Personal Experience in company
A mission statement is an easy to remember sentence that tells about the business’ goals and purpose. It helps in directing you and your employees in making all kinds of decisions that affect you and your company. It identifies your company to people within the organization as well as to the customers who are using your product or service. A mission statement tells about the reason for the existence of the company.
One of my Personal Experience in a mission statement is that when I was in university and was also working in admission department we set a new mission for the university that in the next 5 years will be leading universities among the city as well as our criteria for admissions would be much stronger. We also committed that we will be opening new departments so that we can offer variety of programs. This was one of the experiences I had which enhance my managerial skills. There is a common confusion between a mission statement and a vision statement.
A mission statement focuses on the company’s present state where as a vision statement talks about a company’s future state. A mission statement works as a start up point for affective
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When an organization is devising a strategy, it needs to go through a proper channel and therefore it follows a ladder. This ladder includes mission, vision, goals, strategies, tactics and action plan. Organizations goals are therefore part of it. Within goals there are three types: strategic goals, tactical goals, and operational goals. All three of these gives an internal message for legitimacy, motivation, resource allocation, guides, rationale and standards. Strategic goals are those goals which look the organization from a bird eye view.
Meaning that these are the long term goals which a company needs to achieve or where the company wants to be in the future which is more than one year. Strategic plan is an action plan that how the organization is going to achieve its strategic goals. Strategic plans do not guarantee success but are an integral part of business success without which chances of failure are very high. Strategic plans are visionary, conceptual and directional. Strategic plans must be realistic and attainable so that the managers can think strategically and operationally.
Unrealistic plans can be demotivating and can lead to deteriorating results of the employees as well as the organization which can lead to business failures. We need goals to guide our direction and goals let us know where we want to be. One of my personal experiences was working at a cellular Network company as a management Trainee. They set Strategic Goals which could be achievable by the company efficiently and effectively. We planned for the next 5 years that we will invest in our Research and Development department as well as finding new ways of doing things which will be innovative.
We set out the target of Revenue to be 30 % more than this year. I was also participating in that conference. We stand out that we would also invest in other ventures so that the profitability of the company will go up in coming years. Our basic aim was to be a blue chip firm in our industry so that we can have a competitive advantage over others. Strategic goals and plans are decided by the senior management because it requires a certain level of horizon. They need to look beyond the horizon which the lower level management can’t usually do because of generally lack of experience.
These goals and action plans are then translated into tactical goals and plans. That is after the strategic goals and plans are devised, these are explained to the lower levels so that they can work accordingly to meet organizational goals. The middle level managers are concerned with translating the broad objectives of top management to more specific goals for work units. Tactical goals are for major divisions and functions. Tactical plans are designed to help execute major strategic plans and to accomplish a major part of the company’s strategy.
Tactical goals define outcomes that the major divisions and departments must achieve in order to achieve the organizational strategic goals. Tactical goals must compliment strategic goals. For example if strategic goal indicates to organization to increase its profit by 10%, then different departments of the company would set tactical objectives to either increase their efficiency by certain percentage so that cost reduces and profit increases or increase sales volume some how thereby increasing profits.
I experienced this also at a company where I was Management Trainee. After making strategic goals all the departments working for the company made their individual departmental goals that how can we achieve this strategic goal. I was working under Finance department. We built our goal by estimating budgets of the company and also how much investor is willing to invest in our future projects. Because we have to invest in new ventures to make portfolio of the company profitable. Also the amount of funds that we need to develop our R&D Department.
What future cash and loans we need to fulfill this goal. Operational goals are specific measurable results which are expected from departments, work groups or individuals. Responsibilities of individuals are focused in the operational plans and strategies. Operational plans are the action steps towards the operational goals. In its simplest form, operations are your daily activities which make the business run. Operations support the strategy and planning that supports business growth and development.
For example if a department’s goal is to increase the return on assets by 10 percent, then the sales manager has an operational objective to increase its sales by 20 percent. Clearly defined operational goals can lead to better results and better performance of the employees. Then I made my Daily plan according to the activities assigned by my manager. I set a goal that we need to build the investor confidence so that they would invest in our future projects. I made some feasibility of future expected projects and some daily routine schedule to achieve my operational goal.
All the goals and strategies need to be aligned together. Every step or every stage of the planning is inter-related and without cohesion business can lead to failure. Therefore all the goals and plans should be specific, measurable, attainable, realistic and time framed so that the organization can be successful. Reference: McNamara, C. Basic Description of Strategic Planning (including key terms to know). Retrieved April 13, 2009, from management help database