Business StrategyMarketing

Visions, mission statements and why you need to revisit your objectives.

By 28th June 2017 No Comments

Most companies have a mission statement, a vision and a set of corporate objectives, but can you say the business follows them? Would all your employees be able to say what they were if they were asked right now? Do you even know if you are reaching your objectives?

Vision

Your vision is an aspiration for the future direction of the organisation.

It’s the how the world would look if you solved the problem you set out to when you started your business.

Here are some examples of vision statements:

World Horse Welfare – a world where every horse is treated with respect, compassion and understanding.

IKEA – a better everyday life for the many people.

Oxfam – a just world without poverty.

Think to yourself, if you were to take a photograph of your future business, what would it look like?

A vision statement gives you motivation to keep going. Consider what yours is.

Mission

The mission of a company serves as a guide for all the company’s decision-making.

The mission statement should be something that all employees can refer to when faced with a choice to ensure their decision aligns with the company’s mission.

Most mission statements are bland and generic and carry little to no value within the business or with the public, clients and other stakeholders.

An effective mission statement must be a clear, concise declaration about your business strategy.

A great mission statement will answer the following questions:

1. what do we do?

2. how do we do it?

3. whom do we do it for?

4. what value are we bringing?

Here is an example:

Disney – to be one of the world’s leading producers of and providers of entertainment and information. Using our portfolio of brands to differentiate our content, services and consumer products, we seek to develop the most creative, innovative and profitable entertainment experiences and related products in the world.

Corporate & functional objectives

These are objectives that cover the organisation’s overall direction and are often expressed in financial terms. More businesses are using tools such as a balanced scorecard to focus on a range of outcomes rather than just financial performance.

Business level and functional objectives represent smaller goals and targets that will help to reach the overall corporate objectives.

In all but the smallest organisations objectives will need to be communicated to a wide range of stakeholders. Whether they are overarching goals or specific functional objectives they need to be clear, unambiguous or they could be misinterpreted.

So, how do you make sure that your objectives are all of the above. A common and very useful tool to use is checking your objectives against the SMART criteria:

Specific – be precise about the outcomes required.

Measurable – how is this objective going to be measured so performance can be assessed against it?

Assignable – who is responsible for it.

Realistic – attainable with the resources allocated.

Time bound – you must specify a date by which the objective needs to be achieved.

If your objectives do not meet these criteria they are likely to demotivate staff and ultimately fail.

If you need assistance revisiting your objectives and finding ways to achieve them, book in for your free consultation with MAMA Marketing today.

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