Organizations summarize their goals and objectives in mission and vision statements. Both of these serve different purposes for a company but are often confused with each other. While a mission statement describes what a company wants to do now, a vision statement outlines what a company wants to be in the future.
The Mission Statement concentrates on the present; it defines the customer(s), critical processes and it informs you about the desired level of performance.
The Vision Statement focuses on the future; it is a source of inspiration and motivation. Often it describes not just the future of the organization but the future of the industry or society in which the organization hopes to effect change.