An organization with a good product or quality service without a mission statement, vision, core values, and its own philosophy is like a top-notch car without gasoline. Definitely, one can have a good car but can’t feel the benefit of it since they don’t have the energy to power it. Relatable mission and attainable vision combined with well-grounded values propel a company to the pinnacle of success. Mission and vision statements constitute the purpose or “why” the organization exists and the philosophy forms “how” they execute their purpose and solve customers’ problems competitively and uniquely when compared to their competitors (Darr, 2011). Both mission and vision statements inform the company’s philosophy. In this paper, we will delve into the creation of mission and vision statements, core values, and philosophy for Lizano Money Market Fund, tasked with the protection of investors’ money and investing on their behalf.
Mission Statement
The mission statement formulates the purpose of the organization; what differentiates them from their competitor and why are they existing. The mission statement has three parts; key audience or market, product or service, and the differentiating factor in how to execute their purpose (Khalifa, 2012). Lizano’s mission is “to provide a competitive investment platform that is safe and secure for our customers”. Lizano believes that there are three forms to money; customers learn how to make it, save and multiply. However, Lizano comes in to help in completing the cycle; it helps all the hardworking Americans in keeping or saving their money and finding reputable, low-risk investment portfolios to multiply their customers’ money.
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The main goal is to enhance security and peace of mind for their customers and allow customers to remain productive without having money worries and wealth generation. When the customer focuses on making money and has Lizano on their side then their investment and savings side of their money is well taken care of. This is “why” Lizano exist to bridge the gaps between making money to saving and growing it to generate sustainable wealth.
Vision Statement
Effective implementation of mission statement should help an organization achieve its long term goal or live up to its vision statement. The vision statement looks at the growth of both the customer and the company consistently (Jantz, 2017). Lizano’s vision is “To inspire a savings culture and investment habit for wealth generation” . As mentioned earlier, Lizano has three approaches towards money; a customer learns how to make it, keep it, and multiply it. However, Lizano has this conviction that the customer should be allowed to concentrate on the daunting task of making money, allowing them to step in to help with savings and investment. The company aims at inspiring a significant percentage of the population to embrace a savings culture and investment to generate wealth and attain financial freedom.
Core Values
Organizational core values complement the vision and mission statement and exhaustively helps the customer understand the company’s identity, principles, and philosophy. Core values play a critical role in the decision-making process, recruitment, and retention policies within the organization. Core values are the basis of the “how” category of any organization (Dessi & Floris, 2013). The organization has its purpose “why”, product “what” and the execution mechanism “how”; Core values is an important aspect of every organization and it contributes immensely to the achievement of both the organizational mission and vision. The following core values best suits and complements Lizano’s mission and vision statements and inspires its philosophy;
Accountability & Transparency- We strive to remain an open book in all of our transactions and to keep our stakeholders and clients on the loop always.
Commitment- Leveraging on our valuable resource “employees”, we are committed to delivering on our promises of keeping and multiplying your money.
Team-work - We value the efforts every player brings into the team; from our clients, employees, and the company’s leadership. It is our conviction that a well-functional team is the epitome of success.
Inspired Growth - We are passionate about both of our customers' and employees’ growth and we love to inspire each one of them for greatness.
Organizational Philosophy
Having a strong mission and vision statements and core values isn’t enough. The company ought to define their way of doing business through a fusion of both mission and vision statements with core values to craft a competitive business philosophy. Organizational philosophy sets a company apart from the competition and gives it a leg up as well (Laguado, Florez, & Hernandez, 2018). The company’s philosophy constitutes strategies to be executed in order to realize the company’s purpose and solving customers’ problems effectively. Lizano’s philosophy involves competitiveness and growth. There are a lot of companies involved in the money market business; therefore, this calls for the adoption of more competitive strategies that are market-focused to ensure that the company stays ahead of the competition.
It is the company’s desire to empower its employees and build competitive teams who go out of their way to meet targets through exhaustively teaching potential clients and our clients on the importance of savings and investment and why it is important to invest with Lizano. When competitive teams have been established, then a competitive leader should take the helm of the company and is in charge of inspiring the company’s employees to strive for consistent growth both personal growth and that of their customers. Lizano’s philosophy revolves around two important assets; customers and employees and the company believes in inspiring the latter to generate more hunger and thirst for success which translates to the inspiration of the former to adopt savings and investment habits.
A successful and effective organizational philosophy signifies a correct fusion of mission, vision, and company’s core values to arrive at appropriate strategies on how to do business and achieve the company’s purpose. Quality products and services are not enough, a great philosophy which synchronizes with the company’s mission, vision, core values, and culture is necessary for the success of the company.
References
Darr, K. (2011). Ethics in Health Services Management (5 ed.). Baltimore,MD: Health Professions Press Inc.
Dessi, C., & Floris, M. (2013). The Importance of Values in Family Businesses in Spreading Ethical Business Paradigms. Integrity in Organizations , 272-288.
Jantz, R. C. (2017). Vision, innovation, and leadership in research libraries. Library and Information Science Research, 39 (3), 234-241.
Khalifa, A. S. (2012). Mission, purpose, and ambition: redefining the mission statement. Journal of Strategy and Management, 5 (3), 236-251.
Laguado, R. I., Florez, E. G., & Hernandez, F. Y. (2018). Organizational philosophy as a vehicle of action in the competitive development of SMEs. Journal of Physics: Confrence Series, 1126 .
