On Vision & Mission Statement

For the vast majority of companies, having well-defined Visions and Mission Statements changes nothing. The exercise of crafting them is a complete waste of time and talent, if Visions and Mission Statements are used for nothing but being published in the annual report and displayed in a reception area. "One of the main reasons for the failure of missions and visions to achieve the desired objective is the naivete of most company managers and executives. Nothing happens by magic". To be able to energize employees to work towards corporate objectives, visions and missions should be more than a sign on the wall. Executives and managers should live them, be seen living them, and constantly communicate them to their employees.

Vision
Vision is a short, succinct, and inspiring statement of what the organization intends to become and to achieve at some point in the future, often stated in competitive terms. Vision refers to the category of intentions that are broad, all-intrusive and forward-thinking. It is the image that a business must have of its goals before it sets out to reach them. It describes aspirations for the future, without specifying the means that will be used to achieve those desired ends.

The corporate success depends on the vision articulated by the chief executive or the top management. For a vision to have any impact of the employees of an organization it has to be conveyed in a dramatic and enduring way. The most effective visions are those that inspire, usually asking employees for the best, the most or the greatest. Make sure you keep stretch in your vision, communicate it constantly, and keep linking the events of today to your vision, underscoring the relationship between the two.

Warren Bennis, a noted writer on leadership says: "To choose a direction, an executive must have developed a mental image of the possible and desirable future state of the organization. This image, which we call a vision, may be as vague as a dream or as precise as a goal or a Mission Statement."

At General Electric the vision is 'We bring good things to life'.

The Ford Motor Company vision is 'to become the world's leading consumer company for automotive products and services'.

Mission Statement
A Mission Statement is an organization's vision translated into written form. It makes concrete the leader's view of the direction and purpose of the organization. For many corporate leaders it is a vital element in any attempt to motivate employees and to give them a sense of priorities.

A Mission Statement should be a short and concise statement of goals and priorities. In turn, goals are specific objectives that relate to specific time periods and are stated in terms of facts. The primary goal of any business is to increase stakeholder value. The most important stakeholders are shareholders who own the business, employees who work for the business, and clients or customers who purchase products and/or services from the business.

A Mission Statement defines the core purpose of the organization - why it exists. The mission examines the "raison d'etre" for the organization beyond simply increasing shareholder wealth, and reflects employees' motivations for engaging in the company's work. Effective missions are inspiring, long-term in nature, and easily understood and communicated.

Setting Goals
The major outcome of strategic road-mapping and strategic planning, after gathering all necessary information, is the setting of goals for the organization based on its vision and mission statement. A goal is a long-range aim for a specific period. It must be specific and realistic. Long-range goals set through strategic planning are translated into activities that will ensure reaching the goal through operational planning.

Setting Objectives
Setting Objectives involves a continuous process of research and decision-making. Knowledge of yourself and your unit is a vital starting point in setting objectives.

Strategic Planning takes place at the highest levels; other managers are involved with operational planning. The first step in operational planning is defining objectives - the result expected by the end of the budget (or other designated) cycle.

The objectives must be:
- be focused on a result, not an activity
- be consistent
- be specific
- be measurable
- be related to time
- be attainable

Corporate Strategy
Strategy is a very broad term which commonly describes any thinking that looks at the bigger picture. Successful companies are those that focus their efforts strategically. To meet and exceed customer satisfaction, the business team needs to follow an overall organizational strategy. A successful strategy adds value for the targeted customers over the long run by consistently meeting their needs better than the competition does.

Strategy is the way in which a company orients itself towards the market in which it operates and towards the other companies in the marketplace against which it competes. It is a plan an organization formulates to gain a sustainable advantage over the competition.

Strategic Intent
A strategic intent is a company's vision of what it wants to achieve in the long term. It must convey a significant stretch for your company, a sense of direction, discovery, and opportunity that can communicated as worthwhile to all employees. It should not focus so much on today's problems, which are normally dealt with by company visions and missions, but rather on tomorrow's opportunities.

"To achieve great things, you need ambitious visions. And it does not matter that vision cannot be laid out in details. It is the direction that counts."

Example of Quality Statement
Company X is committed to enhancing its customers' success worldwide with products, services and responsiveness that set industry standards for quality and value. We relentlessly strive to be the best in every aspect of our business, by fostering a culture of trust, teamwork, responsibility, high expectations and open communications with employees, customers and suppliers.

Company X understands the value of continual improvement – Setting goals and objectives throughout the organization to ensure that we are meeting out customer (internal and external) expectations.

Company X ensures that the Quality Policy and associated procedures are understood by Company X employees through the introduction of the Quality Policy during the employee hiring and orientation processes and through the ongoing review of the goals, objectives and requirements that have been established.