2.2 Mission, Vision, Values And Objectives Flashcards
Key questions for the organisation are:
- what business are we in?
- what do we do?
- why do we do it?
- what would be missing if we didn’t exist?
- how do we make a difference?
Banks main purpose:
- is to provide customer with a safe security/haven for their money, finance to support everyday or longer term purchases and wages to make and receive payments.
Mission statement
Brief summary of an organisation overall purpose (very general)
Can state what its overall goals were, why it exists, what products is provided, who its main market is
Vision statement
Sets out the organisations aspirations for the future and is designed to enthuse stakeholders.
Key questions are:
- what do we want to achieve?
- if we were sitting here in X years, what would we want to have created or achieved?
Values statement
The core principles and ideals that guide an organisations strategy and define how it should operate.
Typical values include:
- excellence (encouraging innovation)
- integrity (operating with honesty, fairness)
- respect
- service
- stewardship (practising and promoting sustainability)
Objectives
Statements of the specific outcomes the business aims to achieve.
5 different types of objectives
- Financial
- Competition
- Capacity and capabilities
- Skills and people
- Social and environmental
Financial
Bank aims to make profit and improve on past returns and aims to achieve a safe level of liquidity
Competition
A bank may seek to increase its customer base and market share
Capacity and capabilities
Banks aim is to increase the digital skills of staff or improve the efficiency of its systems
Skills and people
A bank may want to be in the forefront of technological change, to be innovative and to hire staff that can make this happen
Social and environmental
Bank aim to behave responsibly towards its customers,
take action how they operate, behave sustainable by rescuing greenhouse gas emissions
