Difference between Business Vision and Mission

In the board rooms of many companies the subject of business vision and mission is consigned to, as public relation or corporate communication exercise. What disturbs more is that these words are often used by board members to denote an aim without bothering about its nature and characteristics. Understanding differences between business vision and business mission is definitely a key to survival and success.

Vision

1. In vision a business speaks of its beliefs and values. You write a vision statement indicating the philosophy in which you work, the concepts that guide and the value judgement you make in progressing towards your ideals

2. Vision portrays the standard that is set for achieving over a period of time. In other words, business makes a choice that has long haul. Hence, the overtone of vision is aspiration and inspiration. A good example is the vision of NASA in space travel

3. A vision statement answers the questions “What to become or Where to go”. It seeks an end that business wishes to achieve at the end of its business cycle. In order to do that, a vision statement provides direction and guidance in brief manner but with broad intent

4. “Brevity is better part of valour” goes the adage. Vision does just that. Savour the vision of Department of Commerce of USA: “By assisting the private sector, our vision is that the United States continues to play a lead role in the world economy”. Do I need to say any more?

5. Vision is chiselled as policies of a business that govern the conduct of transactions in every circumstance. Such policies are of general nature and do not give facts and figures but ideas and concepts. In fact, vision is born out of conceptual thinking. This type of thinking trains you to spot the missing link or information that is needed to solve a puzzle. In a vision statement you are looking for an over-awning concept or all-prevailing idea in global manner.

6. Vision relates to goals of a business. That is to keep the big picture intact and behind your table so that you turn back and watch your vision and then watch your steps

7. Board of directors is entrusted with the formulation of vision and accompanying goals and policies. Being lofty in nature and broad in outlook and perhaps too distant to view analysts are prompted to dub vision as star in the sky.

Mission

1. In mission a business sounds its attitudes and behaviour. Hence, concrete steps are laid within a mission statement indicating the methodology in which you segment your work along functional lines so as to achieve the stated mission. Therefore a mission statement includes, but not limited to, the following components: Customers & market, Products & operation, Profits & growth, Survival & solvency, Customer relation, Employee relation and finally Research & development

2. Mission indicates the states that arise in aiming for the standard proclaimed previously in vision statement. Hence, mission deals with the consequences that could arise in implementing the choice made in a vision statement. Ostensibly, mission is set for short haul. Motivation acts as the overtone in a mission statement. A good example is the way CIA fights global terrorism

3. A mission statement answers the questions “How to get there”. It seeks the means to obtain the end conveyed earlier in the vision statement. Coaching and counselling are twin tools employed to prod employees to do every mission with dedication and satisfaction

4. Mission is much longer and wordy when it comes to the subject of communicating it. But, the key factor in a mission statement must be under-lined: comprehensiveness. Let us look at the mission of Department of Commerce of USA. “The Department creates the conditions for economic growth and opportunity by promoting innovation, entrepreneurship, competitiveness, and stewardship”. As you agree all these four aspects make USA a business giant

5. Mission is crafted as practical guidelines for the conduct of a business in every circumstance. Such practices are specific in nature and exhort employees to take actions now so that at the end of the day they know where and how they have progressed. Facts and figures accompany a mission statement. A mission statement is born out of contextual thinking. This type of thinking trains you to understand the context in which you are placed in carrying out your mission

6. Mission relates to objectives of a business. That is to keep the focus on the current matter on hand. This enables you in placing mission just in front of your table so that you can glance over it as you progress

7. Senior management is entrusted with the formulation of mission and accompanying objectives and procedures. Being mundane in nature and narrow in outlook and perhaps too close to view analysts are goaded to christen mission as the moon in the sky.

Muthu Ashraff

Business Adviser

Mobile : +94 777 265677

E-mail : cosmicgems@gmail.com

Web : http://www.cosmicgemslanka.com

Blog : http://cosmicgemslanka.com/blog/

 

Four Managerial Skills

Management researcher Robert Lee Katz identified three core skills: technical, human and conceptual abilities as vital ingredients in the management process. Yet there is something missing in this equation to make the management process seamless and successful. Read more…

Professor Gunapala Nanayakkara, a management guru, educator and researcher suggests that success in management processes requires managers and leaders to be task masters, people masters, context masters and finally masters of self. Combining these two theories let me present the following sets of managerial skills that are needed to transform men and women as effective leaders and managers in business and industry:

1. Technical Skills: Performing a given task requires that a manager must have technical skills in relation to his position. Skills do differ across the functions. Still, a manager is expected to demonstrate necessary and overall competence in areas under task management. Process, technique, technology, hands-on experience, knowledge and understanding governing the entire production or service centre are key capabilities in a typical manager’s portfolio. Task orientation is a result of the western civilization, especially American where relating to matter, materials and machinery take pride of place and where completing a mission to its exactitude is appreciated and perhaps rewarded

2. Human Skills: Unlike technical skills, managers see a different dimension in dealing with people. They breathe, and do have life, like other living creations. More than that, they have feelings, emotions, desires, aspirations and top it all every person is unique in terms of physique and mind set. Dealing with people inside organization is called “inter-personal relations” whereas relating to those outside is termed as public relation, customer relation and in such other expressions. Although handling people differ depending on their grades and positions, the least common denominator continues to be the display of human touch by an accomplished manager. From Shaolin temple to modern factories in sprawling industrial city of Shenzhen, Chinese showcase brilliant mastery in motivating people to deliver their goods exceptionally

3. Contextual Skills: Understanding the context in which you are placed is the key force that defines and derives you in arriving at a particular choice. Context can be a form like an organization, time like recession or situation like an emergency. The Arabs went on to explain it philosophically as space, time and being. Let us take the organization. If you are working for a business company your management inputs in terms of skills have to be combed for making profits and working for survival. In a public sector the context goes through a sea-change. Regularity, service orientation and the dictum “pro bono publico’ (for the public interest) demand that you fine-tune your managerial ability in the contextual perspective of public service. Quite a number of skills dominate the contextual area. Chiefly amongst these are, time management, communication, money management, leading, decision making, negotiation and trouble shooting

4. Conceptual Skills: Indians excelled in mastery of self from time immemorial. Vedas are about ten thousand years old. Hinduism as a religion must be older than that. Study of the self, led Indian society to harness the power of mind to do what was unthinkable. Rishis and Sadhus had the ability to fly from one point to another using “pushpak” (an abstract form of flying), recalling memories of past births and so on. Lord Buddha introduced the first conceptual framework in human history wherein he presented the philosophy of Buddhism. Conceptual skills need not be consigned to the realm of high stuff only. Generating ideas, developing concepts, conceptual thinking, problem solving, planning, forecasting, are some of the basic skills needed in everyday business life. Equally important is their use in family life resulting peace and harmony which finally motivates managers and leaders to do excellent jobs in their offices.

Muthu Ashraff

Business Adviser

Mobile : +94 777 265677

E-mail : cosmicgems@gmail.com

Web : http://www.cosmicgemslanka.com

Blog : http://cosmicgemslanka.com/blog/

 

Making Concept Note for Business Research

Originally introduced as a solicitation for funding, concept note has now morphed into a memo to be submitted for approval before undertaking research in business. The role of concept note has two dimensions. Research organizations call for a concept note as a preliminary document to be appraised before considering a detailed research proposal. Business management however, requires a concept note to consider granting approval to undertake business research straight away. In this blog post, I am concerned with the latter process.

A concept note is defined as “a brief outline of a proposed research matter, submitted to management for their approval”. It is an un-biased, objective note, clearly laying out the canvass of the subject matter in concise and logical manner such that the management is able to make up their mind without calling for further elaboration and explanation. Every concept note is prepared in a unique manner appropriate to the matter examined within, thereby leading the reader to understand the gist of the argument presented and the germane gravamen assembled within it. As regards to length, concept note ranges 3 to 6 pages excluding cover pages and/or annexures. Preparing concept note definitely requires high degree of conceptual thinking and mastery of skills in presentation. Creativity and logic must be put on even keel when making a concept note. Here are the contents that are included in a typical concept note:

1. Title: Give a suitable title that is self-explanatory. Later on, the rubric can be amended in light of the findings

2. Problem Statement: A brief explanation of the problem/issue/question must be given touching on the current situation and how it impedes the progress of the business

3. Background: In this section, you must focus on matters such as what is currently practised in terms of solution, whether it is successful within the business or outside. List any drawbacks or blowbacks that have occurred implementing the current solution and underline the need for fresh inquiry

4. Purpose: Reinforce the need for fresh inquiry by stating what to find, how to find, what to do with the findings, how finally the findings can help business grow. Preferably you must write about general objective of the research and thereafter taper it into specific aims and goals

5. Research Method: Choosing a method that is a suitable for the study of a problem remains the most daunting task. Nevertheless, it is necessary to beam light on this matter before undertaking research. Though, there are several limbs in research methodology, two of these namely models and approaches must be broached in a concept note. You can choose either quantitative or qualitative model or a mixture of both. Likewise, you can select deductive or inductive approach or a blend of both

6. Research Design: Collection and analysis of data is covered in this segment. Any existing data base in a business along with available historical and statistical data in the public domain could form the primary data collection. Secondary data from un-published research or information gleaned from industry sources could add more meat to your study. Moreover, the type of data collection methods such as questionnaire, interview or survey has a bearing on your research. Once the data is collected and collated it must be subjected to impartial scrutiny and analysis

7. Output: How to present your findings to the management is dealt with, in this section. The report format, highlights of findings, generalizations, comments & opinions along with interpretations are included; summary recommendations are pinpointed

8. Researcher Profile: Names and qualifications of researcher or researchers in the case of a ream work are mentioned together with experience and exposure of each resource person. Courtesy dictates that the chief of party be named and celebrated

9. Time Span: Duration of the research in weeks or months must be written

10. Funds & Logistics: Break-down of cost with a cash out-lay statement is prepared and related summary brought in the body and details given as annexure. The type of physical resources required and duration must be given in a logistics statement.

Muthu Ashraff

Business Adviser

Mobile : +94 777 265677

E-mail : cosmicgems@gmail.com

Web : http://www.cosmicgemslanka.com

Blog : http://cosmicgemslanka.com/blog/

 

Writing Concept Statement in Business

As a quick glance report, concept statement has been proved as a useful document in business management. It is defined as a brief verbal and/or graphical presentation made by one party to another in order to obtain approval or decision over the matter raised in such statement. Generally it is submitted in response to request made by the party that approves or decides. Salient points in writing a concept statement are explained below:

In keeping with brevity, a concept statement must not ordinarily exceed three pages. It can be intended to several types of receivers. Higher management requires concept statement to decide on a course of action; customers seek a statement that affords him best business terms; collaborators look for a statement that alludes on the advantages of doing business; service providers such as advertisement agencies need clarification of the purpose; finally someone else might look forward solve his own problem. Chief characteristics of concept statement includes: conciseness, to the point, of essence, unique in design and with lot of usefulness for all parties concerned.

Nobody can produce a concept statement by a magic wand or by the sleight of hands as card players do. A lot of handwork and conceptual thinking goes in, before writing a concept statement. Thereafter, it is reduced to black and white over and over to get the right copy in your hand. Here are the contents that must be included in a typical concept statement:

1. Introduction: Give background including reference to the person who requested concept statement; purpose intended to serve

2. Description: Summarize description in eye-catching words and paint a broad brush stroke of the uniqueness of the concepts contained in the statement

3. Benefits & Usefulness: Identify key benefits to the business; how it will play out in the near term and long terms, as regards to your own business, as against competitors and as a bulwark for the industry you are in. Point form of summary of usefulness functional departments must be given

4. Constraints & Limitations: Do not feel down-beaten about admitting any constraints envisaged as per the concept statement; inadequacies of the concept must be underlined along with any limitations that are imposed within or without in putting the concept into practice

5. Response: After ascertaining potential objections to the concept from inside the business, you must air your thoughts to alleviate doubts and fears emanating from the objecting quarters

6. Consequences: After examining potential uneasiness outside the business, you must say how you can neutralize it; you have to list the type of risks you have to face and how you will marginalize these; summarize the pot-holes and land-mines that lay in your path in implementing the concept statement

7. Probability of Success: Never live in a dream world and wish troubles, snags and failures fly away; never turn blind–eye to reality. Stay attuned to the fact that business is all about taking and managing risks and uncertainty. So tell the receiver of the statement what is the probability of success associated with this concept without going hyperbole or putting positive spin about it. Say frankly what you envisage as critical elements in putting concept statement into practice

8. Resources & Cost: List the human and physical resources you require in translating the concept statement into action steps. You also have to give a cost break-down in terms of finance

9. Time Span: The proposed implementation of the concept must be date-marked; you can do this in phases to facilitate identification of tasks and time duration

10. Responsibility: The person or persons in the case of team work, who are responsible, must be named

11. Reporting to: The person to whom the responsibility holders report to must be clearly stated and frequency and form of such report output must be underscored

12. Approval Sought: As the last point you must state the approval needed in clear and concise English.

Muthu Ashraff

Business Adviser

Mobile : +94 777 265677

E-mail : cosmicgems@gmail.com

Web : http://www.cosmicgemslanka.com

Blog : http://cosmicgemslanka.com/blog/

How Conceptual Thinking Improves Business?

Behind every successful business stands a concept introduced and implemented by a person who employed conceptual thinking. In highly competitive business environment, it is conceptual thinking that provides much desired edge. Proof comes from social network media where Facebook, Twitter, Linkedin and so on are soaring in sales and revenue because each brought out a new concept that became instantly popular. Whether it is an existing business or a new one conceptual thinking can improve its prospects and performance.

1. It is all question of perception in the first place. When you are presented with a situation, conceptual thinking trains you to spot the missing link or information that is needed to solve a puzzle. You are not looking at facts and figures but for a hidden concept, a big picture, and a skill that marks you from others. You quickly read in-between lines and focus on a single aspect that can ultimately solve the issue and make your business a success

2. Flexibility is proven boon from conceptual thinking; your mind traverses from one point to another searching for a breakthrough. You think vertically and in the next moment laterally; use critical or reflective method of analysis; adopt structured or un-structured mode of approach; decide on the basis of deductive or inductive method of reasoning. The entire range of thinking and analytical styles is within easy range of a conceptual thinker

3. Configuration is a key benefit conceptual thinking affords to a business. A conceptual thinker can use abstract notion to be morphed into a concrete idea; likewise he can wade through in concrete measures to form an abstract principle. Aviation is the result of this combination; from Icarus who flew on wax wings to Wright Brothers who invented a flying machine, configuration has contributed to what we see as cosy planes today

4. Integrate and disintegrate is not only a mantra of the mathematicians but actively used for results by a conceptual thinker who has the ability to break a complex problem into small workable pieces. He goes on to understand the cause and effect and what must be done to get a sense of insight. This is referred to as mapping of concepts. By the same token, conceptual thinking can integrate parts into whole. Professor Gunapala Nanayakkara considers this as: “Holistic Thinking” where many un-related issues can be brought into a single all-embracing concept. A good example is framing a mission statement for a business entity

5. Delving into underlying relationship is a key measure in conceptual thinking. Searching for new and existing elements, surveying individual elements, setting how these elements go for backward or forward integration, set patterns and trends in order to understand connection and relationship are some of the processes performed by a consummate conceptual thinker. More often than not, a conceptual thinker lands on a connection between the factors that was never perceived to exist previously. The evolution of various packing materials for milk, liquor, and drinks is a vivid example

6. Issue recognition is yet another feature of conceptual thinking that contributes immensely to a business. A conceptual thinker moves in tandem by listing all variables even checking on for un-fathomed ones, identifying important or critical variables and go deeper into find out how these could be examined to bring about resolution of a matter. Recent actions by air travel industry in solving unrest among air pilots is a good example

7. Solution is the final embodiment of success in a given business. Achieving solution requires finding out the common concept that is woven around different alternatives. For example, employee compensation can take various types of incentives hygienic to self-actualization. But the fact remains that attractive take-home salary is the common factor in any such alternatives. Framing a compensation package taking into considerations of competing and conciliatory challenges from management and employee unions would finally depend on a single conceptual anchor: corporate well-being. This concept acts as an over-awning arch and eggs on the employees, management, owners and other stakeholders of a business to select a compensation package that magnifies this concept and without any divisions, really.

Muthu Ashraff

Business Adviser

Mobile : +94 777 265677

E-mail : cosmicgems@gmail.com

Web : http://www.cosmicgemslanka.com

Blog : http://cosmicgemslanka.com/blog/

Seven Styles of Thinking in Business

In a business there are several functions. Likewise those who man the functions have different style of thinking. There are seven such styles of thinking. Let me explain you each of these styles and to which function it relates:

1. Normal Thinking: This style refers to ordinary mental process encompassing, reasoning, visualizing, analysing, forecasting, journeying, jumping from one frame to another, shifting positions & focus and other activities to arrive at a conclusion. Most office workers, operatives and junior level employees possess normal thinking

2. Logical Thinking: Anchored on reasoning and driven by sense of focus on solving a problem at hand, logical thinking consciously seeks a solution or decision at a given moment. Every variable is subjected to scrutiny in logical thinking. At the same time their thoughts flow in an orderly fashion. There are two strands under this style:

2.1 Critical Thinking: This process involves high degree of analysis and evaluation to prove a point currently under examination. Criminal lawyers tend to display critical thinking strand

2.2 Reflective Thinking: On the other hand, reflective thinking seeks answers for phenomena that happened in the past, while adopting the same methodology of analysis and evaluation to arrive at conclusion. Once a conclusion emerges reflective thinkers apply that to the issue at hand. Civil lawyers tend to display reflective thinking strand

3. Vertical Thinking: This style of thinking moves on a vertical plane, sequentially analysing only known matters that too are selected beforehand. Vertical thinkers are also referred to as direct thinkers as they tend to focus on a matter directly without any sub-routing. More than that, they adjust their position only marginally as they proceed. Compliance, conformity and aversion to flexibility are their hallmarks. This style befits accountants, auditors and officers in finance department

4. Lateral Thinking: Founded by Edward De Bono, lateral thinking is just opposite of vertical thinking; it is alternately known as horizontal thinking or indirect thinking. Flexibility, experimenting are the chief characteristics of lateral thinkers. Striking the right balance between reasoning and creativity, logic and innovativeness is their forte. Lateral thinking generates ideas in quick succession, one of which could be selected in solving issues. Sales and marketing departments are full of lateral thinkers who add value to the business

5. Creative Thinking: Under this style, thoughts are fairly un-organised. Reason and logic are thrown overboard. In its stead there is imagination often running wild. If not corralled creative thinkers can turn to be fantasizers. But we must admit, these guys can move mountain with their ideas; they and their ideas in turn are celebrated. Internet is a lively example of creative thinking. Ideas and pictures come in quick succession to a creative thinker who can fashion a new product or find a new way of using an existing product. Though creative thinking is often spontaneous, it can be egged on by direction and guidance. Brain storming is a good example of the latter method. Departments dealing in design, fashion, lay-out, PR, advertisement, corporate communication are manned by creative thinkers.

6. Structured Thinking: In business life, you bump into someone who uses step-by-step approach in handling matters. He goes through methodical system of study, listen, observe, collate, reflect and thereafter make his pronouncements known. Here is a structured thinker, who combines both vertical thinking and horizontal thinking in equal measure but move cautiously and sequentially from unknown to known realm. At a given moment their thinking process involves problem definition, listing of underlying causes, assessing impact, generating alternatives and finally choosing the ones that optimize the interest of a business. Engineers, operation managers and those work in research and development departments are possessed with this style of thinking

7. Conceptual Thinking: As the odd man out of the seven styles of thinking, conceptual thinker is not concerned with facts or pictures, but with concepts. He has the ability to break a complex problem into small workable pieces. He goes on to understand the cause and effect and what must be done to bring normalcy. Afterwards, he builds concepts around the problem quickly and with ease; maps the relationship that lie between each concept, makes useful assumptions, validates the assumptions; fuses the concepts into a framework; arrives at a solution or decision; finally makes his point known in concise and precise manner. A man in his elements, he is the quintessential business developer, corporate strategist and on elevation chairman of a board.

Muthu Ashraff

Business Adviser

Mobile : +94 777 265677

E-mail : cosmicgems@gmail.com

Web : http://www.cosmicgemslanka.com

Blog : http://cosmicgemslanka.com/blog/