What is a vision statement?
A broad statement of its aims and values guiding everyday operations and decision-making of the business
A vision statement reflects the long-term aspirations of the organization.
What are aims in a business context?
Broad statements of intent to be achieved over the medium to long term and tend to be quite generic
Aims provide a general direction for the business.
What are objectives in a business?
Targets the business will set to achieve its aims
Objectives are more specific than aims and help in tracking progress.
What does SMART stand for in business objectives?
Specific, Measurable, Achievable, Realistic, Time-based
SMART objectives help in quantifying goals for better monitoring.
What is the purpose of a mission statement?
It provides a clear guide to senior management of the future direction of the business
A mission statement outlines the organization’s core purpose and focus.
