Business Objectives

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BUSINESS OBJECTIVES:

E.G. If the business' AIM is to maximise profit then the OBJECTIVE might be earn over £10,000 in revenue or keep overall costs to a minimum of £8,000.

Specific business objective will help a frm to reach their aim by setting measurable targets for the firm to work towards. Targets such as profir, growth, sales might want to be improved by a business.

This helps a business to improve continuously by setting objectives.

THREE MAIN OBJECTIVES THAT INFLUENCE A BUSINESS' OBJECTIVES:

1) THE SIZE OF A BUSINESS - New companies most likely will focus on geowth and survival because of the need to etablish themselves and being exposed t a high chance of failiure. This means they will focus on short-term objectives. Smaller firms like Revulot (a banking app) rely on word of mouth. larger firm like Tesco plc face more scrutinyfrom the public.

2) THE LEVEL OF COMPETITION - If a business is facing lots of competition, then their objective may change from inceasing market share/growth to survival. Survival is very important as it reprsents the likelihood of a business to survive when faces with faced with competition.

3) TYPE OF BUSINESS - For example, a social enterprise will focus on setting social or ethical objectives than a for-rofit firm. there is a charity called TOMS that donates a pair of shoes to children in Africa for every pair of shoes that you buy