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Combined response

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The Difference Between Mission And Vision Statement [PLUS EXAMPLES]

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What Are the SMART Criteria?

How to Write a SMART Goal

Paul J. Meyer, businessman, author and founder of Success Motivation International, describes the characteristics of SMART goals in his 2003 book, " Attitude Is Everything: If You Want to Succeed Above and Beyond." We'll expand on his definitions to explore how to create, develop and achieve your goals:

1. Specific

Your goal should be clear and specific, otherwise you won't be able to focus your efforts or feel truly motivated to achieve it. When drafting your goal, try to answer the five "W" questions:

Example

Imagine that you are currently a marketing executive, and you'd like to become head of marketing. A specific goal could be, "I want to gain the skills and experience necessary to become head of marketing within my organization, so that I can build my career and lead a successful team."

2. Measurable

It's important to have measurable goals, so that you can track your progress and stay motivated. Assessing progress helps you to stay focused, meet your deadlines, and feel the excitement of getting closer to achieving your goal.

A measurable goal should address questions such as:

How much?

How many?

How will I know when it is accomplished?

Example

You might measure your goal of acquiring the skills to become head of marketing by determining that you will have completed the necessary training courses and gained the relevant experience within five years' time.

3. Achievable

Your goal also needs to be realistic and attainable to be successful. In other words, it should stretch your abilities but still remain possible. When you set an achievable goal, you may be able to identify previously overlooked opportunities or resources that can bring you closer to it.

An achievable goal will usually answer questions such as:

How can I accomplish this goal?

How realistic is the goal, based on other constraints, such as financial factors?

Example

You might need to ask yourself whether developing the skills required to become head of marketing is realistic, based on your existing experience and qualifications. For example, do you have the time to complete the required training effectively? Are the necessary resources available to you? Can you afford to do it?

4. Relevant

This step is about ensuring that your goal matters to you, and that it also aligns with other relevant goals. We all need support and assistance in achieving our goals, but it's important to retain control over them. So, make sure that your plans drive everyone forward, but that you're still responsible for achieving your own goal.

A relevant goal can answer "yes" to these questions:

Does this seem worthwhile?

Is this the right time?

Does this match our other efforts/needs?

Am I the right person to reach this goal?

Is it applicable in the current socio-economic environment?

Example

You might want to gain the skills to become head of marketing within your organization, but is it the right time to undertake the required training, or work toward additional qualifications? Are you sure that you're the right person for the head of marketing role? Have you considered your partner's goals? For example, if you want to start a family, would completing training in your free time make this more difficult?

5. Time-bound

Every goal needs a target date, so that you have a deadline to focus on and something to work toward. This part of the SMART goal criteria helps to prevent everyday tasks from taking priority over your longer-term goals.

A time-bound goal will usually answer these questions:

When?

What can I do six months from now?

What can I do six weeks from now?

What can I do today?

Example

Gaining the skills to become head of marketing may require additional training or experience, as we mentioned earlier. How long will it take you to acquire these skills? Do you need further training, so that you're eligible for certain exams or qualifications? It's important to give yourself a realistic time frame for accomplishing the smaller goals that are necessary to achieving your final objective.

Used with Permission from The Meyer Resource Group,® Inc.

The Pros and Cons of SMART Goals

SMART is an effective tool that provides the clarity, focus and motivation you need to achieve your goals. It can also improve your ability to reach them by encouraging you to define your objectives and set a completion date. SMART goals are also easy to use by anyone, anywhere, without the need for specialist tools or training.

Various interpretations of SMART have meant that it can lose its effectiveness or be misunderstood. Some people believe that SMART doesn't work well for long-term goals because it lacks flexibility, while others suggest that it might stifle creativity. For more information on the potential weaknesses of SMART, see our article, Locke's Goal-Setting Theory.

Frequently Asked Questions About SMART Goals

What does SMART stand for?

SMART stands for Specific, Measurable, Achievable, Relevant, and T ime-bound.

What's an example of a SMART Goal?

Let's say you're a marketing executive, and you think you'd like to become head of marketing. This is a specific goal. You might measure your goal of gaining the skills to become head of marketing by deciding it will take five years. Ask yourself whether gaining these skills is achievable, based on your existing experience and qualifications. Are you at the right point in your career? Is it relevant to what you want? Give yourself a realistic time frame for accomplishing the smaller goals that are necessary to achieving your final objective.

How do I write a SMART goal plan?

Start by asking exactly what you need to accomplish. This will make your goal specific.

Quantify your goals. Measurable goals are easier to track, so build in milestones.

Your goal should be achievable. Is this something you can do with the resources at your disposal?

Think why you're setting this goal. How will it improve your life or career? This is what makes it relevant.

Know exactly when you'll have reached your goal. Have a firm schedule, and stick to it.

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SMART Goals - How to Make Your Goals Achievable

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Set SMART goals to clarify your ideas, focus your efforts, use your time and resources productively, and achieve what you want at work and in life.

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Mission and Vision Statements

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Mission and Vision Statements

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Application

Usually, people write these statements for an organization, or for an organizational unit or a team. You can also create statements to define the goals of long-term projects or initiatives.

Examples

Some examples of Mission Statements are shown below:

Some examples of Vision Statements are shown below:

How to Create a Mission Statement

To develop your mission statement, follow the steps below:

Step 1: Develop Your Winning Idea

First, identify your organization's "winning idea," or unique selling proposition (USP). This is the idea or approach that makes your organization stand out from its competitors, and it is the reason that customers come to you and not your competitors.

Step 2: Clarify Your Goal

Next, make a short list of the most important measures of success for your winning idea.

For instance, if it is to create cutting-edge products in a particular industry, how will you know when you've accomplished this goal? If your idea is to provide excellent customer service, what key performance indicator will let you know that your customers are truly satisfied?

You don't have to include exact figures here, but it's important to have a general idea of what success looks like, so that you know when you've achieved it.

Combine your winning idea and success measures into a general, but measurable goal. Refine the words until you have a concise statement that expresses your ideas, measures and a desired result.

Keep this statement in the present tense, and make sure it is short, simple, clear, and free of jargon. Yes, the language needs to be inspiring, but don't include adjectives just so it "sounds better."

Example 1

Produce store Farm Fresh Produce's winning idea is to "provide farm freshness." The owner identifies two key measures of the company's success: freshness and customer satisfaction. She creates the following mission statement, which combines the winning idea and her measures of success:

"To be the number one produce store in Main Town by selling the highest quality, freshest farm produce directly from farm to customer, with high customer satisfaction."

Example 2

Carl has just become the leader of a new team. The team will focus on one key project: streamlining the organization's internal databases, so that the entire system runs smoothly and without problems.

With this in mind, Carl creates a mission statement to guide his team's understanding of their purpose:

"Our team's goal is to streamline our organization's database management system within 12 months. We will develop a new system that is easy to use and reduces the frequency of user errors."

How to Create a Vision Statement

Step 1: Find the Human Value in Your Work

First, identify your organization's mission. Then uncover the real, human value in that mission. For example, how does your organization improve people's lives? How do you make the world a better place?

Our articles on working with purpose and The Triple Bottom Line include tips that you can use to find the deeper meaning in what you do.

Step 2: Distill Into Values

Next, identify what you, your customers and other stakeholders value the most about how your organization will achieve this mission. Distill these into values that your organization has, or should have.

Some examples of values include excellence, integrity, teamwork, originality, equality, honesty, freedom, service, and strength.

If you have a hard time identifying your organization's values, talk to your colleagues and team members. What values do they think the organization stands for, or that it should stand for?

Step 3: Combine Your Mission and Values

Combine your mission and values, and polish your words until you have an inspiring statement that will energize people, inside and outside your organization.

It should be broad and timeless, and it should explain why the people in your organization do what they do.

Example 1

The owner of Farm Fresh Produce examines what she, her customers and her employees value about her mission.

The four most important values that she identifies are freshness, healthiness, tastiness, and the "local-ness" of the produce. Here's the vision statement that she creates and shares with employees, customers and farmers alike:

"We encourage the families of Main Town to live happier and healthier lives by providing the freshest, tastiest, and most nutritious local produce from local farms to their table."

Example 2

Carl looks at the values that are key to achieving his team's goal, and considers their mission statement. He identifies several important values, such as challenge, dependability and teamwork. He then creates this statement that combines his team's mission and values:

"We will challenge our skills and abilities, and create a database system that's strong, dependable and intuitive, allowing our colleagues to work quickly and effortlessly."

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Mission Statements and Vision Statements - Unleashing the Power of Purpose

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How to Do a SWOT Analysis

Avoid relying on your own, partial understanding of your organization. Your assumptions could be wrong. Instead, gather a team of people from a range of functions and levels to build a broad and insightful list of observations.

Then, every time you identify a Strength, Weakness, Opportunity, or Threat, write it down in the relevant part of the SWOT analysis grid for all to see.

Let's look at each area in more detail and consider what fits where, and what questions you could ask as part of your data gathering.

Strengths

Strengths are things that your organization does particularly well, or in a way that distinguishes you from your competitors. Think about the advantages your organization has over other organizations. These might be the motivation of your staff, access to certain materials, or a strong set of manufacturing processes.

Then turn your perspective around and ask yourself what your competitors might see as your strengths. What factors mean that you get the sale ahead of them?

Remember, any aspect of your organization is only a strength if it brings you a clear advantage. For example, if all of your competitors provide high-quality products, then a high-quality production process is not a strength in your market: it's a necessity.

Weaknesses

Weaknesses, like strengths, are inherent features of your organization, so focus on your people, resources, systems, and procedures. Think about what you could improve, and the sorts of practices you should avoid.

Once again, imagine (or find out) how other people in your market see you. Do they notice weaknesses that you tend to be blind to? Take time to examine how and why your competitors are doing better than you. What are you lacking?

Be honest! A SWOT analysis will only be valuable if you gather all the information you need. So, it's best to be realistic now, and face any unpleasant truths as soon as possible.

Opportunities

Opportunities are openings or chances for something positive to happen, but you'll need to claim them for yourself!

They usually arise from situations outside your organization, and require an eye to what might happen in the future. They might arise as developments in the market you serve, or in the technology you use. Being able to spot and exploit opportunities can make a huge difference to your organization's ability to compete and take the lead in your market.

Think about good opportunities that you can exploit immediately. These don't need to be game-changers: even small advantages can increase your organization's competitiveness. What interesting market trends are you aware of, large or small, which could have an impact?

You should also watch out for changes in government policy related to your field. And changes in social patterns, population profiles, and lifestyles can all throw up interesting opportunities.

Threats

Threats include anything that can negatively affect your business from the outside, such as supply-chain problems, shifts in market requirements, or a shortage of recruits. It's vital to anticipate threats and to take action against them before you become a victim of them and your growth stalls.

Think about the obstacles you face in getting your product to market and selling. You may notice that quality standards or specifications for your products are changing, and that you'll need to change those products if you're to stay in the lead. Evolving technology is an ever-present threat, as well as an opportunity!

Always consider what your competitors are doing, and whether you should be changing your organization's emphasis to meet the challenge. But remember that what they're doing might not be the right thing for you to do. So, avoid copying them without knowing how it will improve your position.

Be sure to explore whether your organization is especially exposed to external challenges. Do you have bad debt or cash-flow problems, for example, that could make you vulnerable to even small changes in your market? This is the kind of threat that can seriously damage your business, so be alert.

A SWOT Analysis Example

Imagine this scenario: a small start-up consultancy wants a clear picture of its current situation, to decide on a future strategy for growth. The team gathers, and draws up the SWOT Analysis shown in Figure 2.

Figure 2. A Completed SWOT Analysis.

Strengths What do you do well? What unique resources can you draw on? What do others see as your strengths?

Weaknesses What could you improve? Where do you have fewer resources than others? What are others likely to see as weaknesses?

We are able to respond very quickly as we have no red tape, and no need for higher management approval.

We are able to give really good customer care, as the current small amount of work means we have plenty of time to devote to customers.

Our lead consultant has a strong reputation in the market.

We can change direction quickly if we find that our marketing is not working.

We have low overheads, so we can offer good value to customers.

Our company has little market presence or reputation.

We have a small staff, with a shallow skills base in many areas.

We are vulnerable to vital staff being sick or leaving.

Our cash flow will be unreliable in the early stages.

Opportunities What opportunities are open to you? What trends could you take advantage of? How can you turn your strengths into opportunities?

Threats What threats could harm you? What is your competition doing? What threats do your weaknesses expose to you?

Our business sector is expanding, with many future opportunities for success.

Local government wants to encourage local businesses.

Our competitors may be slow to adopt new technologies.

Developments in technology may change this market beyond our ability to adapt.

A small change in the focus of a large competitor might wipe out any market position we achieve.

As a result of the team's analysis, it's clear that the consultancy's main strengths lie in its agility, technical expertise, and low overheads. These allow it to offer excellent customer service to a relatively small client base.

The company's weaknesses are also to do with its size. It will need to invest in training, to improve the skills base of the small staff. It'll also need to focus on retention, so it doesn't lose key team members.

There are opportunities in offering rapid-response, good-value services to local businesses and to local government organizations. The company can likely be first to market with new products and services, given that its competitors are slow adopters.

The threats require the consultancy to keep up-to-date with changes in technology. It also needs to keep a close eye on its largest competitors, given its vulnerability to large-scale changes in its market. To counteract this, the business needs to focus its marketing on selected industry websites, to get the greatest possible market presence on a small advertising budget.

Frequently Asked Questions About SWOT Analysis

1. Who Invented SWOT Analysis?

2. What Does SWOT Analysis Stand For?

SWOT Analysis stands for Strengths, Weaknesses, Opportunities and Threats.

3. What Can a SWOT Analysis Be Used For?

SWOT analysis is a useful tool to help you determine your organization's position in the market. You can then use this information to create an informed strategy suited to your needs and capabilities.

4. How Do I Write a SWOT Analysis?

5. How Do SWOT Analysis and the TOWS Matrix compare?

6. What Are the Biggest SWOT Analysis Mistakes?

Making your lists too long. Ask yourself if your ideas are feasible as you go along.

Being vague. Be specific to provide more focus for later discussions.

Not seeing weaknesses. Be sure to ask customers and colleagues what they experience in real life.

Not thinking ahead. It's easy to come up with nice ideas without taking them through to their logical conclusion. Always consider their practical impact.

Being unrealistic. Don't plan in detail for opportunities that don't exist yet. For example, that export market you've been eyeing may be available at some point, but the trade negotiations to open it up could take years.

Relying on SWOT Analysis alone. SWOT Analysis is valuable. But when you use it alongside other planning tools (SOAR, TOWS or PEST), the results will be more vigorous.

How to Use a SWOT Analysis

Use a SWOT Analysis to assess your organization's current position before you decide on any new strategy. Find out what's working well, and what's not so good. Ask yourself where you want to go, how you might get there - and what might get in your way.

Once you've examined all four aspects of SWOT, you'll want to build on your strengths, boost your weaker areas, head off any threats, and exploit every opportunity. In fact, you'll likely be faced with a long list of potential actions.

But before you go ahead, be sure to develop your ideas further. Look for potential connections between the quadrants of your matrix. For example, could you use some of your strengths to open up further opportunities? And, would even more opportunities become available by eliminating some of your weaknesses?

Finally, it's time to ruthlessly prune and prioritize your ideas, so that you can focus time and money on the most significant and impactful ones. Refine each point to make your comparisons clearer. For example, only accept precise, verifiable statements such as, "Cost advantage of $30/ton in sourcing raw material x," rather than, "Better value for money."

SWOT Analysis Tips

Here are four tips for getting more out of a SWOT analysis:

1. Be specific. The more focused and accurate you are about the points you write down, the more useful your SWOT analysis will be.

2. Work backwards. Experiment with filling in the four sections of your SWOT analysis in a different order, to stimulate new ways of thinking. Working backwards, in particular, from threats to strengths, may cast new light on the situation.

3. Get together. Highlight the most useful people to contribute to your SWOT analysis, then gather information and ideas from them all.

4. SWOT your competition! To stay ahead of your competitors, carry out a regular SWOT analysis on them. Use everything you know about them to evaluate their situation, and use SWOT analysis to plan your competitive strategies accordingly.

SWOT Analysis Infographic

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