Foundations for Business Successes (2) PDF

Chapter 4: Developing Mission, Vision, and Values Mission statement - communicates the organisation being and how it aims to serve its key stakeholders Values - the beliefs of and individual or a group in which they are emotionally invested Vision statement - future oriented declaration of the orga...

Chapter 4: Developing Mission, Vision, and Values Mission statement - communicates the organisation being and how it aims to serve its key stakeholders Values - the beliefs of and individual or a group in which they are emotionally invested Vision statement - future oriented declaration of the organisation's purpose and aspirations Value statement - readers or states outright the organisation’s values that might not be evident in the mission or vision statements Mission and vision roles Communicate the purpose of the organisation to stakeholders Information development strategy Develop the measurab;le goals and objectives by which to gauge the success of the organisation’s strategy Organising - the function of management that involves developing an organisational structure and allocating human resources to ensure accomplishment of objectives Organisational design - formal, guided process for integrating the people, information, and technology of an organisation Organisational culture - the workp;ace environment formulated from the interaction of the employees in the workplace Social network - individuals or organisation connected by one or more specific types of independency Leading - influencing others towards the attainment of organisational objectives Eight Principles of Visionary Leadership Principle 1: The visionary leader must do on-site observation leading to personal perception of changes in societal values from an outsider’s point of view. Principle 2: Even though there is resistance, never give up; squeeze the resistance between outside-in pressure in combination with top-down inside instruction. Principle 3: Revolution is begun with symbolic disruption of the old or traditional system through top-down efforts to create chaos within the organisation. Principle 4: The direction of revolution is illustrated by a symbolically visible image and the visionary leader’s symbolic behaviour. Principle 5: Quickly establishing new physical, organisational, and behavioural systems is essential for successful revolution. Principle 6: Real change leaders are necessary to enable revolution. Principle 7: Create an innovative system to provide feedback from results. Principle 8: Create a daily operation system, including a new work structure, new approach to human capabilities and improvement activities. Controlling - ensuring that performance does not deviate standards Leading indicator - serves to predict where the firm is going Pacing indicator - in real time that the organisation is on track Lagging indicator – firm financial performance Strategic human resource management (SHRM) - reflects the aim of integrating the organisation's human capital, its people into mission and vision Creativity - the power or ability to invent Passion - an intense, proving or overmastering feeling or conviction Types of creativity Investment (first mover) - Vision of being first or fast - Highly competitive - Problems attacked directly Imagination (novelty) - Unique and revolutionary visions - Exploration - Experimentation - Risk taking - Transformational ideas Improvement (get better) - Vision of being systematically better - Problem clarification - Quality control - Process control - Incremental improvement Incubation (sustainability) - Vision based on empowerment - Trust bullying - Teamwork - Involvement - Cohesion and coordination Programmed thinking - relies on logical or structured ways of creating new products or services Lateral thinking - ideas that may not be obtainable ny using only traditional step by step thinking SCAMPER - checklist tool to create a new product Substitute Combine Adapt Modify Put to other uses Eliminate Rearrange The nominal group technique (NGT) - method of facilitating a group of people to produce a large number of ideas in a relatively short time Steps in the NGT Process: Preparation and Question Formulation: - Clearly define the objective of the NGT session. - Carefully craft a discussion question that is clear, concise, and objective, avoiding ambiguous wording that could lead to misunderstandings. - Prepare necessary supplies, including flip charts, markers, and index cards. Silent Idea Generation: - Present the question to the group. - Each participant individually and silently writes down as many ideas as possible on index cards, typically for 5–10 minutes. - Encourage participants to be creative and generate a diverse range of ideas. Round-Robin Sharing: - In a structured manner, each participant shares one idea at a time. - The facilitator records each idea on the flip chart for everyone to see. - Continue this process until all ideas have been shared. - Discourage discussions or comments during this phase to ensure that all ideas are captured without judgement or influence. Group Discussion and Clarification: - Once all ideas are recorded, encourage participants to clarify their ideas, providing brief explanations or examples as needed. - Allow for discussion to ensure a shared understanding of each idea Idea Prioritization and Consensus Building: - Depending on the objective of the session, you can engage in various methods for prioritising ideas, such as ranking, voting, or multi-voting. - Facilitate discussion to build consensus and reach a final decision or set of priorities based on the group's input. Employee engagement - managing discretionary effort that is when employees have choices, they act in a way that furthers their organisation's interest Stakeholder - individuals or groups who have interest in an organisation’s ability to deliver intended results and maintain the viability of its products and services Influence - stakeholder;s relative power over and within an organisation Importance - the degree to which an organisation cannot be considered successful if a stakeholder’s needs, expectations, and issues are not addressed Stakeholder analysis - the range of techniques or tools used to identify and understand the needs and expectations interests inside and outside the organisation environment Steps identifying stakeholders Determining influences on ,misson, vision, and strategy formulation Determining the key effects of key decisions on the stakeholder Determining stakeholders power and influence over decisions Developing effective mission and vision statements is a multi-faceted process that goes beyond simply writing them down. Process: This initial stage involves establishing a clear and structured approach to developing the statements. - Involving key stakeholders, assigning responsibilities, and potentially seeking expert facilitation to ensure a collaborative and well-informed process. Content: This stage focuses on determining the essential elements that should be included in the mission and vision statements. - Start with the current state of the business to determine the desired future state. - Incorporate the organisation's core values. This ensures that the mission and vision reflect the organisation's fundamental beliefs and principles. - Build upon the organisation's core competencies. Recognising the organisation's strengths and weaknesses is crucial for creating a realistic and achievable vision. - Reflect the leader's style. The mission and vision should align with the leadership approach of the organisation to ensure consistency and authenticity. - Make it visual. Using imagery or visual aids can enhance understanding and memorability. - Keep it simple and understandable. Avoid complex language that might hinder comprehension. - Ensure achievability. Setting realistic and attainable goals is essential for maintaining motivation and momentum. - Phase implementation. Breaking down the vision into manageable stages can make it less daunting and more actionable.  - Focus on actionability. The statements should provide a clear direction for action, guiding decision-making at all levels of the organisation. Communication: This stage involves effectively communicating the mission and vision statements to all relevant stakeholders. - Frequent communication. Regularly reinforcing the mission and vision helps to keep them at the forefront of everyone's minds. - Tailoring messages to different audiences. Consider the specific interests and perspectives of various stakeholder groups when crafting communication strategies. - Creating inspiring messages. The way the mission and vision are communicated should motivate and energise stakeholders. Monitoring: This final stage involves regularly monitoring progress towards achieving the mission and vision. - Identifying key milestones. Breaking down the journey into measurable milestones helps track progress and celebrate achievements. - Regular monitoring and evaluation. Conducting periodic audits, gathering feedback, and using key performance indicators (KPIs) allows for adjustments and course correction as needed. - Considering external audits. An objective assessment from an external perspective can provide valuable insights and recommendations. The five step plan in developing your mission and vision Past success Core values Identifying contributions Identifying goals Mission statement