different types of business objectives
profit objectives
growth objectives
survival objectives
cash flow objectives
business making a loss may aim to become profitable
profitable businesses may just want to increase their profits by a certain percentage
the larger a business grows the more it is able to use its position in the market to earn higher profits
can be based on increasing revenue, market share, or expanding a business
a business can continue to trade, rather than running out of money or being forced to exit the market
main objective for new business
key objective during periods of strong competition
money that moves in and out of a business over a set period of time
cash flow objectives = to improve cash flow
increased cash flow = greater chance of survival
social objectives
benefiting society or people in need
moral principals
non profit organisations (charities) set up to achieve social or ethical objectives
long term objectives
set the direction of a business
affect big decisions
short term objectives
ie- short term survival and making short term profit
to satisfy shareholders, business have to go for short term profits or risk losing investors
needs to be a good balance between short and long term objectives
Specific, Measurable, Agreed, Realistic, Timely
MISSIONS. AIMS. OBJECTIVES.