How futureproof is your mission statement

How future-proof is your mission statement? …an assessment of 20 companies in 5 industries…frederic de meyerfounderinstitute for future insightsfrederic@i4fi.comwww.i4fi.comwww.fredericdemeyer.com

The views and opinions in this file originate from my personal opinion only. These are not intended to express any judgment on the value of any of the companies mentioned.

What this presentation is about• Your mission statement is the cornerstone of your exposure to your stakeholders. A mission statement –if it is consequently acted upon- is an instrument for your company to start and build a unique relationship with investors, future employees and loyal customers.• For a mission statement to successfully answer your stakeholders’ changing requirements of businesses, it needs to:  be appealing to GenY by expressing values and purpose, drive and change, collaboration, solution-driven;  build trust by adhering to principles of social responsibility and shared value;  express a purpose by showing how a business is answering one or more long-term challenges;  show a future direction or at least an understanding of how the future of the business’ environment will shape.• This presentation assesses the mission statement of 4 randomly chosen companies in 5 industries, in the light of these four metrics. The assessment is based on a personal opinion of the mission statements and does not express any opinion on the value of the company.

Many companies in the pharmaceutical sector integrate their role in long-termchallenges to some extend in their mission statement, though most of thesecompanies merely mention it instead of putting it at the heart of their mission. e nt eng eg ility ll b ha lve ns a ed ac po cia or ie es m ct or fa lR re nY so tu Ge PHARMACEUTICAL COMPANIES MISSION STATEMENT: Assessment: So re fu This statement is a bit inward- We want to discover, develop and successfully market innovative looking; although it contains products to prevent and cure diseases, to ease suffering and to elements of social good they are a enhance the quality of life. bit vague. We work to protect the health of the earth’s 7 billion inhabitants, Very specific about their role in the improve their quality of life and respond to their potential needs. growing world population. New We are creating new approaches to our activities and work approaches could appeal GenY but sectors, and are mobilized for our priority goal of bringing could be stated more specifically. medicines and vaccines to patients. We will become the worlds most valued company to patients, Most valued company in what customers, colleagues, investors, business partners, and the terms? It can be interpreted both as communities where we work and live. emotional value or financial. We have a challenging and inspiring mission to improve the Appealing for GenY to work on a quality of human life by enabling people to do more, feel better visionary challenge. Link with aging and live longer. and growing population is clear.

Technology companies excel at explaining what they do, but not so much at whatthey do it for. However, due to the nature of their business (innovation, futureshaping, …) most of the mission statements are likely to attract GenY. e nt eng eg ility ll b ha lve ns a ed ac po cia or ie es m ct or fa lR re nY so tu Ge HARDWARE TECH COMPANIES MISSION STATEMENT Assessment: So re fu At IBM, we strive to lead in the invention, development and manufacture of the industrys most advanced information Lack of finality (or societal aim), technologies, including computer systems, software, storage value needs to be defined more systems and microelectronics. specifically. The strive factor might We translate these advanced technologies into value for our appeal to GenY. customers through our professional solutions, services and consulting businesses worldwide." Apple designs Macs, the best personal computers in the world, along with OS X, iLife, iWork and professional software. Apple Stating what a company has done in leads the digital music revolution with its iPods and iTunes online the past is hardly a mission store. Apple has reinvented the mobile phone with its statement, though -in this case- this revolutionary iPhone and App Store, and has recently introduced might appeal to GenY. iPad 2 which is defining the future of mobile media and computing devices. Dells mission is to be the most successful computer company in Very inward-looking statement, very the world at delivering the best customer experience in markets little direction or vision on its we serve. societal role. Lack of finality (or societal aim), Shape the future of the Internet by creating unprecedented value value and opportunity not defined. and opportunity for our customers, employees, investors, and Shaping the future would attrackt ecosystem partners. GenY.

The mission statements of Internet companies are remarkably crisp and to-the-point,and point to a vision of the future in which they have an active role to play. e nt eng eg ility ll b ha lve ns a ed ac po cia or ie es m ct or fa lR re nY so tu Ge INTERNET COMPANIES MISSION STATEMENT Assessment: So re fu Googles mission is to organize the worlds information and make Clear, future-oriented and societal it universally accessible and useful. vision and its role in it. Our vision is to be earths most customer centric company; to build a place where people can come to find and discover A slight lack of societal value. anything they might want to buy online. Facebooks mission is to give people the power to share and Clear, future-oriented and societal make the world more open and connected. vision and its role in it. eBay’s mission is to provide a global trading platform where Vague and static (what happens practically anyone can trade practically anything. once that platform is installed?)

The mission statements of Retail companies point to a social value and a futuredirection, but lack some relationship with solving challenges related to megatrends. e nt eng eg ility ll b ha lve ns a ed ac po cia or ie es m ct or fa lR re nY so tu GeRETAIL MISSION STATEMENTS Assessment: So re fu Short and to-the-point. Leading We save people money so they can live better. better lives could be more specific. Our core purpose is, To create value for customers to earn their lifetime loyalty. We deliver this through our values, No-one tries Slightly inward-looking. Creat value harder for customers, and Treat people how we like to be could be more specific. treated Carrefour is totally focused on meeting the expectations of its customers. Our mission is to be the benchmark in modern Strong social committment. Sense of retailing in each of our markets. As a global retailer, Carrefour is modernity and committment to committed to enabling as many people as possible to purchase values will attract GenY. consumer goods, in accordance with the principles of fair trade and sustainable development. Ikeas mission is to offer a wide range of home furnishing items Aimed at rising middle class, but of good design and function, excellent quality and durability, at lack of social goal and future vision. prices so low that the majority of people can afford to buy them

Most energy companies assert their social responsibility but fail to include it in acoherent statement of their role e nt eng eg ility ll b ha lve ns a ed ac po cia or ie es m ct or fa lR re nY so tu Ge ENERGY & UTILITIES MISSION STATEMENT: Assessment: So re fu Exxon Mobil Corporation is committed to being the worlds premier petroleum and petrochemical company. To that end, we must continuously achieve superior financial and operating Very inward-looking. No What do results while adhering to the highest standards of business we do it for?. conduct. These unwavering expectations provide the foundation for our commitments to those with whom we interact. To continuously deliver shareholder value by:Manufacturing and supplying oil products and services that satisfy the needs of our Despite the ultimate goal directed at customers;Constantly achieving operational shareholders, the statement excellence;Conducting our business in a safe, environmentally contains many elements related to sustainable and economically optimum manner;Employing a sustainability and future challenges. diverse, innovative and results-oriented team motivated to deliver excellence Offer innovative energy solutions, based on our energy mix and associated services; ensure the security of Europes energy supply, creating major infrastructures; assist individuals, cities, Directly related to energy and businesses in developing a responsible relationship toward dependence and sustainability. energy; place sustainable development at the heart of our Focus on innovation and assistance businesses, developing renewable energy, fight against global will attract GenY. warming; Develop synergies between our businesses in energy, energy services, and the environment. Performance, Forward thinking, Trust, Customer Focus and Strong focus on values but no Reliability define the way we act in day-to-day business and are forward direction on active role in the attidues we adopt to put life into. solving future issues.

The ‘mission statement’ is only one of the 26 metrics we assess in the Future Readiness Benchmark…assess yourself and up to 5 competitors on 26 long-term metrics: get the Future Readiness Benchmark template at www.i4fi.com/useful_tools or contact us to have the full benchmark performed for you frederic@i4fi.com…and obtain an overall score and competitive benchmark:

Are you prepared to make the maximum out of long-term trends? “Frederic offers a unique insight of how global changes translate into new business opportunities. This book is an essential tool for any future-oriented manager or entrepreneur and anyone involved in innovation strategies” Philippe De Ridder, co-founder, Board of Innovation “Designing and implementing a good strategy is quite a challenge. In an increasingly complex world, it is becoming increasingly difficult to recognize the core from the noise. This book on megatrends will help you do this. It will give you the necessary insights to focus on the themes that are crucial to the future of your company. A must read!” Jeroen De Flander, co-founder, The Performance Factory, author of Strategy Execution Heroes “This excellent book is a comprehensive overview of the major trends and also offers a methodology to better assess the future reality and master its consequences. The author provides an essential guide for any strategy exercise” Peter Corijn, Vice-President, Procter & Gamble Now available on click here (in presentation mode)

Discover our services… ° thought-provoking speeches for your strategic planning session or industry event ° training on how to manage a megatrend exercise in your company ° assist you all the way in conducting an in-house megatrend exercise ° audit your business in how future-proof you –and your competitors- are in the light of megatrendswebsite www.i4fi.comblog www.fredericdemeyer.commail frederic@i4fi.comPhone +32 478 68 13 08for useful long-term planning tools: http://www.i4fi.com/useful_tools.html

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How futureproof is your mission statement

by Frederic De Meyer on Feb 01, 2012

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