It lays out the companys strategic course in preparing for the future. It should demonstrate managements aspirations for the business, provide a view of where are we going, charts a strategic path, is distinctive and specific to the organization, steers the employees and is a bit beyond the companys immediate reach.
A good strategic vision is graphic, directional, focused, flexible, feasible, desirable and easy to communicate. Its shortcomings include being vague, not forward-looking, too broad, bland, not distinctive and too reliant on superlatives.
While a strategic vision deals with a firms future path, the mission statement focuses on its present. It looks at who we are, what we do, and why we are here. It gives a company its current identity to distinguish it from other companies. How to make a profit?
A good strategic vision crystallizes an organizations long-term direction, reduces risk, creates a committed enterprise, keeps strategy-related actions of all managers on a common path and helps an organization plan for the future. To meet its strategic vision, a company will create a statement of values. This uses many adjectives and short phrases.
Well-stated objectives are quantifiable, measurable and timely.
Need to focus on financial and strategic objectives to improve financial performance and maintain competitive vitality and future business positions. This can be accomplished via balanced scorecard.
A company demonstrates strategic intent when it continuously pursues its strategic objective, doing all it can to meet this objective. It involves making a grandiose performance target tha View More »