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Vision, Mission & Values

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Vision, Mission & Values

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  1. VISION, MISSION& VALUES © Operational Excellence Consulting. All rights reserved.

  2. NOTE: This is a PARTIAL PREVIEW. To download the complete presentation, please visit: https://www.oeconsulting.com.sg LEARNING OBJECTIVES Acquire knowledge on the meanings of vision, mission and values Understand the roles of vision, mission and values in strategy formulation Review examples of the vision, mission and core values of successful organizations 2 © Operational Excellence Consulting

  3. CONTENTS 02 03 04 05 01 INTRODUCTION VISION MISSION EXAMPLES CORE VALUES 3 © Operational Excellence Consulting

  4. INTRODUCTION The words “vision,” “mission,” “purpose,” “values,” and even “strategy” can hold very different meanings to different people The priority is to have agreement among the people involved, not to have “the right definition” ● ● When they are actually used in the way they were intended, vision, mission, purpose and values make building, running, and growing your organization easier and more impactful ● Each organization must clarify what it means by each of these terms ● 4 © Operational Excellence Consulting

  5. KEY DEFINITIONS –AT A GLANCE VISION MISSION Describes the aspirations for the future for your organization. What your organization does and for whom. PURPOSE VALUES Why your organization exists. The beliefs, principles and philosophy of your organization. 5 © Operational Excellence Consulting

  6. THE BIG PICTURE –VISION, MISSION & VALUES Vision (“Where are we going?”) Current State (“Where are we now?”) (“What are we doing to get there?”) Mission Core Values (“What are our beliefs, principles and philosophy?”) 6 © Operational Excellence Consulting

  7. “ small things go in the right direction.” You’ve got to think about big things while you are doing small things, so that all the ALVIN TOFFLER Author and futurist 7 © Operational Excellence Consulting

  8. “Vision without action is merely a dream. Action without vision just passes the time. Vision and action can change the world.” Joel A. Barker 8 © Operational Excellence Consulting © Operational Excellence Consulting. All rights reserved.

  9. WHAT IS A VISION STATEMENT? A vision statement describes or identifies where the organization intends to be in the future Vision statements are lofty and ambitious, and they don’t contain details or steps for achieving those goals ● ● Whether for all or part of an organization, the vision statement answers the question, “Where do we want to go?” ● Vision statements are distinct from mission statements, though the two may inform one another ● It describes the long-term goals for a company or organization ● 9 © Operational Excellence Consulting

  10. VISION STATEMENT vs. MISSION STATEMENT VISION STATEMENT MISSION STATEMENT VS Purpose is to inspire Purpose is to inform Focuses on the future Concentrates on the present For employees For employees and PR campaigns Can be public or private Always public States where an organization is going States where an organization is now Answers the question: “Where do we aim to be? Answers the question: “What do we do? What makes us different?” 10 © Operational Excellence Consulting

  11. VISION STATEMENT –EXAMPLES Tesla: AMEX: Uber: Airbnb: To accelerate the world’s transition to sustainable energy Provide the world’s best customer experience every day Transportation as reliable as running water, everywhere for everyone Belong anywhere 11 © Operational Excellence Consulting

  12. THE NECESSITY OF VISION It provides a clear direction about where the organization is heading It helps managers to think strategically about issues such as new technology, customer experience, sustainability, etc. Managers get an insight into drawing reasoned conclusions concerning winds of change and then selecting the appropriate paths to deal with the change It has a strategy-making value in the sense that it indicates the type of strategy the organization should follow to reach the dreamed destination 12 © Operational Excellence Consulting

  13. KEY ELEMENTS OF A GOOD VISION STATEMENT Motivational and inspirational Reflective of the company’s culture and core values Forward-looking Aimed at bringing benefits and improvements to the organization in the future Defines an organization’s reason for existence and where it is heading 13 © Operational Excellence Consulting

  14. “ A journey of a thousand miles must begin with the first step.” LAO TZU Ancient Chinese Philosopher & Poet 14 © Operational Excellence Consulting

  15. WHAT IS A MISSION STATEMENT? The mission statement describes what the organization needs to do now to achieve the vision. It defines how the organization will be different from other organizations in its industry. 15 © Operational Excellence Consulting

  16. BENEFITS OF A MISSION STATEMENT A mission statement outlines a company’s goals and position in the industry for its customers and other stakeholders With a mission statement, a company’s customers and investors can rest assured that the company is fully committed to achieving its goals and maintaining its values ● ● It helps the organization focus and stay on track to make the right decisions about its future ● It guides and motivates employees, keeping them in line with the company's values ● The mission statement helps clarify a company’s purpose ● 16 © Operational Excellence Consulting

  17. USES OF THE MISSION STATEMENT Unify a body of people with diverse talents and opinions Create a sense of shared meaning among co- workers Clarify criteria for new initiatives Strengthen an image or brand Motivate staff, board members, or volunteers Set priorities for the use of limited resources 17 © Operational Excellence Consulting

  18. MISSION STATEMENT –EXAMPLES AMEX: Nordstrom: Tesla: Amazon: To become the world’s most respected service brand Give customers the most compelling shopping experience possible Be the most compelling car company of the 21st century Be Earth’s most customer-centric company 18 © Operational Excellence Consulting

  19. VALUES CREATE A COMMUNITY WHERE WE AGREE ABOUT WHAT MATTERS Core values are not a corporate declaration, but rather a community standard. 19 © Operational Excellence Consulting

  20. WHAT ARE CORE VALUES? Core values are a defined system of beliefs that helps people tell the difference between right from wrong The core values of an organization underlie all activity, including the strategies used to fulfil a purpose, and how the members of the organization interact with one another ● ● Organizational or company values serve as guiding principles for words and actions and as markers of identity ● They are the core elements of how people approach their work ● 20 © Operational Excellence Consulting Source: Values Institute

  21. RELATIONSHIP BETWEEN CORE VALUES & CULTURE Culture is the set of behaviors and practices that evolve from the core values of the company ● CULTURE Culture § Behaviors § Practices It reflects the way the leaders and employees act even when no one is watching ● When leaders and employees act in alignment with core values, it is a reliable indicator of a good culture ● Core Values § Beliefs § Principles § Philosophy CORE VALUES 21 © Operational Excellence Consulting

  22. EXAMPLES OF CORE VALUES Commitment Innovation Ownership Integrity Diversity Teamwork Respect for People Empowerment 22 © Operational Excellence Consulting

  23. VALUES ARE AN INVESTMENT, NOT A PLATITUDE Like any principle or strategy, core values are difficult to forge and take time to develop and cure. 23 © Operational Excellence Consulting

  24. ABOUT OPERATIONAL EXCELLENCE CONSULTING Operational Excellence Consulting is a management training and consulting firm that assists organizations in improving business performance and effectiveness. Based in Singapore, the firm’s mission is to create business value for organizations through innovative design and operational excellence management training and consulting solutions. For more information, please visit www.oeconsulting.com.sg © Operational Excellence Consulting

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