What is a Mission Statement? | businessnewsdaily.com


Vía businessnewsdaily.com

A mission statement is a statement declaring the purpose of an organization or company — the reason for this company’s existence. A mission statement provides framework and context to help guide the company’s strategies and actions by spelling out the company’s overall goal. Ultimately, a mission statement helps guide decision-making internally while also articulating the company’s mission to customers, suppliers, and the community.

It’s important to note the distinction between a mission statement and a slogan. A mission statement is not a marketing tool designed to grab attention quickly. While it should be catchy and memorable, a mission statement is a thoughtful declaration designed to articulate the goals and philosophies of a company. A mission statement is also not a business plan. A business plan is an organized outline of your ideas about how the business functions.

A mission statement differs from a vision statement. A mission statement says what the company currently is; a vision statement states what the company hopes to become. A mission statement is also not a business plan. A business plan is an organized outline of your ideas about how the business functions.

A mission statement is not an evergreen statement. As a company evolves over time, the company’s mission and intent may also change. A good rule of thumb is to revisit the mission statement every five years to see if it needs to be fine-tuned or rewritten. A mission statement will keep your company on track, but it shouldn’t become stale or irrelevant.

What does a mission statement include?

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Creating Innovation Value: Four Key Drivers to Success | innovationmanagement.se


innovationmanagement.se

 

The ability to increase business value through innovation is a critical success driver for most organizations. The markets that we operate in provide both opportunity and risk from an innovation perspective as they are rapidly changing. This article takes a look at a useful framework; The Innovation Diamond™, that examines the complexity and addresses some of the challenges in product innovation.

Markets provide opportunities if we get it right and threats if we do not, particularly given the intense competitive nature of most industries.  Our quest to realize innovation results is further complicated by the complexities involved for most firms – the sheer number of players to potentially coordinate with in the value chain; rising costs; margin erosion; increasing regulatory, customer and consumer demands; evolving business models; shorter cycle times; and new sources of competition, just to name a few.

The good news is that if you can get it right, you stand to gain a competitive advantage and will reap the benefits of increased revenue and profits.     

The good news is that if you can get it right, you stand to gain a competitive advantage and will reap the benefits of increased revenue and profits. Hence, the lure of identifying new growth opportunities, increasing volumes and market share, securing a competitive advantage, improving margins and strengthening brand loyalty, provides a powerful incentive to be successful at product innovation. However, the challenges that organizations face do not make this easy. Developing new products and technologies is consequently one of the more complicated initiatives an organization can undertake.

Take for example the telecom market wars occurring over the past year. Samsung and Apple have emerged as two clear winners that have been able to leverage powerful innovation machines. The competition (Nokia and Research in Motion) have stumbled badly in their respective innovation capabilities and ultimately paid the price in the marketplace.

A useful framework to help achieve better results from product innovation efforts Leer más “Creating Innovation Value: Four Key Drivers to Success | innovationmanagement.se”

The Jeff Bezos School of Long-Term Thinking


Vía 99u.com

Why focus 10,000 years into the future? The answer lies in Bezos’ letter to Amazon shareholders from 1997 when the company went public, a manifesto of sorts about the benefits and approaches to long term thinking.

The 1997 letter’s main point: we can’t realize our potential as people or as companies unless we plan for the long term. Every subsequent year Bezos has ended shareholder letters by attaching the original 1997 essay with a reminder of the importance of thinking long term. And every year, he is proven right.

The company that started out as a few guys in a garage has now revolutionized the way we buy everything from books to toys to clothes. Amazon is now one of the 100-largest companies in America, mostly thanks to bold long term plays like the Amazon Kindle.

“If everything you do needs to work on a three-year time horizon, then you’re competing against a lot of people,” Bezos told Wired in 2011. “But if you’re willing to invest on a seven-year time horizon, you’re now competing against a fraction of those people, because very few companies are willing to do that.”

We can’t realize our potential as people or as companies unless we plan for the long term. Leer más “The Jeff Bezos School of Long-Term Thinking”

Revisiting the Idea of a Fully Formed Idea | innovationmanagement.se


What elements comprise a fully formed idea? How might originators capture the evolution in their thinking about their ideas over time? Innovation architect Doug Collins—older and, debatably, wiser—revisits his thinking on this subject.

Many groups coin abbreviations and acronyms as ways to help them decide what to do. Project managers use the SMART mnemonic to set program goals: Specific, Measurable, Attainable, Realistic and Time-sensitive. Pediatricians use the Apgar score to help them assess the health of newborns: Appearance, Pulse, Grimace, Activity, and Respiration.

People who practice collaborative innovation have their own shorthand, as well. For idea capture they use OIA: observation, implication, and application. Chris Miller, who founded innovation consultancy Innovation Focus, developed this approach as part of his Hunting for Hunting grounds method, through which participants identify new opportunities for growth. I explored the OIA approach’s use in collaborative innovation in an earlier article. An example of OIA follows (figure 1).

Figure 1: example of OIA

Click to enlarge

Click to enlarge

OIA enables originators to capture and share fully formed ideas such that their fellow community members and stakeholders have enough information to comment, assess, and decide next steps. I have found, too, in working with clients that OIA offers further benefits beyond enabling people to capture their ideas in full… Leer más “Revisiting the Idea of a Fully Formed Idea | innovationmanagement.se”