Objective - objectives

Objectives are statements that will have specific outcomes. Objectives can be set at all levels of a company and can build upon one another from lower to higher level corporate functions. They are often set at the corporate level and then each lower business unit creates a set of Objectives to help support and meet the corporate objectives.  Sometimes they are in financial terms, especially at the corporate level. At lower levels in the company they may take many different forms, but must always have some statement(s) focused on financial results.
Objectives are part of the hierarchy of terms which help set and shape the strategy of a business or unit....

Corporate objectives are set by executive management and provide the focus for setting more detailed objectives at each functional level in the business. The corporate objectives relate to the business as a whole. Your objectives will line up with the corporate objective(s) and support it or them, however they will also be specific to your organization.
For example:

Corporate Objectives - Market share percent
Functional Objectives - Sales per customer
Unit Objectives - 5% increase in sales of product y

Objective examples:

1. Create delighted customers
2. Increase revenue to your division by 10K.
3. Decrease cost per unit of (your widget).
4. Increase market share to 51%
5. Bring xyz product to market on Dec. 5th, 2 months before competition
6. Provide learning opportunities to 25% of employees by end of second quarter
7. Have MS SharePoint on line within 90 days
8. Consolidate to three manufacturing locations by 2015
9. Provide new computers to sale force over the next 24 months
10. Hire 10 new engineers by Dec. 1st.
11. Initiate TQM for manufacturing Unit #1 on June 1st.
12. Move to new customer focused corporate office in by end of 3rd quarter
13. Reduce product waste to 10% on Jan.1, 5% on Dec.1, and 3% within 24 months
14. Cut energy consumption on Machine #20 by 5%
15. Increase factory Y's output 2% within 6 months
16. Eliminate waste to landfill by 2016

Mission Statement(s)

Your mission is the nuts and bolts of your vision.  A mission statement concerns what an organization is all about.

 It answers three questions:

1. What do we do?
2. For whom do we do it?
3. What is the benefit?

A mission statement gives the overall purpose of an organization, while a vision statement describes a picture of the desired future. Your mission statement explains what you do, for whom, and what is the benefit.  The vision statement describes how the future will look if the you achieve your mission!

An example:
"We build the finest castles for the world's billionaires.   Our castles are eco-friendly, made out of all natural materials and meet all local energy conservation standards. We strive to mazimize our client's return as much as possible while taking into account all possible threats ."

The differences:

1. Vision:  Defines where the organization wants to be in the future. It reflects the optimistic view of the organization's future.
2. Mission:  Defines where the organization is going now, basically describing the purpose, why this organization exits.
3. Values:  Main values protected by the organization during the progression, reflecting the organization's culture and priorities.
4. Strategic Planning: Saves wasted time, every minute spent in planning saves ten minutes in execution.

Translation of a Vision into Results

The translation of your Vision Statement into actual business results requires diligence, focus, project management, and desire.  If you just have a fancy vision statement without a strong commitment to support it then you have the wrong vision statement for your company (department, etc.) or you are not serious about what your vision is. Your employees and customers will quickly become disalusioned.  You and everyone around you must have a passion to succeed.



Lean Leadership Translation of a Vision into Results...

See other posts for additional information:
- Focus for Success
- Vision Statement
- Mission Statements
- Objective - objectives
- Meaningful Success Factors
- Competitive Advantage
- Strategic Actions
- Key Performance Indicators