For a company to begin a Transformation to Turnaround journey, a foundational first step is to create a shared vision. But before you can formalize your vision, you need to determine what your purpose/mission will be, and what your core values are that will define your mindset and culture. When you have developed each of these, then you are positioned to develop your 3 or 5-year strategy.

A simple summary level definition of each of these includes:

Mission – A very clear description of what the company purpose is. Your Mission defines who the company serves, its objectives, and how it will deliver the Vision. Your Mission is focused on today, and your Vision is focused on your future state.

Values – A company’s core values are its guiding principles, and should be shared with both internal team members and external parties who want to understand your mindset and how you operate. Click here for a prior posting on Values.

Vision – A very clear, concise and forward-looking statement that summarizes the companies ambition and goals for the future. Your Vision should be inspirational, fully shared by all, and tied back fully to your companies Mission and Values.

Strategy – A company’s Strategy is its longer term plan and roadmap. The Strategy should include a 3 or 5-year (you can of course think 10 years but that is a long way off when it comes to your focus today) outlook and plan depending on where the company is in its transformation to turnaround journey… for example, if you are just getting started it may be better to focus on 3-years out as you may be able to make course corrections more easily. Your Strategy sets how your goals and objectives will be achieved, and ultimately how value will be created.

Once you have clarity on your Vision, Mission, and Values, its time to break down your Strategy across the 3 Pillars and build out your Strategic Plan.