Recently, we had the opportunity to lead a Measure What Matters workshop.
Not only was I able to connect with colleagues and meet new people, the presentation itself was enlightening. The workshop was focused on the importance of creating a solid framework for your business. There are several aspects that could come into play and we put the spotlight on the value of mission, vision and core value statements.
Throughout the interactive presentation, participants were challenged to think about where they see these business elements in play and also how they can add value to their respective organizations.
Here are three key takeaways that stemmed from participant’s questions -
What is the difference between mission, vision and core value statements? It can be very easy to confuse these elements or feel that if you have one, you don’t need the others. That’s actually not the case. In the most basic terms, these statements articulate what your business is doing (and for whom), your big picture goal and the guiding principles for your go-to-market strategy, respectively. They all work hand-in-hand and can help with a variety of areas, including employee engagement and retention.
Are these just for internal use? Gone are the days of keeping all of this information tight to the vest and for internal-use only. In today’s business world, companies are using these foundational elements as tools for a plethora of external initiatives including recruitment and marketing efforts.
What are the benefits of honing in on these statements? A lot of research has been done to help businesses see the tangible benefits of taking the time not only to craft but to also continuously leverage these items. As one example, business owners know the time and capital that is needed to find, onboard and retain quality talent. A recent study showed, 70 percent of U.S. workers are not engaged at work. Additionally, only 40 percent of workers had knowledge of their organization’s strategies and goals. How can you combat these issues? Having these foundational elements embedded in your culture can help. By developing a strong foundation and clear, shared goal that all team members are working towards and can buy into, can move the needle.
If you don’t have these items in place today, that’s alright. Every organization has to start somewhere. Be proactive and begin taking steps to add these key statements to your company’s culture. The long-term benefits will speak for themselves.
About Stingray Advisory Group LLC: Stingray Advisory Group LLC is based in Grand Rapids, Michigan. By creating dynamic customized solutions for business growth, we empower businesses and entrepreneurs with the tools to further their development. To learn more or schedule a consultation, visit www.stingrayadvisorygroup.com. Follow us today on Facebook and Twitter for more helpful tips!