A planning structure that is commonly used in business strategic planning is the VMGS Model. When your organization wants to achieve higher sales targets through their planning, then they use this framework for reaching the desired objective.
The VMGS model is based on the observation that, when you want to create an effective plan, you will need to follow several elements, which are −
● Goals and objectives
● Strategies and tactics
While implementing the VMGS model, the management will have to do the necessary steps of engaging all their clients and stakeholders in order to frame the sales plan as well as the corporate plan. The objective is to end up with a plan that improves their organization, various departments and every employee’s performance.
A vision statement is a tagline that encapsulates the future that the management wants for their organisation. The objective of having a company vision is to both inspire and guide the employees towards taking the right steps. This helps to balance goal-seeking with sensible insights into the potential future. In the long run, all corporates run a long-term business strategy, which they then communicate to their employees internally first. Then this strategy is communicated externally through intranet, website, various newsletters, regular press releases, and company annual reports, etc.
The Mission Statement
The chief purpose of a mission statement is to identify and delegate various business activities. It acts like a map that connects all the various operations running in a company, along with their objectives. It is an efficient tool to motivate employees, departments, teams and corporates.
Mission Statement vs Vision Statement
The difference between Mission Statement and Vision Statement is that a Mission Statement is often shared only with the employees to enhance their productivity, but a Vision Statement is shared with employees as well as other stakeholders. The other difference is that while a company can have one Mission statement, its departments are free to have their own individual Mission Statements. In contrast, a company can have only one Vision Statement.
Goals and Objectives
Goals are the best short-term directions that help you to proceed in your mission. These goals are in reality some unique needs, which have to be accomplished. There are three types of goals that need to be discussed −
● The goals that are finalized and decided upon through corporate mandate are called corporate goals. This will mainly involve the Dollar Volume.
● The goals that are finalized within individual departments with the main focus on acquiring new customers is called departmental goals. It is often chalked out after a company introduces new products in the market for some unique stakeholders.
● The third type of goal is personal business goal. This goal is not strictly for business as it involves personal learning. Through this goal, an individual can learn some new skills and programs that help him improve in his business-conducting skills.
Strategies and Tactics
All the organizations want to achieve their goals and objectives at any cost. To do that, they follow some unique strategies and tactics. Each company wants to protect their strategies and tactics from being leaked to their competitors. Very often, the difference of success and failure in today’s competitive market could be a month’s delay in implementing a plan.
When we talk about strategizing on a department level, it becomes a vital process because all the employees need a perfect action plan in order to work smoothly. All the necessary guidelines should be mentioned properly, so that the employees take all the essential steps to advertise their products or brands in different areas.