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Corporate vision is a concise inspiring statement of what the organization aim to achieve and usually stated in competitive terms. It refers to a category of purpose that is broad and forward and reflects the organization's goals before it sets out to reach them. Vision describes the aspirations without spelling out the means that will be used to reach them.
Hai-O's vision is clear and apparent. It succeeds in magnifying the Group's fundamental purpose in entering the healthcare business. It clearly correspond the Group's aim to take the Company to an upscale level where it is able to stand alongside with other leading healthcare providers. On the strategic road to achieve its goal, Hai-O takes into account and focus on the key pillars that the organization stands on that are its customers, business partners, employees and its shareholders. And this element is also communicated in the Group's vision. Hence, the setting up of the Group's vision is well done and cleverly put out.
"We aim to become the premier healthcare company in Malaysia and thereby bringing the greatest value and pride to our customers, business partners, employees and shareholders."
Setting the Mission
A mission statement is a clear and concise declaration of an organization's direction and purpose. By placing its vision as reference, Hai-O writes its mission statement by communicating the core values which the Group is committed to and consequently communicates its ultimate visionary goal.
Hai-O puts its core purpose beyond the measures of just making profits and improving revenues year after year. Through its vision and mission, the Group tries to communicate that Hai-O is more than just a brand, a unit that helps contribute something meaningful to the society and human life. It is a clever mission statement as it creates the sense that Hai-O is a cause and a lifestyle that should be followed in terms of health well being as well as self-entrepreneurship.
As visionary as it reads, the Group should be careful on the statement being perceived as over-ambitious. And it should also consider the statement to be more precise and elaborative in order to make it bolder and convincing.
Hai-O's Mission Statement:
"We are committed to promoting healthcare culture and improving human's well-being."
Setting the Objectives
After gathering all necessary information, the main aim of strategic road-mapping and strategic planning is the constructing of goals for the organization based on the vision and mission statement. A goal is a long-range aim for a specific period that is realistic and precise. It is rendered into actions that will guarantee accomplishment through operational planning.
Hai-O manages the Group for sustainable performance defined by its long term annual growth targets. The Group plans to achieve this sustainability through a strategy focusing on choosing the right product, targeting the Bumiputra segment and venturing abroad. Employing such strategies, Hai-O is set out to reach its business objectives that are guided by its corporate values.
The objectives of Hai-O Enterprise Berhad are as the following:
To be responsible to the society by helping those in needs through actions and financial support.
To give excellent service to customers by performing beyond customers expectations with excellent quality products and superior service.
To sustain a positive attitude in every business dimensions towards any circumstances.
To unite together as one solid organization.
To capitalise on competitive advantage and knowledge for continuous improvement and growth.
To be loyal to business partners and commit to convey good results to shareholders.
To build a knowledge-based working environment that moves towards the path of science and technology and educate consumers on healthcare.
These objectives are clear and constructive. However, in order to be more intensifying Hai-O should also express a milestone that it will reach in the future. The objectives should also be more challenging rather than strategic and tactical. The reason is so that they carry more weight in order to make the employees realize the effort required to reach them. Objectives are a motivation. It should be a continuous process. Therefore, once an objective is realized, it has to be replaced or else it is dubious that the organization will continue to be successful.
Analysis of Stakeholders
It is also significantly important for a successful business to put a strong measure in analysing the values of its stakeholders. Stakeholders are the people that make up the whole business or an organization. It is important to identify the key stakeholders and manage them in order to sustain the efficiency of operation. Engaging the right people in the right way can bring a big difference to the organization success. Satisfying the needs of stakeholders can be viewed as the reason why organizations are able to function well and have a sustainable growth.
Stakeholder management is a key discipline that successful leaders use to win support from the people that make up the company. These people could be strong supporters or they could block it. In order to manage the stakeholder, a Stakeholder Analysis is employed as a technique to identify the key people who have to be won over. Table 10 below provide an analysis of Hai-O various stakeholders and their respective expectations and power.
Table 10: Hai-O's Stakeholder, Expectations and Power
Effective quality products and services at reasonable price
Switch to other healthcare providers
Profits, higher market price and appreciation in their Hai-O's share in KLSE
Voting rights to elect new board of directors and withdraw investment from Hai-O's current stock
Liquidity, solvency and profitability
Sue the company or withdraw facilities
Job satisfaction with conducive working environment and higher compensations
Lower productivity or resign for another employer
Distributors and Dealers
Higher margin and higher credit limit
Switching loyalty to other healthcare providers
Prompt payment and continuous large volume orders
Stop supply, increase price or supply inferior products
Higher return, long term growth and sharing of benefits
Sue the company, withdraw from partnership or give bad reputation
Board of Directors
Long term growth and development
Remove CEO and change top management
Best overall performance
Revise objectives and change top management
Achieve divisional objectives of financial, operational, human resources and innovation technology
Restructure management, working level and recruitment
Higher return on GDP and compliance with the law
Enforcement by setting stricter laws on distributing traditional medicine
Take over market share
Intensify competitions by promoting substitute products by leveraging on Hai-O's weaknesses
Healthy environment and better social contributions by Hai-O
Conduct campaign to boycott Hai-O products and persuade government to impose stricter policies
Based on the above stakeholder analysis, a better corporate objective could be constructed. An excellent corporate objective based on stakeholder analysis would act and function on a business agenda that meet the stakeholders' expectations while being aware of their powers and influences.
Below is a proposed corporate objective for Hai-O Enterprise Berhad in regards of the stakeholder's analysis:
Hai-O proposed Corporate Objective:
"To become a leading consumer-oriented healthcare provider in the country that brings the greatest value and pride to our customers, shareholders, employees and business partners while sustaining healthy relationship with competitors and society."