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— Ancient Chinese Proverb— “Unless we change our direction, we are likely to end up where we are headed.” — Ancient Chinese Proverb—

Mission – Basic reason for existence Mission: How do we intend to win in this business? Factors influencing Mission Stakeholders Internal resources and Power Values of top management Past development of firm Business definition Products Markets Function (Technology and Processes)

Vision- Yin Yang Core Ideology (Core values and Purposes) Envisioned Future (Vivid description) A vision, is more encompassing. It answers the question, "What will success look like?" It is the pursuit of this image of success that really motivates people to work together.

Vision & Values Your vision is the big picture of your business (and your life). It’s where you see yourself heading and includes how you’re making a positive difference, what success looks and feels like to you, and what makes life and work ripe with fulfillment and meaning. • Your values are what you hold as most important to you. Values are your lifeblood. Values are what make you tick. Many solopreneurs honor their personal values through their work, so your business values may be based on your personal ones.

Starbucks’ Mission and Vision Starbucks’ mission is to “establish Starbucks as the premier purveyor of the finest coffee in the world while maintaining our uncompromising principles as we grow” (Starbucks Website, 2006, p.1). Starbucks strategic plan to make its mission a reality is evidence by the company’s rapid expansion worldwide. Starbucks has locations in all 50 States in the US, plus the District of Columbia and Puerto Rico (Starbucks Company Fact Sheet, 2006). Starbucks can also be found in 36 countries outside the US (Starbucks Company fact Sheet, 2006). Starbucks is committed to buying only certified coffee in pursuit of selling the finest coffee. Starbucks’ Vision According to the company’s profile, (2006) its vision is to make Starbucks coffee the most recognized and respected brand in the world by using high quality roast beans to make coffee beverages along with other products. The company wants to develop enthusiastically satisfied customers at all times. They want to make positive contributions to their communities and their environment.

Developing a Strategic Vision Task 1 Involves thinking strategically about Future direction of company What product/market/customer technology seems optimal for the road ahead Whether a company’s prospects could be improved by Changing the company’s product offerings and/or The markets in which it participates and/or the customers it caters to and/or The technologies it employs.

What Is a Strategic Vision? CORE CONCEPT A strategic vision describes the route a company intends to take in developing and strengthening its business. It lays out the company’s strategic course in preparing for the future. A strategic vision provides a panoramic view of “where we are going” and why this direction and strategic path makes good business sense

Key Traits of a Strategic Vision Delineates management’s aspirations for the business Is distinctive and specific to a particular organization Is challenging and a bit beyond a company’s immediate reach Paints a clear picture of a company’s long-term direction, rather than hiding it in foggy language. A vision statement is little more than a bunch of meaningless words unless it says something substantive about the company’s long-term direction and the market position(s) that company leaders are striving to stake out.

Expressing the Essence of the Vision in a Slogan The task of effectively conveying the vision to company personnel is assisted when management can capture the vision of where to head in a catchy or easily remembered slogan. An example: FedEx “Satisfying worldwide demand for fast, time-definite, reliable distribution.”

More Examples of Slogans Home Depot “Helping people improve the places where they live and work.” Scotland Yard “To make London the safest major city in the world.” Charles Schwab “To provide customers with the most useful and ethical financial services in the world.”

Linking the Vision/Mission with Company Values (continued) At companies where the stated values are real rather than cosmetic, managers connect values to the pursuit of the strategic vision and mission in one of two ways: In companies with long-standing and deeply entrenched values, senior managers are careful to craft a vision, mission, and strategy that match established values, and they reiterate how the value-based behavioral norms contribute to the company’s business success. In new companies or companies having unspecified values, top management determines what values, behaviors, and business conduct should characterize the company and drafts a values statement that is circulated among managers and employees for discussion and possible modification. A final values statement that incorporates the desired behaviors and traits and that connects to the vision/mission is then officially adopted.

Goals- S.M.A.R.T SMART goals help improve achievement and success. A SMART goal clarifies exactly what is expected and the measures used to determine if the goal is achieved and successfully completed. A SMART goal is:   Specific (and strategic): Linked to position summary, departmental goals/mission, and/or overall School of Medicine goals and strategic plans. Answers the question—Who? and What? Measurable: The success toward meeting the goal can be measured. Answers the question—How? Examples:   Not a SMART goal: Employee will improve their writing skills. Does not identify a measurement or time frame, nor identify why the improvement is needed or how it will be used. SMART goal: The Department has identified a goal to improve communications with administrative staff by implementing an internal departmental newsletter. Elaine will complete a business writing course by January 2010 and will publish the first monthly newsletter by March 2010. Elaine will gather input and/or articles from others in the department and draft the newsletter for supervisor review, and when approved by supervisor, distribute the newsletter to staff by the 15th of each month.

Goals- S.M.A.R.T Attainable: Goals are realistic and can be achieved in a specific amount of time and are reasonable. Relevant (results oriented): The goals are aligned with current tasks and projects and focus in one defined area; include the expected result.   Time framed: Goals have a clearly defined time-frame including a target or deadline date.

Examples:   Not a SMART goal: Employee will improve their writing skills. Does not identify a measurement or time frame, nor identify why the improvement is needed or how it will be used.

Examples of Financial Goals An x percent increase in annual revenues Annual increases in after-tax profits of x percent Annual increases in earnings per share of x percent Annual dividend increases of x percent Profit margins of x percent An x percent return on capital employed (ROCE) or return on shareholders’ equity investment (ROE) Increased shareholder value—in the form of an upward trending stock price Bond and credit ratings of x Internal cash flows of x dollars to fund new capital investment

Examples of Strategic Goals Winning an x percent market share Achieving lower overall costs than rivals Overtaking key competitors on product performance or quality or customer service Deriving x percent of revenues from the sale of new products introduced within the past five years Having broader or deeper technological capabilities than rivals Having a wider product line than rivals Having a better-known or more powerful brand name than rivals Having stronger national or global sales and distribution capabilities than rivals Consistently getting new or improved products to market ahead of rivals

Objective of Richemont The Group is managed with the objective of growing value for shareholders over the long-term, recognising that the most important assets of the Group - its Maisons - have almost all been in existence for over a century. http://www.richemont.com/about-richemont/strategy.html

Detective Act1 Collect Brochures/Catalogue of your Competitors/Event schedules Go online and find the details of their key Merchandize/ strategy etc. Clip Articles/Ads Note down your Field observations

Reflections: Have I identified my target customers ? Have I identified hot trends affecting my business ? Have I identified USP of my idea ? Have I identified some opportunities ?

Assignment Find out Vision and Mission of 2 organization of your industry Create your own Vision & Mission statement Create your own Vision Collage http://christinekane.com/how-to-make-a-vision-board/#sthash.55IG3Bwa.dpbs

Vision Collage/ Board of your organization Go through the images and begin to lay your favourites on the chart. For your company ( Photos of People, Product, Values, etc….) Futuristic

Values Collage

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