What is the difference between the Vision statement and Mission statement of a business organization?

A Mission statement is a simple, easy to read piece of condensed information that tells the client a clear and concise representation of the corporation's purpose for existence. It focuses on the company's current status, defines the corporation's targeted customer and identifies the critical processes required for interested applicants, as well as informing the client of the desired level of performance expected.

A Vision Statement is the motivation and framework of a corporation's strategic planning and unlike the mission statement it focuses on the company's future rather than the here and now. The purpose of a vision statement is to remind the owner, partners, employees, and investors what they are trying to achieve and it can be applied to either the entire corporation or even just a single division within. It compiles all of the company's hopes, dreams and future goals, concentrates on what exactly the organization wants to be and provides very clear decision-making criteria on how to reach that objective.