Building a vision and mission statements is a crucial step to move to greater economic

heights. Thus, more reliable decision facilitators are needed to effectively decide what vision and
mission will the company run because these statements are not for a short-term application but
for a long run result. The roles of vision and mission are of great importance in reaching a
milestone in the business world.

Vision is an image of what firms want to be, in a nutshell—an ideal status. Mission, on
the other hand, is the plans and actions that will serve your vision. See, they are interrelated to
each other and without one, a firm’s competitive mantra will be at risk. The effective
implementation and strict adherence to the mission and vision of a firm is a huge challenge
because sometimes poor statements can lead to a greater risk of losing everything than actually
gaining from it. That is why, CEO does not decide by himself. Together with the top-level
managers and even the other stakeholders affected by it, a complete and powerful vision-and-
mission statements can be made.

Stakeholders rely on the firm’s vision and mission. They are the individuals who have an
enforceable claim on the great performance of a firm. They can be internal or external
stakeholders that continue to support the firm most especially when it overly satisfies them. Who
are they? They are classified into three groups: the capital market stakeholders, product market
stakeholders and organizational stakeholders. Organizational stakeholders are those within the
internal side of the firm—employees, managers and even the nonmanagers. Product market
stockholders are mostly external: suppliers, customers, the host communities and unions.
Meanwhile, capital market stakeholders are those where the firms common goal lies: the
investors, and major suppliers. In my opinion, since the common objective of the firm is to
maximize shareholders’ wealth, the firm’s strategic competence should be for the best interest of
the capital market stakeholders.

But to achieve the common goal, a bunch of decisive and efficient leaders is a must. In
this current time frame, strategic leaders are not just the CEOs or the top-level managers. They
could be anyone inside or outside the firm with the capability to make a change and to
successfully administer strategies to gain strategic competitiveness and above-average returns.
But predicting outcomes for the benefit of the firm is daunting task ahead. But with the profit
tools, we can easily turn our eye on the growth in profits rather than revenues just like what
Mcdonald’s did. Analyzing the profit tool can be the great catalyst of global competitiveness.

JOSHUA Z. EGERON
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