Strategic Vision and Mission Statements

Introduction:

Vision and mission statements have become widely adopted in most companies across all industries and form an integral part of the corporate strategy. When used correctly they can be a very powerful tool for engaging a company's stakeholders and gearing them up for success. There are no rules for how a vision and mission statement should be written or how long they should be; but the criteria for a good vision and mission statement are that it is memorable, meaningful and inspirational (Sarah Cooke, 2009)

In this report I will conduct a case study on the vision and mission statement of the Quality Inn West End. I will analyse the components that make up the existing vision and mission statement identifying strengths and weaknesses and make recommendations for improvement if required.

The information for this report was gathered through research in hospitality journals, online articles written by strategic management experts, text books, interviews and surveys with 5 staff members at the Quality Inn West End. I will also base a lot of the analysis on my personal experiences and knowledge gained as The General Manager of the company that I have chosen as the case study.

This report will highlight the difference between a vision and mission statement. This report will investigate whether the Quality Inn West Ends existing vision and mission statement has been adopted into the company culture and whether the document holds any real significance in the company's strategic planning. This report will use some of the 10 components identified in the journal article, Missions statements exposed (Sufi & Lyons, 2003)

Case Study Background: Quality Inn West End

The Quality Inn West End located in the Auckland inner city suburb of Grey Lynn. It is a medium size property with eighty guest rooms and apartments. Facilities include an onsite restaurant and bar, as well as a five venue fully catered conference centre. Other facilities include an indoor heated pool and spa, gymnasium and children's playground and offers free on site parking. This Tudor style property with a hint of 'old world English charm' throughout is suited to both business and leisure travellers.

The property has been in the hands of the current owner since 1989. The Quality Inn West End is a franchisee of Choice Hotels Australasia and has had this affiliation since December 2004 and for many years prior to that with Flag International.

The Quality Inn West End has a flat structure, run by a General Manager under the guidance of the Managing Director and assisted by a team of 23 staff. The operation is run on a 24 hour basis, everyday of the year. The managing director has a number of other business ventures and is therefore not hands on in the operation of the hotel. The hotel has primarily adopted the corporate strategy of Choice Hotels Australasia in recent years. There are no formal documents or historical information outlining the company culture prior to 2004, which is the year the existing vision and mission statement, was developed.

Vision and Mission Analysis

What is a Vision Statement?

A vision statement outlines what the organization wants to be, or how it wants the world in which it operates to be. It concentrates on the future. It is a source of inspiration. It provides clear decision-making criteria. The vision promotes trust and trust is the foundation of any successful human enterprise. It is this trust that can build very successful teams. (Wikipedia, n.d)

Vision statements are created from an idea, vision or founding values of the owner, CEO and or senior managers of a company or organisation. They usually have a very good idea of where they see their business in the future and then set about developing a strategic plan to help them realise their vision and dreams. An example of a very clear and definite vision; Avon: To be the company that best understands and satisfies the product, service and self-fulfillment needs of women - globally.

What is a Mission Statement?

A Mission statement tells you the fundamental purpose of the organization. It defines the customer and the critical processes. It informs you of the desired level of performance. The mission statement should guide the actions of the organization, spell out its overall goal, provide a sense of direction, and guide decision-making. It provides "the framework or context within which the company's strategies are formulated" (Wikipedia, n.d).

An example of a mission statement; Hilton: We will be the preeminent global hospitality company - the first choice of guests, team members and owners alike.

Values

A company's values are the beliefs, traits, and behavioural norms that company personnel are expected to display in conducting the company's business and pursuing its strategic vision and strategy. (Core Concepts, n.d)

An example of a core value is taken from McDonalds: We place the customer experience at the core of all we do.

A well written vision and mission statement should incorporate SMART objectives. They should be specific, measurable, achievable, and relevant and time bound. This will help leaders to effectively communicate the vision and will be a valuable management tool for enlisting the commitment of stakeholders to assist the company in achieving its desired outcomes. Strategic visions become real only when the vision statement is imprinted in the minds of organization members and then translated into hard objectives and strategies. (Core Concepts, n.d)

It is the leader's responsibility to ensure that the vision and mission statement is used as a strategic business tool that is incorporated into the company's culture from day one. It needs to have the full 'buy in' of all of the businesses stakeholders. To quote Tom Peters 'Developing a vision and