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Corporate Vision, Mission, Goals and Strategies Traditional and New Approaches to Corporate Vision and Strategic Intent Formulation and Use |
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By: Vadim Kotelnikov
Founder, Ten3 Business e-Coach – Inspiration and Innovation Unlimited!
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Choosing Between Strategy and Opportunity Approach
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Use Strategy Approach
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Known environment
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Unknown environment
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Stable environment
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Building on existing competencies, capabilities, products, markets
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Building on new competences, capabilities, products, markets
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Need consolidation
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Need rapid growth
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Need stability and certainty
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Need change, accept uncertainty
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Lack capacity for flexibility, corporate venturing, and speed
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Established capacity for flexibility, corporate venturing, and speed
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Corporate Vision May Contain Commitment to:
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Three Main Benefits Attributed to Mission Statements
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Instead of Introduction 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 chief reasons for the failure of missions and visions to achieve the desired objective is the naiveté of most company managers and executives. Nothing happens by magic".5 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. 9 Signs of a Losing Organization
8 Common Errors in Organizational Change Efforts By: John Kotter
Corporate 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-inclusive 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. 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." Balanced Organization: 5 Basic Elements Leadership (Fire):
5 Keys to Building a Great Company By: Narayana Murthy, Founder of Infosys
Leaders: Provide vision. Managers: Provide resources. ► Resulting synergy: Employee empowerment... More
Case in Point General Electric At General Electric (GE) the corporate vision is 'We bring good things to life'. 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. Case in Point Ford Motor Company The Ford Motor Company vision is 'to become the world's leading consumer company for automotive products and services'. Case in Point Ten3 Business e-Coach The Vision of Ten3 Business e-Coach, is "To inspire innovation and help people and companies create a more inspiring world." Case in Point Silicon Valley Companies Silicon Valley leaders keep stretch in their vision and communicate purpose and direction consistently and within multiple contexts. They keep linking the events of today to their vision, underscoring the relationship between the two keep people motivated and focused.
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."3 Inspirational Leadership: 10 Roles
Top 7 Principles For Transforming Your Business From Mediocre To Great
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. 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. The Four Skills of an Effective Competitor Excerpts from The Art of War, Sun Tzu, app. 500 BC
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 competitive advantage... More
Two Functions of Your Corporate Vision... The Importance of Values and Mission... Key Elements of the Mission Statement... Questions Addressed by Mission Statements... Four Approaches to Setting a Mission... Strategic Intent vs. Traditional Visions and Missions... Launching a Crusade... Balancing Four Perspective to Achieve the Organizational Strategy... Lessons Taught by Fastest Companies... Brand Vision... The 8 Stage Change Process... Strategic Goals: Development Criteria... Examples of Strategic Goals... Questions To Be Answered by Your Strategy... FutureStep - a New Strategic Management Process... Lessons from Jack Welch: Articulate Your Vision... Setting Objectives... Case in Point Chrysler... Case in Point Infogrames... Case in Point HP... Case in Point GE... Case in Point AMD... Case in Point Microsoft... Case in Point Hotmail...
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