Strategy development interview on Twitter #BusinessLunchClub

We had a great lunchtime interview at #BusinessLunchClub on Twitter today.

This week’s theme is strategic development, which is a timely topic as businesses are preparing for 2010. Today we talked with Bob Barone about how to develop a vision, mission, and objectives for a company.

You can read the original discussion at BusinessLunchClub.com but I’ve reposted it below (with some minor spelling and fact corrections).

@AaronHoos This week in #BusinessLunchClub we’re talking about strategic development. Follow along at http://businesslunchclub.com

@AaronHoos In his career, Bob Barone has worked in a variety of industries and currently serves on several boards of directors. #BLC

@AaronHoos Bob was the COO of Diebold and under his guidance they introduced ATMs into the marketplace. #BLC

@AaronHoos… He joins us today to talk about vision, mission, and objectives and their importance in strategic development. #BLC

@AaronHoos @rpbarone #BLC welcome!

@AaronHoos @rpbarone #blc My first question is: How do you define vision, mission, and objectives?

@rpbarone @AaronHoos #blc This may take several tweets but I will try to be brief. The vision statement is a description of a future

@rpbarone @AaronHoos #blc A vision is a possible future, for which you are willing to take a stand, to strive, to work, and build your team.

@rpbarone @AaronHoos #blc Your vision will inspire and energize you. It depicts a future that is better and brighter. It makes a difference.

@rpbarone @AaronHoos #blc Simply stated, your mission statement is a description of how you will achieve your vision

@rpbarone @AaronHoos #blc A mission statement should meet the following criteria. Clear, involving, memorable, aligned with your values, a stretch.

@rpbarone @AaronHoos #blc finally, I believe in smart goals or objectives. Specific. Measurable. Attainable. Realistically high. With a target date.

@rpbarone @AaronHoos #blc Hope that’s helpful.

@AaronHoos @rpbarone #BLC Yes, that was excellent! Very clear even though it was spread across several tweets. Next question…

@AaronHoos @rpbarone #BLC Why should a business write a vision, mission, and objectives?

@rpbarone @AaronHoos #blc The best way to predict the future is to create it. Vision,mission, & objectives at the beginning of a planning process.

@rpbarone @AaronHoos #blc Planning is a process that determines the future of the organization and what resources will be needed to ensure success.

@AaronHoos @rpbarone #BLC In your opinion, is strategic planning and development just for big business or for small business, too?

@rpbarone @AaronHoos #blc I think strategic planning and development is important for any size business. The difference is the complexity of the plan.

@rpbarone @AaronHoos #blc The larger the organization the more people, departments, and stakeholder must be included.

@AaronHoos @rpbarone #BLC I know it may be a multi-tweet answer, but what is the ideal process to create a vision, mission, and objectives?

@rpbarone @AaronHoos #blc I think it is both the vertical and horizontal process. Top management initiates the process by establishing the vision.

@rpbarone @AaronHoos #blc then the mission and objectives should be established in a collaborative process by the entire management team.

@rpbarone @AaronHoos #blc The next part of the process requires the management team to then communicate across all of the organization those results.

@rpbarone @AaronHoos #blc Finally all departments then contribute the detail strategies and action plans to achieve the overall objectives.

@rpbarone @AaronHoos #blc if this process is followed the entire organization will be in sync and highly motivated to achieve success.

@AaronHoos @rpbarone #blc Any other thoughts on how a company should implement these strategies?

@rpbarone @AaronHoos #blc I would suggest that whatever process you choose to implement make it a collaborative process. Include everyone you can.

@rpbarone @AaronHoos #blc The more involvement you have in the development of your point the greater the buy-in you will receive.

@rpbarone @AaronHoos #blc I would like to pass on some resources that I think might be helpful.

@rpbarone @AaronHoos #blc I like the following three books. Simplify strategic planning: a no-nonsense guide for busy people who want results fast.

@rpbarone @AaronHoos #blc The authors of the last book are Robert W. Bradford and Brian Tarcy.

@rpbarone @AaronHoos #blc 10 steps to successful strategic planning by Susan Barksdale and Teri Lund.

@rpbarone @AaronHoos #blc Finally strategic planning for success: aligning people, performance, and payoffs. Four authors in the next tweet.

@rpbarone @AaronHoos #blc Roger Kaufman, Hugh Oakley-Brown, Ryan Watkins, Doug Leigh.

@rpbarone @AaronHoos #blc Aaron I hope this interview has been useful and informative. Do you have any other questions?

@AaronHoos @rpbarone #blc No questions from me! Thank you so much. If other people have questions, they can just tweet (and add #blc) for an answer

@rpbarone @AaronHoos #blc I enjoyed the process and look forward to tomorrows session.

@AaronHoos @rpbarone #blc Thank you so much; this was a great interview! I’m looking forward to tomorrow, too!

Books mentioned in this interview: