How Are Vision & Mission Statements Used to Set the Strategic Direction?

1. How Are Vision & Mission Statements Used to Set the Strategic Direction?

2. Vision/Mission Statements • Statements that explain who we are • Type of organization • Products/services • Needs we fill • Statements that explain our direction, our purpose, our reason for being • What difference do we make? • Statements that explain what makes us unique • Values • People • Combination of products and services

3. Business Vision Statement A statement that clearly defines the firm’s “reason” for being in business • Should significantly stretch the resources and capabilities of the farm • Should inspire people in the organization to achieve things they never thought possible • Should unite people in the organization toward the pursuit of one common goal

4. Business Vision Statement • A guiding philosophy • Consistent with organizational value • Influenced by the strengths and weaknesses of the business

5. Components of a Vision Statement • Core ideology • Core Values - timeless guiding principles • Core Purpose - reason for being • Envisioned future • Big Hairy Audacious Goals (BHAG) - clearly articulated goals • Vivid description - a graphic description of what success and the future will be like • Recognition of service to stakeholders • Owners/creditors • Employees • Customers

6. Mission Statements • The mission statement of an organization is normally short, to the point, and contains the following elements: • Provides a concise statement of why the organization exists, and what it is to achieve; • States the purpose and identity of the organization; • Defines the institution's values and philosophy; and • Describes how the organization will serve those affected by its work.

7. Vision vs. Mission • The vision is more broad and future oriented – the goal on the horizon • The mission is more focused – how you will get to the horizon

8. Examples of Vision Statements Ben & Jerry’s Product: To make, distribute, and sell the finest quality all natural ice cream and related products in a wide variety of innovative flavors made from Vermont dairy products. Economic: To operate the Company on a sound financial basis of profitable growth, increasing value for our shareholders and creating career opportunities and financial rewards for our employees. Social: To operate the Company in a way that actively recognizes the central role that business plays in the structure of society by initiating innovative ways to improve the quality of life of a broad community: local, national, and international.

9. Examples of Mission Statements Wyffels Hybrids is a regional agricultural seed company providing elite corn hybrids, high oil corn seed blends, and premium alfalfas to farmers of the U.S. midwest. Wyffels Hybrids

10. Examples of Vision Statements Cornelius Farms To be a farm business that farms and/or manages land to best satisfy the landowner. To be one of the very best farmers and farm managers in our region. To rent farm land by striving to obtain maximum income per acre, thus creating maximum profits for the landlord and tenant, through the use of distinguished management of the land. We also have the motto that “appearance is everything,” that goes for our equipment to your land. We make every effort to ensure that the landowner’s land is virtually weed free and well kept.

11. MBC Farms Vision MBC Farms will be an agribusiness focused on the profitable, progressive, and sustainable production of premium quality identity-preserved grains, oilseeds, and dairy products. MBC Farms will be a respected, responsible neighbor and an asset to our community. We prefer a rural lifestyle and are willing to embrace change as a means to that end. MBC Farms provides the opportunity for our children and employees to participate in production agriculture either as owners and/or managers of the business. Mission MBC Farms is a producer of grains, oilseeds, specialty crops, and milk. Our mission is to be recognized by our business associates and competitors as one of the top producers in our area and to make sure that productivity translates into prosperity and growth for everyone involved with our farm.

12. Exercise • Spend some time thinking about the vision and mission of your farm. • The exercises have a set of questions that will help frame your thinking. • Begin writing things down today; you can revise and work on it more later. • Remember developing vision and mission statements are not immediate occurrences; they take time, reflection and practice.

13. Strategic Business Planning for Commercial Producers