Mission, Vision, and Objectives
A vision statement is different in that it is future-oriented and answers the question, "Where do we want to be?" Fundamentally, the forward-thinking vision statement drives the strategic planning process and the crafting of the firm's strategic plan. Not all forms write both mission and vision statements, and the terms are sometimes incorrectly used interchangeably.
Not all companies use both mission and vision statements. However, well-organized companies are guided by their mission, vision, or both.
Objectives are written with specific goals in mind, and the goals must be written in specific language to be measured at the end of the year. Generally, objectives are either financial or strategic in their purpose. For example, a financial objective would be to earn a minimum of 5% return on stockholder equity. In contrast, a strategic objective would be to increase market share by 5%, both to be accomplished within a specific fiscal year.
We use the acronym SMART when we write objectives: Specific, Measurable, Attainable, Realistic, and Time-bound.