Few Indian companies formally engage in a regular process to define and fine tune their “Vision, Mission, and Values”. Why?
In the world’s most successful companies, members of the top management team (TMT) feel a remarkable sense of ownership. The more involved TMT members are in setting the company’s direction, i.e. the company’s vision, mission and values, the more vested they are in its success. They are more engaged in formulating the company’s strategy and more willing to go the extra mile to see its flawless execution. Boards also play a crucial role in helping to define a company’s future direction. However, few Indian companies formally engage in a regular process to define and fine tune their “Vision, Mission, and Values”. Why?
The benefits of involving an outside facilitator far outweigh the costs. Certainly there will be a learning curve investment that senior managers will have to make to bring the facilitator up to speed on various industry nuances. However, a professional facilitator brings a great deal to the table including (1) an unbiased view on the industry and the organization, (2) the ability to allow minority voices to be heard, (3) the capability to ask difficult and uncomfortable questions that get at some of the core deficits in the firm’s business model, (4) access to cutting edge research in pertinent areas, (5) the experience of helping dozens of other firms through similar processes.
Reprint from Ivey Business Journal
[© Reprinted and used by permission of the Ivey Business School]