★ Vision could be regarded as the reason for making the trip, and selecting the intended destination.
★ Values influence the choice of path, the direction and speed of travel, and may even affect how you decide on your destination.
★ mission is the path it will travel.
★ Strategy defines the direction and speed it will travel.
★ Policies influence how the journey is made.
★ Tactics may be required if the path is blocked or is rougher than expected.
Values are the guiding beliefs about how you should operate. Core values reflect what is important to an organisation, and they may well be a factor in how the overall 'vision' is defined. They do not change from time to time and in different situations, and they underpin the culture of the organisation. With corporate social responsibility (CSR) becoming an increasingly important issue in many quarters, more and more firms are taking action to turn their organisation's values into a competitive asset.
★ Dedication to every client's success.
★ Innovation that matters, for our company and for the world.
★ Trust and personal responsibility in all relationships.
Every strategy brings with it the risk that an individual's actions will pull the business off course. Here again, it's easy to fail to inoculate the business against this risk. As we will see, the trick is in setting clear boundaries.
To overcome such inertia, you must push people out of their comfort zones and spur them to innovate. I will provide a menu of techniques you can use to generate creative tension to ensure that everyone is thinking and acting like a winning competitor.
Top-performing companies ensure their corporate strategy is both intuitive and realistic. It should be easy to communicate internally and externally and also provide for an approach that can be acted on by all business units at all levels.
A solid corporate strategy appropriately anticipates risk, uncertainty and optional.
In developing a corporate strategy, companies should consider long cycles and macro-trends while ensuring their plan is resilient and adaptive in times of turbulence.
Corporate strategy needs to effectively allocate resources to the best investment opportunities, drive performance and raise expectations internally and externally, improve a company's competitive position and add value beyond the sum of its parts.
Building commitment is the implementation imperative. I will offer a menu of techniques to foster commitment to achieving shared goals. Or, if rewarding self-interest is more appropriate for your business, I will explore alternative approaches you should employ.
It's your job to ensure that your managers are tracking the right things by singling out those variables that spell the difference between strategic success and failure. Like the preceding two questions, the focus in this question is again on an adjective, this time the word critical.