what is a vision statement
describes where the company aspires to be upon achieving its mission
why have a vision statement
provides a sense of direction
informs core values and strategies decision making
helps improve employee motivation
vision statement will only be achieved if shorter term aims are clearly focused on achieving the longer term objective
benefits of vision statements
a clear vision can give the business a clear identity
can help in setting objectives and support business strategy
focus senior managers on the tasks to achieve vision
improves employee engagement
what is a mission statement
a formal summary of the aims and objectives of a business
the overall purpose of the business and what they seek to do
advantages of mission statements
it provides a common focus for everyone and gives a common sense of direction
helps to ensure that all stakeholders are clear on the purpose of the business so everyone can be focused on the same goals
what are the SMART objectives
Specific
Measurable
Achievable
Realistic
Time
aims and objective categories
1- survival
2- profit maximisation
3- sales maximisation
4- growth
5- increased shareholder value
6- corporate social responsibility
* you move down the list as you meet each one
what is the purpose of objectives
motivate employees
create reward systems
measure and review performance
inform decisions to improve performance
