Vision, mission, values and objectives
This section covers the vision, mission, values and objectives of your business plan. The section should in fact be crafted subsequent to your understanding of the external and internal environment surrounding your business and the development of a SWOT summary as the vision, mission, values and objectives articulates ‘the way forward’. The vision, mission, values and principles and objectives form part of your business strategy. Most businesses have well set up visions, missions, values and objectives and these give them perspective and a sense of purpose. It is important to set these out for your entity so as to establish a strong foundation upon which you will build and develop your business.
The vision statement pertains to an idea or scheme representing a foresight; a dream or mental image. The vision statement of your business motivates individuals towards shared long-term goals.
Having a well set out vision will help you determine the strategy you will use and the strategic relationships that you will develop to drive you towards achieving your business goals and objectives.
Back to top
The mission is a statement that defines the purpose of your business. It is a statement highlighting the special task your business is destined to perform. It should ideally take into consideration all the stakeholders of your business.
Back to top
- Values and Principles
Values and principles are the qualities or attributes that your business bases its actions on. They are regarded as desirable, important, highly thought of and esteemed. The values and principles constitute the essence of the personality and identity of your business. They define the culture of your business.
Values and principles may include the following:
Driving internal efficiency
Brand and business reputation
Back to top
- Strategic objectives
The objectives are an essential part of your business strategy. The objectives coupled with how you plan to realise the set objectives form a strong business strategy.
4.1 Crafting the objectives of the business
Your objectives must be SMART – Specific, Measurable, Achievable or Attainable, Realistic and Timely
4.1.0 Strategic objectives
4.1.1 Long term objectives or corporate objectives
The long term objectives are in most cases centered around the following aspects:
Listing on the stock exchange
4.1.2 Medium term objectives or competitive objectives
Your medium term objectives may encompass the following
Market development or expansion
Customer retention and loyalty
4.1.3 Short term objectives or operational objectives
Short term objectives or operational objectives are centered around the following:
Sourcing and securing funds
Assembling a team
Setting up systems and structures