Develop Your Vision and Mission
Gather your key team members and begin by writing down the key components of your current vision and mission statements. Brainstorm and discuss ways to refine them.
Look at your vision statement.
- Does it address what you envision for the company in terms of growth, values, guiding beliefs, employees, contributions to society, psychological or human value?
- Does it give your employees direction about how they are expected to behave? Does it inspire them to give their best?
- Does it shape the way your customers view your organisation?
Look at your mission statement.
- Does it clearly differentiate you from other organisations?
- Has it identified the real and/or psychological needs that are fulfilled when customers buy your products or services?
- Does it describe the unique differentiator of your product or service or how it is sold and delivered to customers?
- Have you clearly identified your “best opportunity customers” in terms of demographics, psychographics and geographics?
- Are your measurements of success specific, measurable, ambitious yet realistic, and linked to a time frame?
Set SMART Objectives
Set short to mid-term goals that are aligned to your Vision and Mission.
Specific about what to achieve
- LG targeted the electronics and telecommunication sectors
Measurable so that you know when you have achieved it
Ambitious to stretch you and your team to achieve more
- LG's aimed high even though there were few truly successful Korean companies at that time
Realistic so as not to demoralise
- LG understood the market potential and their own strengths, and set an ambitious yet achievable goal
Time-framed to feel the urgency and focus
- LG had five years in which to become Top 3. Typically, short-term goals are designed to be achieved within 1-2 years, and mid to long term goals around 3~5 years, depending on the industry.