By Mark Heaton, KM Business Solutions
Vision
This is a clear view of where the board sees the entity and what type of business it wants to be. This might include reputation, size for example, and should be clear, it needs to challenge and to inspire. Involvement in setting the vision can be extended below the board as it sees fit.Mission
This can be described as the reason for the entity’s existence. Linked to its philosophy and its beliefs, what it exists for - does it achieve what the customer desires?Values
Probably the most important of the three the entity’s values are those things that it believes in. Questions such as what are our core values? Are these right in achanging world?We read of many major companies where the values are out of step with the people with which it engages – for example shareholders in public companies are more likely than ever to express their opinion on the activities and actions of the company and the board and how it conducts itself. Similarly public opinion can cause a company to change its values.Directors and leaders of organisations, irrespective of size, should stand back and look at these three aspects of its strategy.
A former colleague of mine said that time spent by a director ‘on the business’ (looking down over it) is as fruitful or more as being ‘in the business’. It might take time to do but the results are worth it. Mark Heaton is managing director of KM Business Solutions Ltd, Chartered Accountants, and is holder of the Certificate in Company Direction awarded by the Institute of Directors.