It’s easy to dismiss corporate mission statements as meaningless drivel, but a well-crafted statement will help articulate a company’s vision in a way that helps motivate its staff, says Kim Tasso
Many are sceptical about “soft” management issues such as mission, vision and values statements and their role in modern business. The property industry is among the leaders in rejecting such vague and immeasurable concepts. This is understandable when the few firms that attempt them usually offer the same meaningless words such as “high quality expertise”, “international service to clients” and “commitment to people”.
Yet the fact that so many have failed to develop and sustain a meaningful mission statement is hardly good reason to dismiss the concept entirely. What a succinct mission statement does is to articulate the firm’s long-term aims, its competitive position and value to clients. It also does it in a way that can be easily remembered by everyone in the firm and used to direct a whole host of activities on a day to day basis.
A recent study by BDO Stoy Hayward and the Cranfield School of Management revealed that firms whose key players have similar strong views on four issues – their aspirations, the organisation, the market and financial strength – are likely to grow faster than those who don’t. David Miles at BDO Stoy Hayward said: “Owner-managers who are good at sharing their vision with staff are likely to see their companies grow fast.”
Clear vision needed
Professor Hugh Davidson, a marketing guru, says that in order to create an environment where marketers can be truly effective in delivering enhanced profits, organisations need to have clear and relevant vision and values. That vision provides a picture of long-term destination and values that guide people on the journey, he says, adding: “Vision and values is 5% design, 95% implementation – most programmes fail.” He argues that it is not enough to have a management away day and communicate the results once – it needs ongoing and sustained effort to have a real impact on the culture.
The Economist on 27 July ran a feature that suggested that unhealthy or greedy corporate cultures – the values that determine “the way things are done around here” – were seen as one of the key causes of the recent WorldCom, Global Crossing, Arthur Andersen and Enron problems.
Problem of senior managers
The problem often found among the senior managers of property businesses is that they have done little beyond focusing on the desired financial results for the short term. These managers often lack the knowledge to conduct the management process to develop a shared vision.
A structured and analytical strategic review will provide the information and management insight to enable the firm’s unique strengths, market positioning, client value and future goals to be discovered, discussed and articulated. The resulting short mission statement summarises many months, perhaps years, of management thinking that has involved many people in the business and articulates it in a way that everyone understands and can apply.
So take heed of the fact that if you attempt to initiate the appropriate management action to articulate your firm’s vision and values it will take time, effort and energy. And when the exercise tries your patience, refer to the multitude of case studies showing that the effort will be rewarded with greater focus, easier decision making, higher productivity and better performance.
Kim Tasso is an independent marketing consultant and freelance writer
