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

Leading vs. Managing

Both Leaders and Managers are needed.  Often a combination of the two skill sets are needed to effectively handle a job function.  Project Managers routinely use both sets of skills.  This is one of the reasons why superior Project Managers are hard to find.  The balance between the skills and when to apply each skill requires excellent judgement.  Project Management is a key resource in the execution of your corporate or unit's Vision.  Senior management positions should always be held by people with a Leadership skill set.  Operations Managers can be more effective with an extensive Manager skill set.

Leading involves establishing direction.
Managing is about producing key results.

Here we have some descriptors for each:

LEADING PEOPLE	MANAGING PEOPLE
team-building	reporting
taking responsibility	monitoring
identifying the need for action	budgeting
having courage	measuring
consulting with team	applying rules and policies
giving responsibility to others	discipline
determining direction	running meetings
explaining decisions	interviewing
making painful decisions	recruiting
defining aims and objectives	counseling
being honest with people	coaching
developing strategy	problem-solving
keeping promises	decision-making
working alongside team members	mentoring
motivating others	negotiating
doing the right thing	selling and persuading
taking people with you	doing things right
developing successors	using systems
inspiring others	communicating instructions
resolving conflict	assessing performance
allowing the team to make mistakes	appraising people
taking responsibility for mistakes	getting people to do things
nurturing and growing people	formal team briefing
giving praise	responding to emails
thanking people	planning schedules
giving constructive feedback	delegating
accepting criticism and suggestions	reacting to requests
being determined	reviewing performance
acting with integrity	time management
listening	organizing resources
sharing vision with team members	implementing tactics

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.

Vision Statement

Vision statements can be a few words or a paragraph.  It is advisable to keep the statement as short as possible so everyone in the organization can internalize it. This is perhaps the most significant statement a management team can make to inspire everyone to stay true to the company's identity.  This can also apply to a division, a team, a department, etc. Vision statements apply equally to companies, government entities and non-profits, as well as, individuals.

"Blue skying it" is important.  Your vision is an idealized state for your company.  It is the view of what you want for the future and encompasses your mission, values, goals, and objectives.  It is what the organization wants to become.  If possible, try to summarize your vision using a powerful phrase in the first paragraph of your vision statement.  This will enhance the effectiveness of your vision statement.  Vision statements also define the organizations purpose in terms of the organization's values rather than bottom line measures.  The vision statement communicates both the purpose and values of the organization.  A vision statement describes how the future will look if the organization achieves it's mission. (See Mission )

A couple examples:

• Microsoft's vision:  "A personal computer in every home running Microsoft software."
• Centers for Disease Control vision: "Healthy People in a Healthy World."

Or this one:

• Renssalaer Research Libraries:  "As Rensselaer moves towards its goal of achieving prominence as a top-tier world class technological research university, the Libraries' vision is to support the Rensselaer Plan by providing seamless access to the widest possible spectrum of information resources relevant to Rensselaer's research and learning communities and to be a distinctive campus facility serving a variety of community needs."

I find this one wordy... to me it is way to hard to remember and too convoluted to be internalized easily.  In my opinion a potentially better vision statement is actually buried in the preceding paragraph.  The other 'stuff' can be in the mission and goal statements. A statement such as the following would seem to convey the same meaning and impact and be more memorable...

• Renssalaer Research Libraies' vision: "Seamless access to the widest possible spectrum of relevant information resources."

The key to a successful and relevant Vision Statement is brainstorming what you want to be when you grow up!  What is possible and what is in line with your products and capabilities.

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