Hefei Xingtai Financial Holding Group Risk Management vision, mission, goals, and objectives (VMGO)
Posted by George on Jul-15-2022
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1. What is Vision, Mission, Goals, and Objectives (VMGO)
Setting a clear vision, mission, goals, and objectives (VMGO) is part of the strategic planning process that helps management in implementing the planned business strategies. Business organizations use VMGO as a comprehensive strategic planning tool to provide a blueprint for translating the dreams into actions. Through VMGO process, organizations build consensus, and direct the efforts towards achieving the assigned objectives that are based on broader goals, and reflect the organization's vision and mission. The VMGO process enables the organizations to emphasize on the short-term objectives, while keeping an eye on the long-term goals, mission, and vision.
There are certain times, when organizations should use this process to provide the right direction. For instance, the VMGO process is important when a news organization is established. Another time is when a new initiative is taken, or an organization starts a large project that may put the business in a new direction. VMGO process is also adopted when an organization enters into a new growth phase.
Vision, mission, goals, and objectives are four legs, and are interconnected in a way that an organization cannot only talk about the vision without communicating its mission, goals, and objectives. Vision is a vivid mental image of a business’s desired future state, mission refers to the core business purpose and drivers that may lead towards achieving the vision, goals are broad targets that businesses strive to achieve over the long-term, and objectives refer to the specific and measurable actions that organization could take to accomplish the broader goals. This article applies the VMGO model to understand the strategic priorities of Hefei Xingtai Financial Holding Group Risk Management.
2. Model application on Hefei Xingtai Financial Holding Group Risk Management
2.1 Vision of Hefei Xingtai Financial Holding Group Risk Management
2.1.1 What is vision?
Vision of an organization is also called the ‘organizational purpose’. It is designed to reflect fundamental reasons for a business’s existence. At Hefei Xingtai Financial Holding Group Risk Management, the vision is shared and believed by all organizational members. Being a future-oriented concept, vision reflects the Hefei Xingtai Financial Holding Group Risk Management’s long-term dream. When vision is described in two to three sentences, it forms a vision statement. Vision statement forms a mental image of ‘desired’ future organizational state, and articulates a view of organization’s realistic, attractive and credible future.
2.1.2 Importance of having a vision for Hefei Xingtai Financial Holding Group Risk Management?
Having a clearly articulated vision is important for Hefei Xingtai Financial Holding Group Risk Management as it provides necessary direction for business to achieve its purpose. The vision also helps Hefei Xingtai Financial Holding Group Risk Management in setting the long-term goals. It serves as a guide for management in challenging times, and motivates employees to work towards achievement of shared goals. Hefei Xingtai Financial Holding Group Risk Management’s vision instills the sense of belongingness to the organizational members, and sets the stage for strategic planning. It illustrates what Hefei Xingtai Financial Holding Group Risk Management stands for, and why it exists. The vision statement is also important because it forms the inspiration behind all advertising messages and marketing campaigns run by Hefei Xingtai Financial Holding Group Risk Management.
2.1.3 Key characteristics of Hefei Xingtai Financial Holding Group Risk Management’s vision statement
2.1.3.1 Future focused
Hefei Xingtai Financial Holding Group Risk Management’s vision statement is future focused, and has a long-term vision. It describes the Hefei Xingtai Financial Holding Group Risk Management’s desired future state, and conveys the actions that organization strives to engage to achieve the ‘desired future state. The vision statement of Hefei Xingtai Financial Holding Group Risk Management also guides organizational leaders in taking the right decisions that are important for achieving the broader vision.
2.1.3.2 Clear and well communicated
Hefei Xingtai Financial Holding Group Risk Management has developed a clear and well-articulated vision statement that communicates the organizational vision to all stakeholders in an easily understandable manner. At the workplace, management takes appropriate steps to communicate the vision across all hierarchal levels, and communicates how vision is connected with the organizational objectives.
2.1.3.3 Bold
By developing a ‘bold’ vision, Hefei Xingtai Financial Holding Group Risk Management communicates where the business could go in the future. It gives a broader picture, a map, and a challenge for the business to attain the desired future state.
2.1.3.4 Brevity
Hefei Xingtai Financial Holding Group Risk Management has developed a succinct vision statement that could be easily communicated and remembered by management, employees, stakeholders, and the general public. The statement is neither too short, nor too long. Whole vision reflects in only three sentences, which could easily be remembered.
2.1.3.5 Illuminates values
Hefei Xingtai Financial Holding Group Risk Management’s vision statement illuminates the core business values that are strongly connected with the broader organizational purpose.
2.1.3.6 Motivational and vibrant
It is important to develop a vision that is motivational. Hefei Xingtai Financial Holding Group Risk Management’s vision statement is motivational and vibrant. It pictures the end result of how Hefei Xingtai Financial Holding Group Risk Management would look like upon fulfilling its core purpose of existence. Without explaining the processes of getting there, the vision statement sets the target. This target then motivates the management to adopt and adjust strategies that may help Hefei Xingtai Financial Holding Group Risk Management in achieving its vision.
2.2 Mission
2.2.1 What is mission?
Mission statement of Hefei Xingtai Financial Holding Group Risk Management is a concise description of why the company exists, what it does, how its offerings are different from competitors, who it serves and what is the broader business purpose. Hefei Xingtai Financial Holding Group Risk Management does not outlines the business outcomes, but highlights the business’s current position and future scenario by explaining target market, product/services and key differentiating factors. This information is provided with a little philosophical touch. Mission keeps the company’s focus on action that may lead towards achievement of core business purpose. It provides an internal direction to Hefei Xingtai Financial Holding Group Risk Management for the future, and creates enthusiasm among organizational members to achieve business goals.
2.2.2 Importance of having mission for Hefei Xingtai Financial Holding Group Risk Management?
2.2.2.1 Motivates employees
At Hefei Xingtai Financial Holding Group Risk Management, mission statement plays a very important role of motivating employees to achieve organizational goals. It helps employees in seeing the work purpose and meaning. Employees get to know ‘how’ their job contributes towards achieving larger business goals. It boosts the employees’ morale, and encourages them to focus on the positive aspects of routine work activities.
2.2.2.2 Improves performance
A well-crafted mission statement develops an environment that motivates organizational members to set high performance standards, and exert full efforts to achieve the business purpose that reflects into the mission statement. Hefei Xingtai Financial Holding Group Risk Management’s mission statement engages the employees with business’s core values, which ultimately improves the overall business performance.
2.2.2.3 Sets core purpose
The mission statement provides foundation for developing strategies that help Hefei Xingtai Financial Holding Group Risk Management in defining core business purpose. When combined with the vision statement, it defines why Hefei Xingtai Financial Holding Group Risk Management exists, and how the business is achieving its core purpose.
2.2.3 Key characteristics of Hefei Xingtai Financial Holding Group Risk Management’s mission statement
2.2.3.1 Precise and brief
Hefei Xingtai Financial Holding Group Risk Management’s mission statement is neither too wide, nor too narrow. By keeping the mission statement precise, Hefei Xingtai Financial Holding Group Risk Management successfully conveys the core business operations, and communicates the overall business goals and objectives at the same time. The mission statement of Hefei Xingtai Financial Holding Group Risk Management is clear enough to lead to action, and no complex/unclear phrases are added for publicity purpose.
2.2.3.2 Create expectations
A well-designed mission statement creates expectations of targeted audience. Hefei Xingtai Financial Holding Group Risk Management creates the expectations by targeting the audiences’ ‘most desired’ needs in its mission statement. For instance, Hefei Xingtai Financial Holding Group Risk Management promises to deliver the best value for money, which creates expectations that customers will receive the ‘best’ value for money every time they will make the purchase decision.
2.2.3.3 Distinct and unique
Hefei Xingtai Financial Holding Group Risk Management’s mission statement is distinct. The company communicates in its mission statement ‘how’ its offerings are different, and what is Hefei Xingtai Financial Holding Group Risk Management’s competitive advantage that differentiates itself from competitors. This distinctiveness sets a unique brand image in public’s mind, which means the Hefei Xingtai Financial Holding Group Risk Management’s mission cannot be generalized for other brands operating in the same industry. High uniqueness makes it harder for other companies to steal the Hefei Xingtai Financial Holding Group Risk Management’s mission statement, primarily because while crafting the mission statement, Hefei Xingtai Financial Holding Group Risk Management specifically considered the factors that make the company special and unique.
2.2.3.4 Positive and motivating
The mission statement of Hefei Xingtai Financial Holding Group Risk Management spreads positive messages by communicating how Hefei Xingtai Financial Holding Group Risk Management solves the problems of the targeted audience, how it meets the stakeholders’ expectations, and how a business creates an overall positive impact for targeted audience and society in general. Mission statement also motivates the organizational and societal members to feel worthwhile for getting connected with organization as employees or customers.
2.2.3.5 Targeted
Hefei Xingtai Financial Holding Group Risk Management has a well-targeted mission statement that expresses the brand’s target audience and reflects the audience’s needs and wants. The company knows the importance of tailoring the mission statement to match the audience’s desires.
2.2.3.6 Realistic
Despite being unique and distinct, Hefei Xingtai Financial Holding Group Risk Management’s mission statement remains realistic. It does not include any overly philosophical phrase that may make the mission statement grandiose to the extent where it loses the touch with reality. The company has grounded its mission statement in what business actually provides.
2.2.4 Components of Hefei Xingtai Financial Holding Group Risk Management’s mission statement
A well-crafted mission statement has eight key components. Hefei Xingtai Financial Holding Group Risk Management’s mission statements includes all these components, as explained below:
2.2.4.1 Product/services
Hefei Xingtai Financial Holding Group Risk Management’s mission statement indicates the products and services that the company offers. All key business offerings are listed in the mission statement to communicate ‘what’ Hefei Xingtai Financial Holding Group Risk Management offers to its target market.
2.2.4.2 Targeted market
Other than mentioning the products/services, the mission statement of Hefei Xingtai Financial Holding Group Risk Management describes ‘to whom’ the products and services are offered and ‘what’ are key target market characteristics. Statement reflects a brief customer profile to indicate the type of market Hefei Xingtai Financial Holding Group Risk Management is serving.
2.2.4.3 Technology
In technological section, the mission statement communicates the technologies that Hefei Xingtai Financial Holding Group Risk Management is implementing to achieve its business goals. It also demonstrates the Hefei Xingtai Financial Holding Group Risk Management’s commitment to acquiring better vendors who could help Hefei Xingtai Financial Holding Group Risk Management in keeping pace with changing technological environment.
2.2.4.4 Philosophy
Hefei Xingtai Financial Holding Group Risk Management’s mission statement reflects its basic philosophical beliefs, ethical priorities, and aspirations. Company places high importance to bringing innovation and inspiration, taking care of society, adopting customer-centric approach, and creating value for all stakeholders. Company has incorporated all values and beliefs into its mission statement.
2.2.4.5 Policy
Hefei Xingtai Financial Holding Group Risk Management considers its employees an important internal stakeholder. In its mission statement, the company describes its policies for employees and workforce welfare so that employees may consider themselves a valuable asset of the organization.
2.2.4.6 Self-concept
In its mission statement, Hefei Xingtai Financial Holding Group Risk Management communicates its competitive advantage and distinctive competencies. Hefei Xingtai Financial Holding Group Risk Management is committed to enriching the people’s lives around the world by offering a memorable consumption experience with the best value for money. Mission statement also reflects the company’s commitment to environmental welfare, social welfare, quality, and constant innovation.
2.2.4.7 Concern for survival/growth/profitability
An important component of mission statement is reflecting whether company is concerned for survival, growth or profitability. Being a commercial organization, Hefei Xingtai Financial Holding Group Risk Management clearly reflects its financial objectives within its mission statement, which allows the stakeholders to know company’s strategic priorities and financial motives.
2.2.4.8 Public Image
Hefei Xingtai Financial Holding Group Risk Management conveys basic business functions and features in its mission statement that sets a positive organizational image in public. By setting the public image, Hefei Xingtai Financial Holding Group Risk Management employees get guidance about how to behave to comply with the approved public image.
2.3 Goals of Hefei Xingtai Financial Holding Group Risk Management
2.3.1 What are goals of Hefei Xingtai Financial Holding Group Risk Management?
Goals are defined as the end point or target that a business wants to achieve in the long run. Goals provide an overall destination that helps the company in realizing the vision. Hefei Xingtai Financial Holding Group Risk Management has developed motivational and aspirational goals that drive the organization towards achieving desired objectives. Goals include a list of accomplishment that Hefei Xingtai Financial Holding Group Risk Management has set, and strives to achieve over the long term. Mostly, the Hefei Xingtai Financial Holding Group Risk Management’s goals have a broad scope, are intangible, and are difficult to measure.
2.3.2 How Hefei Xingtai Financial Holding Group Risk Management set business goals?
While determining business goals, Hefei Xingtai Financial Holding Group Risk Management takes care of the following points:
- Set goals are not complicated, and are well-defined to avoid the ambiguity
- Set goals establish a long-term business strategy
- Goals are ambitious, but realistic and achievable
- Set goals help Hefei Xingtai Financial Holding Group Risk Management management in visualizing the overall business vision, and the work required to achieve that vision
When goals are set, Hefei Xingtai Financial Holding Group Risk Management involves all major stakeholders who could share valuable input. It helps Hefei Xingtai Financial Holding Group Risk Management in gaining the ‘buy in’ for set goals.
2.3.3 Characteristics of Hefei Xingtai Financial Holding Group Risk Management’s business goals
Effective goals give motivation, clarity, and focus, and have specific characteristics that are mentioned below:
2.3.3.1 Challenging
At Hefei Xingtai Financial Holding Group Risk Management, goals are set as the vehicles for change rather than the tools of complacent. By assigning challenging goals, Hefei Xingtai Financial Holding Group Risk Management management motivates the employees to give their best performance. Challenging goals stretch the employees’ mind, and encourage them to think bigger. Although, goals are challenging, but remain attainable to keep the motivation level high.
2.3.3.2 Linked with rewards
It is important to link the goals with rewards to incentivize the goal attainment. At Hefei Xingtai Financial Holding Group Risk Management, employees who successfully attain goals are rewarded with salary increments, promotions and other tangible and intangible rewards. Rewards enhance the significance and meaning of goals, and strengthen the employees’ commitment with goals.
2.3.3.3 Result oriented
Goals are result oriented. Compared to objectives, goals are broader and have a more generalized focus. Moreover, it is not possible to cover all possible behavioral and organizational performance aspects in assigned goals. So, Hefei Xingtai Financial Holding Group Risk Management chooses the most important business areas that make highest contribution to the overall business performance. By using balance scorecard approach, Hefei Xingtai Financial Holding Group Risk Management sets goals that cover the key result areas.
2.3.3.4 Adaptable
Effective goals are flexible and adaptable. As Hefei Xingtai Financial Holding Group Risk Management operates in quickly changing business environment, flexible goals remain alive over a period of time, and allow Hefei Xingtai Financial Holding Group Risk Management to adapt with the changing external environment.
2.3.3.5 Inclusive
Hefei Xingtai Financial Holding Group Risk Management sets business goals that adopt a holistic view, and reflect the expectations of broader stakeholders. Rather than just focusing on wealth maximization for shareholders, Hefei Xingtai Financial Holding Group Risk Management tends to develop inclusive goals that focus on long-term sustainability. For instance, while setting goals, Hefei Xingtai Financial Holding Group Risk Management considers the impact on the employees, environment and society.
2.5 Objectives
2.5.1 What are objectives of Hefei Xingtai Financial Holding Group Risk Management
Business objectives are the results that companies strive to achieve, and include the strategies for getting there. Usually, business objectives include a timeframe within which they could be attained with available resources. While setting objectives, Hefei Xingtai Financial Holding Group Risk Management considers the SMART criteria that guides the management to ensure that the set objectives are specific, measurable, attainable, realistic and timely.
Some key objectives of Hefei Xingtai Financial Holding Group Risk Management are to- increase the profit by 15 percent during next 12 months, drive the sales revenue by 25 percent by the end of year and reduce customer complaints by 50 percent during the next 6 months.
2.4.2 Importance of setting clear business objectives for Hefei Xingtai Financial Holding Group Risk Management
At Hefei Xingtai Financial Holding Group Risk Management, objectives are mutually set by management and employees and organizational values and goals provide a basic direction during objective setting process. It is important to set the clear business objectives as objectives help company to direct effort and energy for achieving broader goals. When objectives are well-designed and accepted by the employees, they inspire the need to act. Employee involvement in the objective setting is a strong reason behind successful objective achievement at Hefei Xingtai Financial Holding Group Risk Management.
2.4.3 Characteristics of Hefei Xingtai Financial Holding Group Risk Management’s SMART business objectives
SMART business objectives allow employees and managers to develop, track and achieve short and long-term goals. SMART objectives are designed by parameters that bring traceability and structure together, and create trajectory with clearly defined milestones within a specific timeline. Here are SMART characteristics of Hefei Xingtai Financial Holding Group Risk Management’s objectives:
2.5.3.1 Specific
In SMART acronym, ‘S’ refers ‘specific’. Specific objectives provide a clear direction, and employees remain certain about how to act to achieve the set objectives. At Hefei Xingtai Financial Holding Group Risk Management, management ensures that objectives are not vague, as unclear objectives could harm the business performance. Managers at Hefei Xingtai Financial Holding Group Risk Management help employees in setting, understanding and achieving the assigned specific objectives.
For instance, instead of assigning an unclear objective of ‘increasing sales’, which does not answer what to sale? How much increase? And by when? Management assigns objective like ‘increasing sales of product ‘A’ this year by 20 percent’. By ensuring the specificity, Hefei Xingtai Financial Holding Group Risk Management employees get clear idea of what they are expected to achieve and by when to achieve.
2.5.3.2 Measurable
Second SMART acronym ‘M’ refers measurable. Hefei Xingtai Financial Holding Group Risk Management management assigns measurable objectives that could be tracked to ensure if efforts are being exerted in right direction. Managers assign the quantitative measures to make tracking easier. For instance, another SMART objective of Hefei Xingtai Financial Holding Group Risk Management is to ‘reduce the waste by 30 percent during next 12 months’. This objective is measurable, and could be tracked along the year to measure the progress.
2.5.3.3 Attainable
Third SMART acronym refers ‘attainable’. A common mistake that companies do is that they assign unachievable objectives. Hefei Xingtai Financial Holding Group Risk Management understands the importance of assigning attainable objectives to avoid frustration and burnout. Before assigning objectives, management analyzes what has been achieved and what could be achieved in available time if employees exert full efforts. It makes objectives challenging yet attainable.
2.5.3.4 Realistic
Fourth SMART acronym refers ‘realistic’. At Hefei Xingtai Financial Holding Group Risk Management, management ensures that the organization has all resources that are required for achieving the objectives, and everything is in place from ideation to implementation stage.
2.5.3.5 Timely
Fifth SMART acronym refers ‘timely’. It is important to set the targeted timeframe within which the objectives need to be attained. At Hefei Xingtai Financial Holding Group Risk Management, management ensures that the assigned objectives are time bound. Setting deadline cultivates a sense of urgency.
2.7 Alignment between vision, mission, goal, and objectives of Hefei Xingtai Financial Holding Group Risk Management
Hefei Xingtai Financial Holding Group Risk Management ensures that its vision, mission, goals and objectives share strong alignment. A misalignment between any of these components could negatively affect the Hefei Xingtai Financial Holding Group Risk Management’s image, and make it difficult for management to achieve desired business objectives. Hefei Xingtai Financial Holding Group Risk Management considers its goals and objectives as the building blocks for achieving vision and mission. Through goals, Hefei Xingtai Financial Holding Group Risk Management measures the progress towards achieving mission and vision, and considers objectives as the plan for achieving the goals.
3. Conclusion
VMGO is an important strategic planning process that provides necessary guidance to the businesses about how they could achieve their vision, mission, goals and objectives. Hefei Xingtai Financial Holding Group Risk Management has developed a clear, well-articulated vision that is strongly connected with its mission statement. The goals and objectives also reflect the organizational vision and mission. Strong alignment between all four components is an important reason for continued business success.
4. References
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Chwolka, A., & Raith, M. G. (2012). The value of business planning before start-up—A decision-theoretical perspective. Journal of business venturing, 27(3), 385-399.
David, F. R. (2011). Strategic management concepts and cases. Prentice hall.
Gurley, D. K., Peters, G. B., Collins, L., & Fifolt, M. (2015). Mission, vision, values, and goals: An exploration of key organizational statements and daily practice in schools. Journal of Educational Change, 16(2), 217-242.
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