Setting Annual Business Goals with Mission, Vision and Values in Mind

Hard to believe it is the start of another New Year.  Reflecting on the things that need to be done at this time of the year… establishing business goals and developing strategic business plans always sit at the top of the list.  So, how do most Company Presidents start this process… by reviewing Mission, Vision and Values for the organization?

Nope.

Typically the development of a company’s very first strategic plan incorporates the creation and communication of a mission statement, vision and values and then it is never looked at again.  How can you establish goals for a company or a business unit at the beginning of every New Year if you are not tying them to the mission, vision and values?

This is a common mistake and probably occurs primarily because it took a long time to create these and there isn’t time to do it again each year.  Keep in mind what a mission, vision and value statements are all about:

Mission Statement

This is really quite simplistic and defines the overall purpose of the organization – usually this doesn’t change annually

Vision Statement

This is where the entrepreneurial spirit flows and a leader is articulating his dreams and hopes for the business – it reminds you what you are trying to build!  This should be reviewed annually as directions do change and can impact departmental focus

Values

These represent the core priorities in the organization’s culture, including what represents the core priorities in the organization’s culture, including what drives members’ priorities and how they truly act in the organization.  An organization should establish four to six core values from which the organization would like to operate.  Most important is to consider values of customers, shareholders, employees and the community.

Organizations also have the challenge of misusing mission, vision and values to be statements that are not related to the definitions above and they become more “tag lines” then anything else.  Just remember in order to establish sound goals for the coming year have a look at your current Mission, Vision and Values and you should be on your way.

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