Actually, I don’t dislike mission statements; it’s just that so many of them are meaningless, high sounding words that don’t give a clue to what the organization is really about. “Provide superior return for our stakeholders” — What does that mean? Better ROA than average? Top quartile performance? Better stock performance than peers? Which stakeholders are we talking about: community, employees, investors? What is our obligation to each? And anyway, doesn’t every bank claim to have similar goals: superior return, superior service? Continue reading
Almost all companies undertake a time-consuming strategic planning process, but in survey after survey, more than half of respondents believe their company’s approach could be improved. Most indicate they are satisfied that their plans accurately describe the current situation and challenges.The most frequent complaint: too much time spent on where we are now; too little time assessing strategic initiatives that will really drive the business forward.