shown in net profit percent order (highest to lowest).
2.
Average number of vision statement words per Fortune 500 company (39 companies): 23.1
Notes:
3.
Fortune 500 U.S. companies current vision statements, as provided online.
4.
Fortune 500 U.S. companies (2019), by revenue (in billions) – source:
https://en.wikipedia.org/wiki/List_of_largest_companies_in_the_United_States_by_revenue
5.
Fortune 500 U.S. companies (2019), by net profit, (in billions) – source:
https://www.macrotrends.net/stocks/charts/name of the company.
