Most corporate strategy teams are in the thick of the communication and implementation phase of their strategic planning annual calendar. And this makes it an excellent time for them to consider their mission statement, if they even have one.
It will help the innumerable conversations about why – from a line manager’s point of view – already busy executives are being asked to take on more work if corporate strategy teams can point to what their role is in the firm and how and why, therefore, this work they are asking for is important to the company.
But half of strategy teams in CEB’s client network of strategy professionals, say they run mission and vision reviews “as needed,” so there’s a decent chance it’s time for many teams to dust off theirs and update it.
Three Main Missions
Analysis of strategy team mission statements shows they can be broadly grouped into three categories based on a strategy function’s main mandate: “the growth champion,” “the trusted advisor,” and “the strategy champion” (see chart 1).
The growth champion focuses on helping the organization chase growth by all means and across all business units. The trusted advisor aims to act as support for senior leadership in all of their initiatives, including M&A, making sure all business units pull together to hit corporate goals, and in implementing strategy. The strategy champion helps develop and implement strategic plans throughout the company and do all they can to create a communication strategy and help teams pursue the growth projects on the plan.
While all strategy functions will likely include elements of each of these statements, it’s important for teams to select the one that most accurately represents their main goal.
Corporate strategy teams should also revisit their mission statement if their company’s own corporate mission has changed drastically, for example now embracing aggressive growth after a more moderate approach.
Chart 1: Types of strategy group mission statements Source: CEB analysis
Click chart to expand
This post was edited to include new links in August 2017.