Transcription
Hello viewers, welcome to today's episode. My name is Dr. Jesse Kenya. Uh, we are looking at a topic: How to formulate good vision, mission statements, and strategic objectives when you are coming up with a strategic plan. We need to formulate our strategy appropriately, otherwise, we will not be able to accomplish our intelligence goals. Uh, and therefore, vision and mission provide directions and support for the farm's activity. Under a farm, we don't need to focus where it is going. Whenever we are starting an enterprise, a business, or you are reviewing your strategy, you may want to focus to where you're going. Uh, there is this common adage that goes that failure to plan is planning to fail. So, it is imperative that you plan your life, even as an individual, or even plan for that organization or that farm that you have studied. As an entrepreneur, I found also needed to focus on his core business. You need to know what is your core business, and the reason is that, um, you cannot be a jack of all trades. Um, if you try to do everything that comes and you find to be, uh, profitable, you end up being stuck in the middle. By the words of Michael Pop, as a microphone, um, so a mission statement is critical in helping the organization to know what they ought to start doing now to accomplish its vision. Uh, mission statement is the organization's purpose or fundamentalism for existence. What is the purpose or fundamental reason as to why that particular business organization was started? It is a broad declaration of the basic unique purpose and the scope of operation, distinguishing the organization from others. So, you find that just as individual persons, organizations also differ. There are no two organizations that are the same, and the reason is that they are organizational different. Vision and mission, and they have different resources. Um, you will need therefore to provide a clear field of what the farm is trying to accomplish for its customer in a mission statement. So, it indicates the intent to take a particular business position. A mission statement also describes the company's products or even service. What type of service are you offering? It is also pinpoints the market and the technological area of emphasis in a way that it reflects the values and priorities of the strategic decision makers. A mission statement will help in providing a unique insight into an organization's value and future directions. When you start thinking about why the common partners of the organization, you will also, uh, think about the core values of that organization that you'd want to be inculcated in an organization. So, good values will help in steering the organization to play the height because it will create a good organization culture. It is what I found ought to do now to accomplish his vision. So, mission statement is what you ought to start doing now so that you can accomplish that long-term vision of organization. A common, a permission statement must be formulated carefully if the vision is to be realized. It means that you have to be articulate whenever you are coming up with a mission statement, an official statement, so that you articulate what you want to accomplish in the future and what you ought to start doing now. So, the following issues or questions, uh, would help us in focusing the mission statement. We would want to ask ourselves when you are familiar to the mission statement: What is the farm business? You need to answer that question. You need to understand the farm business so that you can, you know, um, the scope of their business. What are the farm's core values? We know that value leadership is very good. It's very critical in an organization because if a leader leads using their by ensuring that the core values are being, uh, implemented or they are being taken into consideration, that the organization will, that organization will cater for their, for all the stakeholders. Uh, how will the farm relate to the stakeholders to the major stakeholders? You want to know how you relate to the majestic holders. These are the customers, the employees, the government, which is also likely to be the regulator, and even the general public. You also need to ask yourself, and you are brainstorming on the fish, are formulating this statement, what corporate policies should the farmer adopt? You need to think about the policies, the corporate policies that you have the organization to accomplishing its vision.
Visual statement, what is a feature statement? Um, official statement is the ideal future of the farm. It is what you'd want to accomplish in a long time. It is a dream. It is a dream reflecting the best of an organization, and it is usually incorporated in the farm's mission statement. You have just, uh, discussed, and therefore, fission statements addresses the question: Where do we want to be? Where do you want to be in the future? However, it specifies what an organization could achieve if it's a perform everything perfectly. Official statement, therefore, should be simple. It should be clear to everyone and easily understood by every employee and anyone who may look at that oxygen statement, and then we should be able to understand where the farm is headed. If you look at some feature statements of organizations, you'll find that some of those visions, some fissures are very clear, others are very long statements that you may not easily understand. So, it is important to keep our vision, uh, very simple and clear and easily understood by anybody who may want to look at it. It ought to be distant enough in time, uh, to allow for dramatic changes. There will always be changes in external finance, and, uh, you need to keep it a bit distant, but ought to be close enough to gain commitments from the human capital in organization. The vision must be realistic. Whenever we are coming up with a visual statement, it ought to be realistic. Uh, it ought to be credible and able to withstand hypothetical cause and effect examination. It must challenge the entire organization, meaning that it is a something that you require some efforts from every human resource to be able to accomplish. A good efficient statement, [Music] in corporates a level of startups of performance. It means that, um, you need to give to how to give it some standard or performance. I'll give an example. One of the vision that I, uh, I know is very short is that of British AI, about class AI, meaning that their standards is grow.
Questions that help you may need to ask some questions, um, to help informing strategic features. They need to ask ourselves, for instance, what business are we in now? You need to understand the business that you are in in case you are, you are on a day in operation, and if we are starting, you need to establish the, the business that you'll be in. You need to also ask yourself, what business do we want to be in in the future? Uh, you may want to grow, and you may order the first five. If you want to also think other areas that you may want to diversify into. Uh, what will our customer want in the future? You need to think about your customer and what they need and what they want in the future so that you can start planning for your customers. What are the expectations of our stakeholders? So, if we answer this question, you'll be able to formulate a good vision and mutual statement. Need to think about your competitors. Who will be a future competitors, and you've been surprises and partners? Uh, you need to look ahead and start thinking about the competitiveness of your business and how you can outcompete your, uh, your competitors in the future. You may not be doing very well now, but in the future, if you plan, you can imagine as the dominant farm in the markets. What should our competitive scope be? We need to think about your competitive scope. In which areas am I good at? You need to enhance investment in those areas where you have competitive advantages. How will technology impact in our industry? You also need to think about the industry, the future of the technology, and how the technology is, um, is, uh, is, uh, is happening or is, um, coming up in the in your industry so that, uh, you are not left behind when technology is advanced. So, think about the advancement of technology and how you can tap into the technology. What environmental scenarios are possible? So, if we think about those questions, then we are most likely going to come up with a very good mission statement and visual statement that will anchor our farm or our organization so that whenever you're coming up with the strategies, good vision and mission to, um, set our strategy upon.
After coming up with a good vision and mission statement, you need to think about your strategic objectives. So, we'll therefore talk about how you can set good strategic objectives. Goods are very objective should first and foremost be measurable. It means that whenever we are coming out with the Strategic objective, they need to be quantified, and you can do that by coming up with a percentage. You can give them some percentage of accomplishment so that you'll be able to know how you're feeling, uh, in the process of implementing implementing your strategies. You are certainly your objective, or to be acceptable to those responsible for the implementation, and that's cause for the need of, um, involvement of every human resource or most of the human resource in the planning so that they can also give their input. If they give the input, their inputs, they will own whatever you'll be agreed upon, and there will be related to implement it. So, that's your objective, or to be flexible, meaning that, uh, they need to be easily, you can easily it can easily be modified to match, uh, changes circumstances or conditions, uh, in the markets in future. For instance, if anything happened, if there are changes in external environment, a strategy cannot be custom stone, and we can, uh, you can change your strategy of getting. So, they ought not to be too rigid. It means that you can change any time if you feel that there is changes in the external environment that necessitates that you look at your strategic objective. They ought to be motivating enough, meaning that, um, they are challenging. So, whenever you're setting strategic objective, they ought to be challenging, meaning that we need the human capital will have to put a lot of efforts for them to accomplish them. Otherwise, if you come up with a very easy to accomplish objective, then it will not solve the purpose. They ought to be consistent with the other objectives, so you cannot have an objective that is being, um, contradicted by an objective. So, when you're formulating suddenly objective, they ought to agree. They ought to be in harmony also with a vision and mission statement that you have set for the organization. Yeah, you cannot come up with a certain objective that's also contracting the vision. And, um, they ought to be capable of being developed into strategies and actions because the intention of coming up with satellite objectives is to formulate strategies that you have passed to accomplish those goals. Uh, so something objectives are not added to themselves. They are meant to help us to formulate strategies and action plans to accomplish our long-term goals. They need to relate directly to factors that have been discovered in the external environment, grows, what analysis? After you've done SWOT analysis, what are the strengths and weaknesses that you have seen, discovered, you have seen to, um, be there in the organization? What are opportunities and certain that are in the external environment, which are, which are areas that you can set tle your objectives? Certain objectives usually are set on key aspects of the organization, and, uh, you can think of settings certainty objective, uh, in the following area.
The first area is profitability because in, in organizations that are for profits, their intention is to maximize profits and to be able to satisfy the stakeholders, the shareholder, and any other stakeholder. So, profitability is key, and you may need to set certain objective on profitability, and you can also give it a quantifiable, um, variable, for instance, a percentage that maybe after after five years, we want to have, um, increase our profitability from where we are to let's say 50 percent from 20 percent to 50 percent. So, you also quantify it. You can also set strategic objective on productivity. If you're in production, um, you want to increase productivity, and therefore, you can set, um, one certain objective in that area. The competitive position, what is your current complexity position? You could be like 10 farms in an industry, and if you look at the competitive position of the farm currency, you could be number six, but in the industry, but your plan is to be maybe number two in that industry. So, it means that you needed to improve your, your competitiveness in that industry, and you can also quantify your competitive position. You can also set subject objective on how you want your human capital to be developed. Um, uh, maybe currently you want everyone to achieve a certain professionality level of, uh, professionality, and therefore, you don't want to encourage your human capital to, to go volunteering for further studies, for instance, to develop their skills further. You may also want to look at the employee's relation because if you don't have a good relationship with the employees, they are very key in production. They are the one who are going to relate to with the customers, and if they are not satisfied, they are not motivated, you may not add up accomplishing your objective. So, you may want to set us a new objective on employee's edition, uh, trying to minimize, uh, cases whereby there could be that's the reaction in organization by actually you are listening to have your human capital. Think about technology. Technology is key, and you can also plan alongside, uh, along the line of technology. Where do you want to, what do you want to accomplish in the future when it comes to technological advancement? You can also think about speak about Corporate social responsibility. Uh, you need to give back to the community, to the society, and you may need it to come up with a percentage. For instance, previously you are only giving two percent of your income to the back to the society. If you want to increase it to 10 percent in the next five years, um, that is something that you can also make about. Think about sets your solid objective also along customer care or surveys. You may want to talk about customer satisfaction. Um, what is the level of customer satisfaction as us at the moment, and where, how do you want to improve it, and from what percentage to what percentage? That's another area of setting certain objective. Um, is key, and you may want to improve the quality of the product so that you can have your customers that's fine, and you can send, uh, yesterday objective along in that area. Growth, the growth of the farm. As a farm grows, it means that, uh, you have put some effort for that to happen, and you can look at, for instance, the market share. Want to give a percentage, for instance, of the market share that's after three years, we want our market share to to increase from position five to position two or position three or position one. So, the growth is another area that you can think about. So, certain good mission statement or vision statements is the starting point of focusing our organization, our funds, our businesses, and, uh, if you set goods attain your objectives, then you'll be able to think about the most ideal strategies that you have us to accomplish our strategic objective. So, it is the starting point, and if it is not well done, you find the term, you cannot accomplish much as a business or as an organization. So, thank you so much. Um, remember to hit the like button and also hit the bell as you subscribe for more episodes. Thank you and God bless you.