Monday, April 26, 2010

Strategic Planning - 3 components of a Mission Statement (Part 3 of 3)

Mission and Objectives - A critical first step in the Strategic Planning process to bring the organization into focus and identifying the company's direction. The mission statement communicates the company's core ideology and visionary goals consisting of the following:

1.     Core value to which the company is committed.
2.     Core purpose of the company.
3.     Visionary goals the company will pursue to fulfill its mission.

The visionary goals are the lofty objectives that management decides to pursue.  A visionary goal is longer term than strategic and tactical goals.  Visionary goals fall into on of the following categories:
  • Target - quantitative or qualitative goals such as sales targets, profitability, and asset return.
  • Common enemy - the competition is alive and hungry.  Focus on the takeover of the competitor.
  • Role Model - Benchmark with world class companies in the industry.
  • Internal Transformation - large corporations can set goals to be number 1 in any of the markets it serves.
Visionary goals can appear to be very stretching and many companies have succeeded in reaching them.

The greater danger for most of us lies not in setting our aim too high and falling short; but in setting our aim too low, and achieving our mark." - Michelangelo

Reference additional Strategic writings:

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