People often confuse between Vision, Strategy and Tactics. Here is the difference between these three terminologies based on my experience and interaction with others:
Vision: Vision is an answer to "WHY"? Why do you wake up in the morning to go to office? Why are you in this Business? Why do you want to put all the effort and money into what you are pursuing? Why are all the people working and pursuing what they are doing?
An example answer could be: We are in this business because we want to offer the best mobile payment product for our customers. We are doing what we pursuing because we want to see our customers use our solution to make their payment in the most efficient and easiest manner. That's the vision; it helps you rationalize as to why are you really into all the stuff you are doing.
Vision is indeed the answer to Why, when a new employee joins a company - that is the first thing what he/she would look forward to understanding before accepting the job offer. It is the message the founders send across so that it permeates through the minds of employees and really interests them. If you don't know the answer to Why, then you can never contribute effectively to the organization, regardless of whether you are the founder or an employee because you don't even know why you are doing what you are doing. There is no reason for that!
OK, so you know why you are doing your business and you know your vision. Now Where are you heading?
Strategy: Strategy is an answer to "WHERE" are you heading. What is the destination that you are trying to reach? Strategy is all about where you are heading and where the goal is. Where are you steering your ship?
An example answer to the above vision could be "I want to target the customers in the developed regions in Asia where there is a huge presence of mobile usage". Now, that's an answer to where! That says where you are heading and where your goal is. You need to know your strategy to win the War or in other sense, to capture what you want to do.
Just to complete the picture, now you know Why you are doing your business and Where you are heading. The obvious next question is about How do you reach your goal? This answer to the question How, is basically the Tactics. Tactics tell you how can you get to your destination and how will your steer your ship to a different direction if the need arises. Tactics is far simpler to understand compared to the other two terminologies.
For any business to succeed, the three basic ingredients that need to be ready are Vision (Why?), Strategy (Where?) and Tactics (How?)
Vision: Vision is an answer to "WHY"? Why do you wake up in the morning to go to office? Why are you in this Business? Why do you want to put all the effort and money into what you are pursuing? Why are all the people working and pursuing what they are doing?
An example answer could be: We are in this business because we want to offer the best mobile payment product for our customers. We are doing what we pursuing because we want to see our customers use our solution to make their payment in the most efficient and easiest manner. That's the vision; it helps you rationalize as to why are you really into all the stuff you are doing.
Vision is indeed the answer to Why, when a new employee joins a company - that is the first thing what he/she would look forward to understanding before accepting the job offer. It is the message the founders send across so that it permeates through the minds of employees and really interests them. If you don't know the answer to Why, then you can never contribute effectively to the organization, regardless of whether you are the founder or an employee because you don't even know why you are doing what you are doing. There is no reason for that!
OK, so you know why you are doing your business and you know your vision. Now Where are you heading?
Strategy: Strategy is an answer to "WHERE" are you heading. What is the destination that you are trying to reach? Strategy is all about where you are heading and where the goal is. Where are you steering your ship?
An example answer to the above vision could be "I want to target the customers in the developed regions in Asia where there is a huge presence of mobile usage". Now, that's an answer to where! That says where you are heading and where your goal is. You need to know your strategy to win the War or in other sense, to capture what you want to do.
Just to complete the picture, now you know Why you are doing your business and Where you are heading. The obvious next question is about How do you reach your goal? This answer to the question How, is basically the Tactics. Tactics tell you how can you get to your destination and how will your steer your ship to a different direction if the need arises. Tactics is far simpler to understand compared to the other two terminologies.
For any business to succeed, the three basic ingredients that need to be ready are Vision (Why?), Strategy (Where?) and Tactics (How?)
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