Philip Walcoff - "The Fast Forward MBA in Business Planning for ...

Philip Walcoff - "The Fast Forward MBA in Business Planning for Growth"Page 156Vision StatementIf you already have a vision statement on your business cards, stationery, marketing materials, and otherdocuments, use the time to determine if it's still appropriate. You developed a vision statement inExercise 19. Get the group's reaction. When developing a vision statement from scratch, get input onthree or four ideas. Refer to the discussion in Chapter 7 for suggestions on developing a visionstatement.Mission StatementThe vision statement describes your company in several hard-hitting and meaningful words, whereasthe mission statement establishes your long-term strategy by describing (in response to the 5 questionsposed in Chapter 7) what your company looks like 10 years from now—what business you're in, thebenefits of your products and services, what distinguishes you from your competition, your majormarketing strategies, and what you're committed to.Use this time to finalize the mission statement you developed and documented through your responsesto the exercises in Chapter 7. Don't forget that the participants' ideas for changing or expanding themission statement may be worthwhile, but, as discussed earlier, you have the final say. Refer to thediscussion in Chapter 7 for suggestions on developing a mission statement.Five-Year GoalsWhen developing the five-year goals, start off with the ones you proposed to the group prior to thesession. Remind the group that the large majority of these goals stem from your mission statement—seethe discussion of five-year goals in Chapter 7. Ensure that every distinct point made in your missionstatement has an associated five-year goal. Use this time to allow the group to suggest changes to thegoals you presented or to provide suggestions for adding additional goals. Use this time to finalize thefive-year goals with the group.file:///C|/Documents and Settings/gasanova/Local Setti...orward_MBA_in_Business_Planning_for_Growth/e-book.html (169 of 219)16.02.2005 13:54:23