Business

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Mission statement

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A mission statement defines what an organization is, why it exists, its reason for being. At a minimum, your mission statement should define who your primary customers are, identify the products and services you produce, and describe the geographical location in which you operate.

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Purpose of a Mission Statement

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To clarify to stakeholders of a business what the reasons are for what it does and how it operates.

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Examples of Mission Statements

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According to the Economist, Steve Jobs' mission statement for Apple in 1980 was:

“To make a contribution to the world by making tools for the mind that advance humankind.”

‘We make what matters better, together.’ Tesco.

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"The mission of Trader Joe's is to give our customers the best food and beverage values that they can find anywhere and to provide them with the information required to make informed buying decisions. We provide these with a dedication to the highest quality of customer satisfaction delivered with a sense of warmth, friendliness, fun, individual pride, and company spirit."

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"We aspire to be one of the world's great specialist banking groups, driven bycommitment to our core philosophies and values" HSBC.

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Smith and Haddon Ltd

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"Working in a manner of strategic thinking, dedicated to providing the best range of clothes as possible and to grow our business"

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Business Objectives

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"Objectives are statements of specific outcomes that are to be achieved"

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What do they entail?

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* Desired sales or profit levels
* Rates of growth
* Amount of cash generated
* Value of the business or dividends paid to shareholders
* An innovative player in the market
* A leading in the quality of customer service

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Purpose of business objectives

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Gives company and its employees a purpose and a direction to work towards.

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Strategic Objectives

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Strategic objectives are long-term organizational goals that help to convert a mission statement from a broad vision into more specific plans and projects. They set the major benchmarks for success and are designed to be measurable, specific and realistic translations of the mission statement that can be used by management to guide decision-making. Strategic objectives are usually developed as a part of a two- to four-year plan that identifies key strengths and weaknesses and sets out the specific expectations that will allow the company or organization to achieve its more broad-based mission or vision statement.

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Tactical Objectives

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Tactical objectives are daily, weekly or monthly project benchmarks that implement larger strategic objectives. Operational objectives, also called tactical objectives, are set out with strategic objectives in mind and provide a means for management and staff to break down a larger strategic goal into workable tasks. For example, achieving the strategic goal of a 25 percent increase in sales revenue requires the completion of the operational objective to develop and execute an effective advertising strategy along with other operational objectives. As with strategic objectives, operational objectives also should be measurable and specific, though their focus is narrower.

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Differences between strategic and tactical

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The most important difference between a strategic and an operational objective is its time frame; operational objectives are short-term goals, while strategic objectives are longer-term goals. Strategic and operational objectives also function differently in practice as strategic objectives are still usually too broad to make sense as a specific set of daily tasks or weekly projects. Operational objectives, on the other hand, are specific and short term enough to be considered usable in everyday time and asset allocation.

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Relationship between strategic and tactical

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Even though strategic and operational objectives are substantially different, it is important to recognize that they are closely related. An organization is unlikely to achieve a strategic objective if it fails to effectively translate it into workable operational objectives. At the same time, operational objectives will lack cohesion with each other and with the overall organizational mission if they are not designed to affect the achievement of strategic objectives. Put simply, strategic objectives only become useful when translated into operational objectives and operational objectives are only effective when designed to serve a strategic objective.

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Examples of Strategic in SHL

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Sales revenue of £70million in 2016.

Further diversify from the UK market.

Exports to grow to 10% of sales revenue by 2016.

By 2016 Harvey Direct (e-business) is 40% of total sales revenue.

Reduce risk and Perdue aggressive growth through the sale of Harvey Franchises (channel diversification.)

Teenage range of clothes.

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Examples of Tactical in SHL

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Made in the UK label to enhance the brand.

Employing graduates from UK's top design unis.

Maximise sales of high demand items whilst at the same time not filling the warehouse with slow moving garments.

Review slow moving garments every month.

Change pricing strategies in order to clear space and generate cash flow.

Manufacturing offshore for cheaper labor.

Tirelessly pursue those who seek to capitalise by selling counterfeit garments.

Buying emergent brand to increase international sales.