As a result of its consultants’ wonderful guidance in 1901, Smithfield Custom Furniture has continued to do extremely well financially. It is now 1987, and the company has been headed by the founder’s grandson, Jonas Smithfield III. He has run the company for the past twenty years.
Why does a business need to define its mission and engage in planning?
Dani Alvarez is a management consultant with the firm Business Advisors. She’s sitting in his office one day when the telephone rings. She picks it up and hears the voice of Tom Wilson, an old high school friend. “Hi Dani. This is Tom Wilson from South side High. Remember me?” They discuss old times for a few minutes, and then Tom gets down to business.
“Dani, I need your help. I started a business several years ago, and we’re in trouble.”
• Distinguish between mission and vision in business.
• Explain how a values statement can support the goals of an organization.
