Chapter 5 Managing the Financial, Governance and Legal Considerations

Abstract

A mission statement should be an expression of the values which a given organisation considers to be crucial in its operations and it should also indicate what needs to be done to realise the strategic vision in a predetermined period of time. A strategic vision represents the managers’ concepts and beliefs related to the long-term direction of the organisation, it is focused on the objectives which are expected to be achieved and determines the organisation’s scope of operation or the place where it plans to be in the future. The strategic mission reflects the organisation’s aspirations, whereas the mission statement informs how the organisation intends to realise them. As it determines the future for the organisation, the vision includes postulates in accordance with which the organisation meets the needs of its clients. Then, the mission identifies the clients, their needs and the manner in which the organisation will cater for them.