Such terminology can also be applied to the degree to which formal risk management is being undertaken in the business.
The RMM Model assists in developing appropriate and relevant risk management strategies for the business, as well as assisting in planning and decision making in establishing short, medium and long-term goals for developing, integrating and embedding risk management into the business. Risk Consultant Of The Year 2014 Australian Government Develops Risk Management Policy Governance, Risk and Compliance (GRC) - Can They Be Integrated?
A mission statement is a guiding light for a business and the individuals who run the business. Vision - A vision statement is a mental picture of what you want to accomplish or achieve.
Mission - A statement of mission is a general statement of how you will achieve your vision.
Core Values - Core values define the business in terms of the principles and values that the business leaders will follow.
The core values tell a lot about the the leaders of AgVA and how they will conduct their business activities and relationships. Your statements of vision and mission should be a single thought that can easily be carried in the mind. Unique Businesses - It is usually more important to write mission statements for unique or non-traditional businesses where the purpose of the business is not generally known. Once you have developed your vision, mission and core values, you can then develop the goals and objectives needed to achieve your vision.
Acceptable: Does it fit with the values of the company and the employees?  • Understandable: Is it stated simply and easy to understand? Objectives - Objectives are specific, quantifiable, time-sensitive statements of what is going to be achieved and when it will be achieved. To lower operating costs by 15 percent over the next two years by improving the efficiency of the manufacturing process.
To reduce the call-back time of customers inquiries and questions to no more than four hours. Ownership: Are the people responsible for achieving the objective included in the objective-setting process?
Action plans (tactics) are statements of specific actions or activities used to achieve an objective. Mission: To create and facilitate the development of value-added agricultural businesses.
Strategy: Use local farmer leaders with business development skills to develop the businesses.
Strategy: Use consultants to supplement the skills of local farmers leaders in developing businesses.
Action Plan: Create a committee from the membership (recruited above) to talk to Prairie Ethanol, Peterson Organics and Valley Bio-Diesel about who their consultants are, select a small group to interview and hire an attorney, an accountant and an industry consultant.
Action Plan: Contract with our industry consultant (identified above) to conduct an industry scan. Strategy: Provide financial support for the businesses from investment by local farmer members.
Action Plan: The membership committee will conduct 10 membership meetings at specified locations on the following dates in June and July. In other words, strategies are approaches AgVA will take to create successful businesses that will lead to a vibrant rural economy.

Strategies are critical to the success of your business because this is where you actually outline a plan for doing something and then do it.
The purpose of a business strategy is to create a competitive advantage in the market place.
This is true for IMI employees around the world and demonstrates their commitment to doing the right thing for the business and for its customers.
Climate change – providing green technology solutions to improve energy efficiency and environmental impact. Resource scarcity – innovative products to manage energy, water and waste more efficiently. Urbanisation – the increasing movement of populations to cities adds pressure in areas such as improving the operation and maintenance of older buildings, enhancing building design to improve efficiency and providing better transport links.
IMI’s growth strategy focuses on the markets where it is, or has the potential to become, the market leader. Subscribe to our newsletter for current business news including lesson plans and activity ideas. If you learnt more about Developing growth strategies to become a market leader from this IMI case study, why not share it with others?
This page and contents, ©2016 Business Case Studies, is intended to be viewed online and may not be printed. Members are allowed to purchase Amway products at a price equivalent to that paid by IBOs, but do not participate in the Amway Sales and Marketing Plan.
If you learnt more about Developing competitive marketing strategies from this Amway case study, why not share it with others?
An example of the statements for a value-added business is included for clarification. For example, you may want to develop a profitable winery or a successful organic dairy business. It will create a vibrant rural economy by creating and facilitating the development of value-added agricultural businesses. They provide the bounds or limits of how the business leaders will conduct their activities while carrying out the vision and mission.
To test the effectiveness of a mission statement in a business, ask its leaders, managers and employees to tell you the vision and mission of their business. Mission statements are important for these businesses so that everyone involved in the business understands what the business will accomplish and how it will be accomplished. You need to identify specific individuals who have the responsibility for implementing the action plans. If you don’t carry through on your strategies, your vision and mission are of no value. The more unique the business, the more creative and innovative you need to be in crafting your strategies. But, if done properly, they can save money and time and increase the odds that your business venture will succeed.
Monitoring and assessing the likely impacts of these external factors will highlight challenges and opportunities for the business. A business may pursue a growth strategy to increase its market share, improve efficiencies through economies of scale or to increase revenue. It uses innovation and its expertise in the four growth drivers to enhance its position in these markets.

One method used by Amway involves expanding the ways in which individuals can be involved with the Amway business. This increases the number of ways through which people can become involved in the Amway business. If they cannot instantaneously tell you both, their mission statement is of little use.
They also need to be integrated with your mission of how you are going to achieve your vision. Creating these statements will help you focus on the important aspect of your business.
IMI’s strategies are therefore focused on growing each of its five business platforms to become the world-leading engineering company in these niche markets.
IMI has identified four global long-term trends which are shaping the future direction of the business. The benefit to IMI is that the business achieves higher margins (the amount of profit once costs have been subtracted), greater product differentiation and improved customer intimacy. Because of its unique nature, it is important that AgVA create a meaningful mission statement to convey its purpose to it leaders, staff and members. When people focus on the vision, their daily activities are automatically directed towards achieving the vision. Once again it is a very simple and direct statement that is easy to understand and remember. The vision and mission guide the everyday activities of every person involved in the business.
Also, design your goals so that they don’t contradict and interfere with each other.
Goals and objectives provide milestones for measuring the success of the strategy in achieving the vision. The statement needs to capture the very essence of what your business or organization will achieve and how you will achieve it. To be effective, your statements need to short and simple, capturing the essence of what you want to accomplish. It is often best to do the best job of writing it as you can, use the statement for a period of time, and then revisit it a few months or a year later.
Each of the objectives should be described with a quantifiable outcome to be achieved by a predetermined deadline. This objective drives all of IMI’s investment decisions and supports its goal to grow to become market leader in its niche markets. Usually these statements just confuse the reader and cloud the real meaning of your statement.
Each successive draft of your statements should be to simplify and clarify by using as few words as possible.

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