What is strategy?
Strategy means consciously choosing to be clear about your company’s direction in relation to what’s happening in the dynamic environment. With this knowledge, you’re in a much better position to respond proactively to the changing environment
What is the mission statement?
A mission statement is a statement of the company’s purpose or its fundamental reason for existing.
The statement spotlights what business a company is presently in and the customer needs it’s presently striving to meet. To build a solid foundation for a successful business, it’s essential to have a written,clear, concise, and consistent mission statement. This statement should simply explain who you are and why you exist.
What is the Vision?
An idealized view of where or what an organization would like to be in the future.
Values are enduring, passionate, and distinctive core beliefs. They’re guiding principles that never change. Values are why you do what you do and what you stand for. Values are deeply held convictions, priorities, and underlying assumptions that influence your attitudes and behaviors. They have intrinsic value and importance to those inside the organization. Your core values are part of your strategic foundation.
More about Values
More and more companies are articulating the core beliefs and values underlying their business activities. Strong values account for why some companies gain a reputation for such strategic traits as leadership, product innovation, dedication to superior craftsmanship, being a good company to work for, and total customer satisfaction.
A company’s values can dominate the kind of strategic moves it considers or rejects. When values and beliefs are deeply ingrained and widely shared by managers and employees, they become a way of life within the company, and they mold company strategy. They’re also called guiding principles.
Acting on your organizational values
Developing a set of values is one thing, living by them is something completely different. Having a values statement that’s all talk and no commitment undermines your leadership and the management team’s credibility. Here are some ways to bring your organizational values to life:
Communicating values: Send a letter to every employee; develop a brochure;visit every office to personally explain the values; post the values in a public area.
Values training: Develop short training sessions about the different value topics. If that sounds like a lot of work, consider holding a brown bag lunch focused on one of the values. Allow an open discussion about what it means to act on and live by each value.
Values reinforcement: Engrain your values through performance reviews, in your goal statements, and in your everyday language.
Rewards/Recognition: Host contests to give employees a fun reason to discover and integrate the values.
Hiring: Use your values statement as a guide in your hiring process. Structure interview questions around each one of your values to ensure that you’re bringing people into your company who align with your corporate culture.
Look at your values and figure out specific ways to align daily activities with the values. For example, if one of your values is innovation, then install a system to reward innovation. If customer satisfaction is a value, then set a policy of 100 percent money back guaranty.
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