MISSION AND VISION: HOW IMPORTANT ARE THEY IN CORPORATE STRATEGY?
For any business, a mission and vision helps to provide employees with a purpose. The mission and vision of an organization are integral to the company’s strategy. This is because they are used to define future goals and modus operandi.
While mission and vision are terms that are often used interchangeably, they actually refer to two separate aspects of an organization. A mission outlines the business, its goals and its strategy for reaching those goals. It focuses more on where the corporate is at the present time, and the strategic steps it wants to use to achieve its objectives. The mission statement of a company can be used to shape the culture of an organization.
By establishing a mission statement for your company, you are also outlining what your business does, who you serve and how you serve them. Those are the three most critical elements of a business’ mission statement. For example, PMC Estates mission statement is, “ provide an innovative and solution based transformation in the property world through inspiring our customers, associates and other stakeholders to attain social-economic prosperity.” This includes what the business does, who their audience is and how they serve them. It provides employees with a clear goal.
While the mission statement focuses on more tactical aspects of the business, the vision statement looks to the future of the company. The vision statement provides the direction in the which the company wants to go. Together with the mission statement, it helps to create the organizational strategy for the business.
When drafting a vision statement for a business, perhaps you can answer a few questions on hopes and dreams of the company.
- What kind of future do you want to see?
- How does the company play a part in making that happen?
- Are you aspiring to make some kind of change?
- How will you make it?
Optiven’s vision statement is “To be Pacesetters in Social Economic Transformation.” It provides a clear direction for employees. It shows exactly where the company wants to go in the future and how it intends to attain that status. It also contains their key selling point.
So how does a corporate apply Mission and Vision statements to an organization’s strategy? The mission and vision statements of a company help direct the organizational strategy. Both provide purpose and goals, which are necessary elements of a strategy.
They outline the audience for the business, and what that audience finds important. By identifying these elements, the think-tank can develop a more step-by-step strategy that helps a company achieve its mission in the short term, and its vision in the long term.
Mission and vision statements help businesses to outline performance standards and metrics based on the goals they want to achieve. At companies such as Optiven,the Human Resource strategy has been guided by this fundamental element. The company human resources department has been recognized locally by the Kenya Institute of Management and internationally for it’s processes. https://www.optiven.co.ke/awards-and-milestones/
They provide employees with a specific goal to attain, promoting efficiency and productivity. Mission and vision statements aren’t only necessary for employees and business owners when it comes to the organizational strategy.
They also apply to external stakeholders like customers, partners and suppliers. The mission and vision statements can be used as a public-relations tools to attract media attention, engage specific audience segments and develop business partnerships with like-minded companies.
The author, is a leading Entrepreneur, a Published Author, Philanthropist, Youth Empowerment Enthusiast, a Family man and CEO of Optiven Group.