• A vision statement outlines the company’s future plans and goals and provides clear decision-making criteria.
• Core values are the beliefs that a company follows when taking action or making decisions.
• Corporate strategy is a definition of how a company will achieve its stated goals and objectives.

An integral part of business planning is how the vision statement and core values guide the planning process, and consequently the strategy to achieve short and long-term objectives. It is important to know the meaning of each concept.

Vision statement

A vision statement outlines what a company wants to be and where it wants to go. It concentrates on the future, it is a source of inspiration, it provides clear decision-making criteria, and it is timeless.

Core values

A company’s core values are the beliefs that the company lives by. Core values are the inner beliefs that are held by everyone within a company and should guide all employees in their actions and decisions. These values do not change over time and are what you collectively bring to work each day; not what the company is trying to become.

Strategy

Strategy refers to how a given objective will be achieved. Corporate strategy is a definition of how a corporation will achieve its stated goals and objectives. Corporate strategy defines the markets and businesses in which a company will operate. In the context of trucking, this could be defined as long-haul or regional, flatbed or dry van, dedicated or general. A corporate strategy is typically decided within the context of defining a company’s mission and vision.

There are several considerations to take into account when developing a corporate strategy. Consider the company’s growth, size and profitability goals, which markets they will compete in, and in which geographic areas. In the context of a trucking business, the corporate strategy could include how many trucks will be operating, what types of freight will be hauled, and what freight lanes will be operated in.