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Develop company Mission Statement goals & objectives. 4.02 Entrepreneurship 1. Importance of A Mission Statement.

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importance of a mission statement
Importance of A Mission Statement
  • A mission statement should act as a lighthouse. Itanswers the questions ‘why do we do what we do' and 'who do we serve'. The mission statement should distinguish your business from others and highlight your

unique attributes. If a company loses track of itself, it will be able to look back on their mission statement and be reminded of their overall purpose.

characteristics of an effective mission statement
Characteristics of an effective mission statement

1. Make it as brief as possible. A mission statement should be as short and snappy as possible - preferably brief enough to be printed on the back of a business card. The detail which underpins it should be mapped out elsewhere.

2. Make it memorable. Obviously partially linked to the above, but try to make it something that people will be able to remember the key elements of, even if not the exact wording

3. Make it unique to you. It's easy to fall into the 'motherhood and apple pie' trap with generic

statements that could equally apply to any institution. Focus on what it is that you strive to do differently: how you achieve excellence, why you value your staff or what it is about the quality of the product/service that sets you apart from the rest.

characteristics of an effective mission statement cont
Characteristics of an effective mission statement (cont.)

4. Make it realistic. Remember, your mission statement is to be a summary of why you exist and what you do. It is a description of the present, not a vision for the future. If it bears little or no resemblance to the organization that your staff know it will achieve little

5. Make sure it's current. Though it is not something which should be changed regularly, neither should it be set in stone. Your institution's priorities and focus may change significantly over time - perhaps in response to a change of direction set by a new, or major changes in state/federal policy.

examples of mission statements
Examples of mission Statements
  • Examples of Mission Statements
  • ‘To organize the world’s information and make it universally accessible and useful’ –
  • ‘To give ordinary folk the chance to buy the same thing as rich people’ – Wal-Mart
  • ‘To contribute to society through the pursuit of education, learning, and research at the highest international levels of

excellence.’ - University of Cambridge

importance of goals
Importance of Goals

Good goal setting:

1. Is powerfully motivating

2. Yields more satisfaction from the sense of achievement

3. Gives focus

4. Should be used as a driving force of your business.

importance of objectives
Importance of Objectives
  • "Objectives are statements of specific outcomes that are to be achieved"
  • It is the main function of the business objectives to provide direction to the company to guide them towards whatever goal has been specified for whatever time period has been listed in the objective. Business objectives are like an arrow pointing towards a goal.
  • It gives a company the focus it needs to do business. It allows a company to know what it is focusing on. It lets them know whether they are focusing on sales or customer service, product placement or marketing.
  • Business objectives allow everyone to be a cohesive unit and be on the same page.
effective objectives
Effective Objectives
  • The objectives of a project should be "SMART." They should be: S pecific: clear about what, where, when, and how the situation will be changed;M easurable: able to quantify the targets and benefits; A chievable: able to attain the objectives (knowing the resources and capacities at the disposal of the community); R ealistic: able to obtain the level of change reflected in the objective; and T ime bound: stating the time period in which they will each be accomplished.
how to develop company objectives
How to Develop Company Objectives
  • Objectives are often set in financial terms. That means that the objective is expressed in terms of a financial outcome that is to be achieved. Those could include:
    • Desired sales or profit levels
    • Rates of growth
    • Amount of cash generated
    • Value of the business or dividends paid to shareholders
business objectives
Business Objectives
  • A popular way to look at objectives is to see them as part of a hierarchy of forward-looking terms which help set and shape the strategy of a business. That hierarchy can be summarized as follows: