Table 33 Characteristics of Good Vision Statements Brief Ver

Table 3.3

Characteristics of Good Vision Statements

Brief Verifiable

Bound by a timeline

Current

Focused Understandable

Inspiring

A stretch

Find and post an organization’s vision or mission statement to the discussion board. How does that vision or mission statement meet the criteria on table 3.3 on page 72 of your book? What impact might this have with respect to creating a performance management system for that organization? What changes to the vision/mission statement do you suggest?

Solution

I have taken a vision and mission statement of a company who is dealing with the capital market. It is providing Advisory services to it\'s clients.

Organisationtement \"Create Professional Investors in the Market\".

Organisation Vision statement \" Provide ordinary people with expert personal financial planning advice through accurate and timely research based recommendation.\"

The characteristics given in the table says that the Vision or Mission should be brief and verifiable. Here the Statement is the gist of the company working. It explains what the company wants to achieve in the future, what is the purpose of the company and it is defined in a very simple and meaningful way. The statement have to define the limit in which they will achieve the vision and mission of the company. But as the mission and vision statement does not specify the time limit i.e. short term , long term or medium term so it is not as per the characteristics of the good vision or mission.Time shows the effectiveness of the statement. It bound the company working according to a specific period.

The Statement is the current statement as the capital market is emerging day by day and the company wants to provide the Advisory services to it\'s clients. The statement tells about the current situation of it\'s working. The main focus of it\'s mission is to provide the Advisory services and by the help of it they wants to create professional investors. The other characteristics such as focused understandable, inspiring and a stretch also included in the statement. It is very simple and in understandable format. It focusses on providing the advices to the ordinary people and make them professional investors in the market which fulfills the aim of the company. The statement inspires the ordinary people to invest in the market as behind them the company is working. The stretch in the statement is very much as the professional investors would be created in the market by them after that they may do provide other services also to the clients. Apart from creating professional investors they can provide other in depth services regarding market search such as process of technical and fundamental anslysis etc.

The impact of the good Vision or mission statement cretes a unique direction to follow in order to achieve the goal of the company. The direction or a path guide the employees to follow the defined path and it would effect the performance of the organization. If the mission or vision is uniquely defined then the deviation from the performance would be measured easily and can be rectified.

I would like to suggest that the time duration should be added in the vision or mission statement. It should show the time boundations to the statement.