Learn how to develop your company's vision, mission,values and achieve your goals!
Strategic goals are important because they give you a direction to work towards and a way to measure your progress. Without them, it would be difficult to know if you are making progress toward your long-term goals. But after a strategic analysis has been done, the next thing to do in the strategy process is to set up strategic objectives. The manager should decide the company’s purpose and how it will carry out its mission. The strategic analysis provides information about customer preferences, competitors, as well as the company’s resources and capabilities.
The next step after setting objectives is to figure out how to achieve them. Once you set that specific objective, you can exhibit exactly what business-level actions you will need to take to reach that target.
Setting a mission, vision and strategy for your business can be a daunting task, but it’s important to have a clear direction for your company.
👉 Here are a few tips to help you get started:
I. Find Your Company Description (Your Elevator Pitch)
Your company description is a short paragraph of a few sentences that best describes your company.
- What does your company work for?
- What is your company’s main purpose
- What makes your company unique?
Your company description should be a short paragraph answering these questions.
An elevator pitch is a quick, persuasive speech that you can use to sell your product, service, or business. It’s called an elevator pitch because it’s meant to be delivered in the time it would take to ride an elevator, which is usually about 30 seconds to 2 minutes.
The elevator speech includes your company description. So, you can use your company description and elevator speech together.
II. Find Your Company’s Mission Statement
A company’s mission statement is its reason for being what it does to make a difference in the world. Your company’s mission statements should be short, concise, and understandable. Also , your company mission statement should not be extravagant.
Firstly, you should explain your company’s product or service offering for your company mission statement. You should ask these questions for a good mission statement.
- Are you selling a product or service?
- Why would customers buy it?
- How does your offering solve for the customer?
Then, you should identify the company’s core values.
Finally, you should connect how your company’s offering aligns with your values.
Let’s take a look at some important mission statement examples
- Microsoft: We strive to create local opportunity, growth, and impact in every country around the world.
- Disney: To be one of the world’s leading producers and providers of entertainment and information.
- Meta: Give people the power to build community and bring the world closer together.
- Life is Good: To spread the power of optimism.
III. Find Your Company’s Vision And Value Statements
Vision Statement
A company’s vision and values statement is its roadmap. It’s what tells us where the company is going and what it plans to achieve.
The vision statement is your company’s long-term companion. It is your company’s long-term plan.
The vision and values statement is important because it tells us what the company stands for. It’s a way for the company to communicate its goals and its values to its employees, its customers, and the world.
- So, what does your company want to plan for in the long term?
- What are our hopes and dreams?
- What problem are we solving for the greater good?
- Who and what are we inspiring to change?
You can answer such questions with the vision statement.
Let’s take a look at some important mission statement examples
- Microsoft: to help people and businesses throughout the world realize their full potential
- Disney: to be one of the world’s leading producers and providers of entertainment and information
- Meta: Give people the power to build community and bring the world closer together.
Value Statement
The company’s value proposition is an element of what the company believes in. It is a summary of the company’s core values, beliefs, and principles. The value statement is usually displayed prominently in the office or on the company website.
The value proposition is very important to your company and your employees.
IV. An analysis of your business’s strengths, weaknesses, opportunities, and threats (SWOT analysis)
SWOT analysis is a tool used to understand a company’s strengths and weaknesses, and to identify the company’s opportunities and threats. When conducting a SWOT analysis, it is important to be honest and objective. The goal is to identify all of the factors that could impact the company’s ability to achieve its objectives.
A SWOT analysis consists of 4 main components. These components are very important to your company!
Threats: These are the external factors. It will be important for your company to identify threats well and take precautions against them!
Opportunities: Opportunities are external factors that will benefit your company. For example, customers, emerging technologies.
Strengths: These are the powerful factors found inside your company. How is your company stronger than its competitors? Which aspects of you set you apart from your competitors? If you have the factors that answer these questions, your company has strengths!
Weaknesses: Your company’s weaknesses are your weak points against your competitors. If you have factors where your competitors are stronger than you, your company has weaknesses.
V. An analysis of the current internal and external environment and how they each affect your company
Your current internal and external environment is very important to your company. You should analyze the current internal and external environment for your company’s success.
Your internal environment: Your company culture, your employees, your company motivation. If these factors are moving in a positive direction, it will be very beneficial for your company.
Your external environment: Country economy, your competitors, the government, environmental factors. Taking precautions against these factors and making plans will be very beneficial for your company in the long term.
If you want to take successful steps for your company, you can follow these instructions! Also, if you want to develop your company with OKR, you can check out other blog posts!