Business strategy and planning involve the process of setting and achieving the goals and objectives of a company. It includes examining the situation identifying opportunities and challenges creating a plan of action and implementing and evaluating the outcomes. By engaging in business strategy and planning a company can gain an edge enhance profitability and achieve growth.
Vision and mission: These statements outline the purpose and direction of the company. They offer an inspiring vision of what the company aims to achieve and how it intends to operate. The vision statement answers “What do we aspire to become?” while the mission statement answers “What do we do and why do we do it?”
Goals and objectives: These are outcomes that a company aims to accomplish within a defined timeframe. They are derived from the vision and mission statements while reflecting the priorities and values of the organization. Goals are broad, in scope with long term implications whereas objectives are more precise, with short term focus.
For instance a potential aim might be “To establish ourselves as the force, in our field ”, with an objective of “To boost our market share by 10% within the year.”