Realizing the power of strategic vision

Wilson, I.

doi:10.1016/0024-6301(92)90271-3

Cited by 90 publications

(67 citation statements)

References 3 publications

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“…Ironically, the overall performance of SMEs without any mission statement was found to be slightly higher than those with a mission statement. This finding is also consistent with the previous research evidence in the literature mentioned by Wilson [20] and Coats et al [19]. The second most frequent mission component is public image with 170 SMEs, third is products and services with 169 SMEs, fourth is company philosophy and values with 162 firms, fifth is distinctive competence with 137 SMEs, sixth is geographical domain with 94 SMEs, seventh is technology with 39 SMEs, eighth is customers with 24 SMEs, and finally ninth is employees with eight SMEs.…”

Section: Resultssupporting

confidence: 83%

“…Coats et al also argued that low financial performance was just as likely as high financial performance to occur in firms that had a mission statement [19]. Wilson concluded that having a mission statement is no guarantee of success, nor does the lack of one guarantee failure [20]. Finally, research findings based on the work of O'Gorman and Doran demonstrated that mission statements per se are not correlated positively with SME performance and pointed out that expressing mission in a formal statement is certainly an option, but, at least for Irish SMEs, it is clearly not critical to success [21].…”

Section: Relevant Literature and Previous Research Evidencementioning

confidence: 99%

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The Sustainable Strategy for Small and Medium Sized Enterprises: The Relationship between Mission Statements and Performance

et al. 2016

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Abstract:The study aims to contribute to the literature by empirically examining the relationship between small and medium sized enterprises' (SMEs) mission statements and their performance in sustainable strategy formulation. Although it seems that there is a relatively vast amount of research with regard to mission statements of companies, very few studies have focused on the relationship between mission statements and performance. When these few studies are taken into consideration, it is difficult to reach any overall conclusion since their findings are mixed and inconclusive. To achieve this aim, 3034 SMEs operating in organized industrial zones in Turkey were examined via a survey approach. In order to investigate the relationships among the variables, nine categories of mission statements as independent variables and four performance indicators (financial, market, production, and overall) as dependent variables were analyzed through logistic regression. This study identified three mission components, (1) survival, growth, and profit; (2) philosophy and values; and (3) public image, as the common independent variables in explaining the performance of SMEs. Survival, growth, and profit is the most frequently observed mission component regardless of the subsector differentiation in the entire sample, which reflects the significance of business sustainability for SMEs in the Turkish manufacturing context. Besides, among all performance indicators, SMEs' market performance was found to be the lowest when compared to other performance indicators (financial, production, overall). Although the firms were placed in different manufacturing subsectors, similar mission statements were highlighted so that the discourse similarity might be considered as evidence of isomorphism characteristics for SMEs.

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Section: Resultssupporting

confidence: 83%

Section: Relevant Literature and Previous Research Evidencementioning

confidence: 99%

The Sustainable Strategy for Small and Medium Sized Enterprises: The Relationship between Mission Statements and Performance

et al. 2016

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“…Campbell (1993) reports a positive relationship between mission statement presence and organizational performance as did Medley (1992) and Wilson (1992) who claimed that the presence of mission statement can result in a 50% increase in organizational effectiveness. Gharleghi, Nikbakht, and Bahor (2011) found that flexibility of mission statement had most impact on the organizational performance and the perfectness of the mission statement had the least impact on organizational performance.…”

Section: Mission Statement and Organizational Performancementioning

confidence: 99%

Leveraging Organizational Performance through Effective Mission Statement

Ekpe¹,

Eneh²,

Inyang³

2015

IBR

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The mission statement is a critical and an integral part of the organization as an entity and the operating plan, which has become a unique vehicle through which the organization in the business world, articulates it strategic intent to exist, survive, grow and how it relates with stakeholders around it and including the wider society. The important question to ask is whether or not the existence of a mission statement is associated with or influences organizational performance? The findings from the various studies which explored this relationship appear rather inconclusive. Adopting a qualitative research approach, this study critically explored the essential link between a mission statement and organizational performance. The study established that the potential power of an effective mission statement in leveraging organizational performance was derived mainly from the fact that a mission statement is the starting point of the organization's entire planning process, which serves as the basis for the formulation of objectives and strategies appropriate to the organization's overall purpose and legitimate its existence. The study proposed that organization should strive to improve its mission statement as well as communicate same effectively to create mutual expectations among stakeholders.

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“…O' Brien and Meadows (2000) note that the exact sequence and combination of steps differ from author to author, but the following seven elements are usually present (see, for instance, Schoemaker 1992; Stewart 1993;Wilson 1992).…”

Section: How To Develop a Vision?mentioning

confidence: 98%

“…Schoemaker (1992), Wilson (1992) and Van der Heijden (1996) explicitly mention the development of external scenarios as a means of analysing the company's future environment. Dale (2002) sees methods such as visioning and scenario planning as part of 'issue recognition'-suggesting that a strategy formation process should be driven by problems, opportunities, uncertainties and controversies.…”

Section: How To Develop a Vision?mentioning

confidence: 99%

Under Pressure: Visioning in a Regulated Environment

Meadows

O’Brien

2006

Syst Pract Act Res

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This paper describes four case studies of the practice of vision development in four utilities organisations. Important observations emerge about current practice; for example, tensions can be observed in organisations struggling to satisfy the expectations of a diverse range of stakeholders. Formal methodologies for visioning are rarely adopted in vision development; rather more informal processes of debate are preferred. Difficulties with internal communication and staff buy-in to the vision are also identified. Comparisons are drawn with the results of previous work on visioning in the financial services sector.

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Realizing the power of strategic vision

Cited by 90 publications

References 3 publications

The Sustainable Strategy for Small and Medium Sized Enterprises: The Relationship between Mission Statements and Performance

The Sustainable Strategy for Small and Medium Sized Enterprises: The Relationship between Mission Statements and Performance

Leveraging Organizational Performance through Effective Mission Statement

Under Pressure: Visioning in a Regulated Environment

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