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There are 03 common types of strategy misconception:

• Confusion of strategy and action: Strategy is NOT “to go international, sell to the region” or “ merge with ABC company to form XYZ corporation”.
• Confusion strategy with aspiration: Strategy is NOT “to become a number 01 in the market” or “to grow 05 times and create super profits for shareholders”.
• Confusion strategy with vision and ambition: Strategy is NOT “to understand and satisfy customer needs with superior services” or “to develop modern technology for mankind”

After researching and practical testing, Sleader has come up with a practical and universal definition: Strategy is a consistent series of decisions to shape the long-term future and create outstanding results, which results in qualitative breakthroughs in business.

Strategies help businesses to:

• Direct a clear future and define a accurate destination and path

• Businesses can’t go far without knowing where to go, thus the strategy is the road map for the business to achieve its goals.

• Allocate resources wisely

• Based on the strategy, the management department will be able to allocate strategic resources properly. A clear strategy helps businesses prioritize resources for breakthrough creation rather than being distracted by small, out-of-focus activities.

• Build trust and cohesion within business

• The real strength of an enterprise lies in the resonance of its members. By publicizing the strategy, employees and stakeholders are able to perceive the future of both the business and their own, hence they will have faith and joint efforts to make “the impossible” possible.

A mission is a statement that declares the reasons for each business’s existence. To define the mission, it is necessary to answer the question: “What is the purpose of the establishment and existence of a business? 

Mission is formed based on 03 main pillars: (1) business lines, (2) business philosophy, (3) aspirations of business leaders.

Through practical research and consulting for Vietnamese businesses, Sleader found that the reasons why businesses rarely announce their mission are that: 

• Business must find a way to survive by activities that bring immediate benefits:

• Up to 95% of enterprises in Vietnam are small and medium-sized, thus their main task is to try to survive and make a living, which leads to the lack of resources and time towards further things like “mission”.

• Businesses haven’t properly awared of the benefits of a mission statement

• Although the mission is invisible and stable, it promotes positive organizational change, and encourages members to think and act positively, beyond the usual duty. In other words, the mission is the basis for building a vision as well as a strategic goal, so announcing the mission is an indispensable job when it comes to enhancing spiritual strength. 

• Small business culture still dominates and have a strong impact on the business community

• Due to the influence of the small-scale economy, small-scale and guide-based business culture, many business owners do not have foresight and deep business philosophy, leading to the focus on specific benefits instead of the investment for long-term development.