Components of a Strategy Statement
Strategy statement helps set a long-term strategic direction and extensive policy directions of a company. It gives the company a clear idea of direction. It provides the blueprint for the firm’s actions. Here are some important components of a strategy statement,
1- Strategic Intent:
Strategic intent provides a clear picture of the market environment and what they should consider on an urgent basis to achieve the goals. It includes the purpose of the existence of the organization. Strategic intent clarifies the vision of the company and motivates the employee. It helps the firm to set its competitiveness in the competitive market.
Also, helps to identify the priorities of a company as well as resources. It is a process of achieving something that is unachievable. In short, it maximizes the organization’s ability to attain its long-term goals. It inspires people and encourages them to contribute their part to the success of any goal or objective. Strategic intent is all about harmonizing available resources with the external business environment. It aids in exploiting future chances that can create all the difference in the company’s overall performance.
2- Mission Statement of a Company:
It is the statement of the role in which a company aims to serve its shareholders. The mission statement describes the purpose of running a business. It also shows the organization’s present capabilities, uniqueness, and stakeholders. It helps to differentiate a company from others by identifying its products, actions, goals, objectives, and technologies. The mission statement shows the current standing of the company and its future goals. So many companies, such as Walmart and Microsoft, use mission statements. In the formulation of the mission statement, the chief executive’s role is big. In today’s competitive era, it is crucial to redefine your mission according to the dynamic environment of the market. Make sure that redefined mission must have original components or fundamentals. Basically, the mission statement has 3 main components,
- Core values
- Vision of the company
- Goals and objectives
Features of a Mission in a Company:
a- It should be attainable and easy.
b- It should be clear.
c- It must be inspiring.
d- It must be precise.
e- It must be unique.
f- It must be analytical.
g- It should be believable.
It describes the company’s vision that where they want to reach in the future. It shows how to meet the goals of stakeholders. For example, Microsoft’s mission is to provide the best products to empower people. It is a potential to see things before coming. In short, it is an answer to a question like where they want to be. It shows what we want to produce or develop. The vision should be for the employees and managers to work together. It plays a huge role in the decision-making process and guides the company towards a better place. Here are some important features of a vision,
a- It should be clear-cut.
b- It should be unambiguous.
c- It should harmonize with the company’s values and trends.
d- It must be realistic.
e- It must be shorter and precise.
4- Goals and Objectives of a Company:
A goal is referred to as an objective or future position that a company wants to attain. It is included in the mission and vision statement of a company. A company can make its mission more prominent by including a goal. Here are some crucial features of goals,
- They must be measurable and precise.
- They must be significant and look after critical issues.
- It should be challenging and realistic.
- They must be achievable.
- They must include both financial and non-financial components.
Objectives are defined as goals that a company wants to attain. They are the foundation of a strategy. Managers establish policies just to achieve objectives. The following are some features of objectives,
- It must consist of multiple factors.
- They can be short-term as well as long-term.
- It should be adaptable.
- They should be feasible.
- They must be operational and realistic.
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