Business Management - Goals and objectives
Goals and objectives
The mission or vision statement is normally determined by the Chief
Executive Officer of the organisation in consultation with the board of
directors and senior management of the organisation.
Every organisation, when it is established, has a specific purpose or
objective that it wants to achieve. In fact, many organisations have
multiple objectives that they want to achieve. It does not matter whether
the organisation is part of the public sector or the private sector, both
will have their specific objectives that they want to achieve.
These guiding goals and objectives are normally formulated in the form of
a mission or vision statement. This statement attempts to summarise in a
concise and precise manner the essential or core objective(s) of the
organisation. It is a broad statement relating to what the business intends
to do or to achieve both now and in the future. It is developed from the
history of the organisation, its past performance, the environment within
which it operates, the personnel associated with the organisation and their
vision of the organisation. It is the overriding objective to which all
other objectives are directed and is therefore strategic in nature. The
mission or vision statement is established as a long-term objective.
Once the mission or vision has been formulated, the next level of
management within the organisation will establish their own objectives. The
senior management team will formulate the core drivers for their section of
the organisation. These core drivers should mirror the mission/vision
statement. These objectives will be mid-term in nature and will in turn be
used by the next level of management when formulating their objectives.
Finally, the last level of management within an organisation - the
front-line managers will draw up their objectives based upon the core
drivers and the mission/vision. These targets will be typically short-term
and operational in nature.
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