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Business Objectives - Coggle Diagram
Business Objectives
benefits of having a objective
Helps owners to make decisions
Used to motivate employees
Helps guide the business to change or improve
Types of aims:
To increase profits
To improve market share (gaining more customers from your competitors)
To increase sales
To make a high quality product
To open another outlet
aim for the first year
survive as a business
aims and objectives will change over time because
Reinvest profits back into the business
Upgrade machinery or technology
Open a new outlet
Hire new staff or invest in staff training
what happens if you don't meet objectives
make to many produces
spending money on thing you dont need
loans you dont need / cant pay back
unmotivated
not make profit