SO I’VE SET MY VISION, WHAT’S NEXT?
Last post I spoke about the “where” elements of the planning process and fleshed out how we go about defining the destination for the business. This destination is known as the business vision. Today we’ll look at Mission, Values and Objectives.
Simply put, the mission of the business is a clear and compelling statement of why the business exists. I like to define what business you are in in terms of activities, products or services and customers. It needs to define what the business is going to do to achieve its vision. If I use this formula for a builder for instance, a clear and concise mission statement could be:
“We design and construct (activity) custom prestige homes (product/service) for high net worth families (customers).”
I think that one of the more powerful things that happens when you are clear about your mission and the customers you serve, is that you stay true to purpose and do not work with non core customers doing non core activities.
Values define your standards and code of conduct. These values will drive the performance and results of the business. These values articulate how the team treat each other and the customers you serve. It’s important to identify traits that you truely believe define you as a person and as an organisation. In my previous businesses the core values that I was guided by were: fun, learning, happiness, stimulation & challenge, shared vision and opportunity. There are many values that may be important to you, accountability, integrity, respect, teamwork, passion. It’s a matter of identifying what is important to you at the heart of your organisation.
Objectives are all about what we are going to measure in the business. Three things that we need to consider when setting objectives are as follows:
- What are we going to measure?
- How are we going to measure it?
- Specify what our target is for each measure
These objectives may be financial (Sales Revenue, Net Profit), customer focused (Customer Satisfaction, Market Share) or employee focused (Satisfaction, Productivity). Remember that what you can measure, you can manage so these objectives are measures and metrics of the success of your business.
Next time we’ll look at the Now aspects of your business being the big issues that need to be addressed and how these form the basis of your business strategy. In the meantime have fun with clarifying what your business mission is, what vales are driving this and how and what you are going to measure to determine your success.
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