Strategy should begin with a clear concept and vision of what business the organisation is in and what path its development should take.
The mission statement specifies what activities the organisation as a whole intends to pursue now and in the future; it says something about what kind of organisation it is now and is to become and, by omission, what it is not to do and not to become. It depicts an organisation’s character, identity, and scope of activities.
The mission statement communicates the firm’s core ideology and visionary goals.
Vision Statements are often seen as different to Mission statements, although they can in fact be combined. Vision Statements should be more immediate and inspirational. The vision statement expresses the desired destination of the organisation within a certain time-frame.
Mission and Vision statements from most organisations are usually run of the mill/ordinary . They lack inspiration and a real understanding of what is needed. They tend to make obvious statements about “putting customers first, … valuing employees; making profits”; etc.
Good Mission and Vision Statements are meant not only to provide direction, but should also be inspirational to those who follow them.
Core Values – Corporate values statements
Core values reflect the deeply held values of the organisation and are independent of the current management fads.
Similar to Mission and Vision Statements, Corporate Values Statements provide:
- a vision for your future;
- a mission that defines what you are doing;
- values that shape your actions;
- strategies that zero in on your key success approaches; and
- goals and action plans to guide your daily, weekly and monthly actions.
Examples of values that some firms have chosen to be in their core:
- excellent customer service
- pioneering technology
- social responsibility