CRAFTING A FOUNDATION FOR SUCCESS : BUILDING A STRATEGIC FRAMEWORK WITH MISSION, VISION, AND VALUES

 
(Nakamura, 2021)

Introduction

In the always developing business world it's so important to have a clear strategic framework as a guidance on the company decision making and handling company success. There are three important components at these strategic frameworks. Those are Mission statement, Vision statement and Core Values of the company. Altogether, these three components give a pathway for the organization articulating its goals and guiding values. This article describes the importance of each component and show how those components work together to create a unified and impactful strategic framework.

1. Mission Statement - Defining Purpose and Direction

According to (Croneberger, 2020), writings about mission statement state that mission statements are used to help define the immediate goal and stay focused on the plan. As per (Hennigan and Aditham, 2023) A mission statement not only explains what your company does, but also the why behind it. And (Gorton, et al, 2023) says “A mission statement is used by a company to explain, in simple and concise terms, its purpose”. All these statements have common qualities about the mission statements such describing what company does, defining short term goals.

(Lyon, 2021)

2. Vision Statement - Painting a Picture of the Future

While the mission statement shows the short term objectives, The vision statement gives a compelling idea of the company’s long term targets. As per (Collins and Porras, 1996) Vision provides guidance about what to preserve and what to change. “A vision is where the company is going. It's what the future looks like if goals and intentions are accomplished and laid out to be the driving force of how the company defines success.” (Croneberger, 2020). According to (Martins, 2024) vision statement describes how your company seeks to impact and improve the world around it. Good vision statement can motivate all the stakeholders.

(Lyon, 2021)

3. Core Values - Guiding Principles and Behaviors


Main values show the important beliefs and ethics that lead the company behavior and decision making of individuals within the organization. As per (Collins and Porras, 1996) core values serve as moral guidance determining the organization’s culture and informing its interactions with the stakeholders. When voiced clearly with consistently core values create cohesion, integrity and responsibility within the organization.

(Lyon, 2021)

4. Integrating Mission, Vision, and Values - Creating Alignment and Focus

While all three components of the strategic framework have a distinct role, these factors are all interconnected and reinforcing. The mission statement gives the foundation by defining the purpose and direction for the company while the vision statement motivates and align stakeholders around common future vision. When effectively integrated mission, vision and values it will create alignment, focus and clarity allowing the organization to achieve its strategic goals.

(McCormick, 2024)

Conclusion

In today competitive business world, building a strategic framework supported by a clear mission, vision and core values is important for any organization’s long term success. These main components give a guide for the organization by guiding the decision making process, motivating the stakeholders and creating organizational. When an organization sets clear mission, planning well about its future, and keeping its important core values, organization can get all stakeholders working together toward achieving the common organizational goals. This assists the company to stay focused on its operations and leading to steady growth and making a positive change that lasts.

References


Collins, J. C. & Porras, J. I. (1996) Building Your Company's Vision, hbsp.harvard.edu [online]. Available at: https://hbsp.harvard.edu/product/96501-PDF-ENG [Accessed on 13.04.2024]

 

Croneberger, J. (2020) Vision, Mission And Purpose: The Difference, forbes.com [online]. Available at: https://www.forbes.com/sites/forbescoachescouncil/2020/03/04/vision-mission-and-purpose-the-difference/?sh=7af84af1280e [Accessed on 12.0402024]

 

Gorton, D., Howard, E., Kvilhaug S. (2023) Mission Statement Explained: How It Works and Examples, investopedia.com [online]. Available at: https://www.investopedia.com/terms/m/missionstatement.asp [Accesses on 13.04.2024]

 

Hennigan, L. & Aditham, K. (2023) 15 Mission Statement Examples For Your Business, forbes.com [online]. Available at: https://www.forbes.com/advisor/business/mission-statement-examples/ [Accessed on 12.04.2024]

 

Lyon, A. (2021) What is a Mission Statement? [video]. Available at: https://www.youtube.com/watch?v=1nYaB53rT-U&t=507s [Accessed on 13.04.2024]

 

Lyon, A. (2021) What is a Vision Statement? [video]. Available at: https://www.youtube.com/watch?v=NTxYojPyer8 [Accessed on 13.04.2024]

 

Lyon, A. (2021) Your Mission, Vision, and Values (with Examples) [video]. Available at: https://www.youtube.com/watch?v=Z4_YNeVsZhw [Accessed on 13.04.2024]

 

Martins, J. (2024) How to write a vision statement: Steps and examples, asana.com [online]. Available at: https://asana.com/resources/vision-statement [Accessed on 13.04.2024]

 

McCormick, K. (2024) business-mission-statement-vs-vision-vs-values-vs-goals [image]. Available at: https://www.wordstream.com/wp-content/uploads/2021/07/business-mission-statement-vs-vision-vs-values-vs-goals.png [Accessed on 13.04.2024]

 

Nakamura, D. (2021) moving-forward [image]. Available at: https://dereknakamura.com/product/moving-forward/ [Accessed on: 12.04.2024]

Location: Yala, Sri Lanka

Comments

  1. Amila EdirisingheApril 12, 2024 at 7:46 PM

    Certainly! Defining a strategic framework that includes a clear mission, vision, and core values acts as a guide for the organization in navigating the complexities of the competitive business environment. It not only helps in making decisions but also inspires stakeholders and encourages unity towards shared objectives. By having a well-established mission, careful planning, and unwavering commitment to core values, organizations can bring stakeholders together and facilitate continuous growth while creating meaningful and lasting impact. Nice and comprehensive article

    ReplyDelete
  2. Amesha J ColinsApril 12, 2024 at 9:33 PM

    Yes and i understood that! Core values guide company behavior, decision-making, and culture, ensuring cohesion, integrity, and responsibility within the organization. They serve as moral guidance, determining interactions with stakeholders and influencing organizational interactions.

    ReplyDelete
  3. Tharukshi WijesingheApril 13, 2024 at 9:19 AM

    Setting up clear goals and objectives will help employees to provide their contribution effectively and efficiently. Additionally, this will help the organization to drive towards success. A great article and explanations. A very insightful article

    ReplyDelete
  4. Sandali GunathilakaApril 13, 2024 at 9:38 AM

    yes, the combination of a mission, vision, and values helps provide context about business and defines things that matter to the company. it guiding the management team in defining & implementing strategies that reinforce the company’s identity and achieve its goals (Talerico,2024).

    ReplyDelete
  5. Nigel jayamaha April 13, 2024 at 10:20 AM

    This comment has been removed by the author.

    ReplyDelete
  6. Nigel jayamaha April 13, 2024 at 10:22 AM

    good article gives us a clear insight into how important having a mission, vision and values for a company

    ReplyDelete
  7. Nabeel YakoobApril 14, 2024 at 9:07 PM

    Building a strategic framework with a clear vision, mission and goals is very crucial factor nowadays.

    ReplyDelete

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