Mission statement and Business objectives
The differences between an objective and a mission statement are vast, but subtle. While the mission statement expresses the big picture, the objective is more grounded and more attainable than the mission. The mission statement is supported by objectives. The objectives are designed to make the broad-minded mission statement an achievable one. Mission
Is a concise statement which describes the company’s core purpose and values. In business, the mission statement is a broad but simple statement that expresses the business’s defined vision. The vision is, in essence, the mission statement’s big picture. The mission statement puts the vision into words and sets the tone for the business’s goals. The mission statement also establishes the structure for the business’s core values and principles. These values and principles help to guide the actions and conduct of the business’s staff. Objective
Are a set of clearly defined targets by which the organisation will achieve its purpose. The goals are a series of levels the business outlines to accomplish its mission. Each goal, or level, is separated by a series of stepping stones that the business must climb to reach each goal. The stepping stones are objectives. The objectives, unlike the mission statement, are actionable and measurable steps. There are usually multiple goals and objectives needed to achieve the business’s mission statement. Strategies
To achieve the objectives, the business must create detailed strategies to define the steps the business will take towards achieving the objectives. The strategies detail the steps, as well as the staff and resources needed to complete each aspect. Similar to the objectives, the strategies are actionable and measurable and often include a series of short-term deadlines that are designed to ensure that the objective’s deadlines are met. Considerations
The mission statement and objectives are neither interchangeable nor independent. Without the objectives, the mission statement is unachievable. Without the mission statement, the objectives have no direction. The mission statement is too broad to be measurable, and the objectives are too specific to provide the big picture. When well defined, the mission statement and objectives provide a balance that helps to shape the business’s operations and service.
Businesses often develop their brand around their mission statements, and the business objectives are often reflective in their service and offerings. For instance, the mission statement for the Walmart Corporation of stores is, “We save people money so they can live better.” The company uses a collection of strategies, such as implementing sustainability plans and diversifying suppliers, to achieve its goals of reducing prices which, in turn, helps the company to achieve its mission. Importance for a business organisation to have business objectives * They help to ensure that all employees are working towards the same targets which will lead to efficient production. * Employees will understand what is expected of them as minimum standards can be set and; * Progress can be reviewed to judge success.
* To ensure all employees are on the same page when working in the company. * Business owners can review the objective to ensure it was achieved in the best way possible. * Realistic goals can help business owners avoid the frustration of failing to meet specific objectives. * To ensure employees meet the minimum level of expected behaviour in the business. * Objectives held by business owners maintain a singular focus in the business environment. * Setting new objectives can help business owners stay motivated in their company. * Business owners can use objectives to create a competitive advantage in the business environment. * Business owners with clear objectives for creating highly successful...