What is a Business Mission, Vision, Values and Strategy?
What is a Business Mission, Vision, Values and Strategy? In the most simple of descriptions,
- the mission identifies the business's uniqueness, (USPs, [Unique Selling Propositions] - how it is different from the competition)
- the vision explains how the target is impacted
- the values are the company's rules of behavior
- and the strategy is the plan that is followed to fulfill it's vision.
The Business Mission
The business mission describes what the business does, for whom is it done and how is it accomplished. It essentially must answer these three questions:
- What do we do?
- Who is our target?
- How do we help them?
The business's mission statement will confirm its value in the marketplace. It is critical to have this clearly defined and regularly transmitted to your team in order to achieve maximum unity of purpose and practice and the success of your business.
The Business Vision
The business vision has two components: core beliefs and future aspirations.
- Core beliefs answer the questions "Why do we exist?" and "What do we stand for?"
- Future aspirations answer the questions "What will we become?" and "How will we make an impact?"
The core beliefs provide the foundation for the business and the future aspirations provide a goal that always keeps the organization reaching. Aspirations should never be fully realized. You are trying to become "the best" that you can be and you can always improve.
The vision explains the "Why" of the business, but does not answer the "How" it will accomplish the "Why".
Your vision will answer such questions as: "what are we trying to change", "whom are we hoping to impact", "what problem(s) are we trying to solve" and "what are our dreams"?
The Business Values
The business's values are it's "Bible". It answers the question, "What are the rules that govern ouy behavior?"
Values can be both and essential and aspirational, however.
A business should NEVER transgress it's essential values in the process of fulfilling its mission or vision. The business's aspirational values may sometimes be impossible to meet at currently, but there is a published goal to make them essential as the business is able.
Values must be declared in terms of behaviors in order to be consequential.
The Business Strategy
The business strategy is a clearly defined plan that includes specifics about the business's target market and the vehicles used to deliver it's solutions and accomplish it's goals defined by time. Strategies must have goals that are planned on being achieved by a specified time.
Dreams are not goals.
A goal without specifically defined instruments and deadlines for achievement is really just a dream.
Your strategy will also define:
- how your business is organized (structure)
- how you will allocate your resources
- how you will prioritize the business's affairs