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Business Objectives - Coggle Diagram
Business Objectives
Survival
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For new businesses, profit may not be the first aim, but being able to survive is the main thing.
For the year after the survival, a business can then think about making profit.
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Employee Welfare
Employee welfare helps businesses to seek harmonious relations with their workforce as an objective.
External examples: medical insurance, housing, education for family
Internal examples: canteen, toilets, uniform, creche.
Employees that are satisfied are loyal and hard working, they have increased morale, motivation and productivity.
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Social objectives
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CSR involves:
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Compliance with laws to minimise externalities like operating sensible hours so not as to noise pollute the local community
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Good customer satisfaction makes it more likely that the customer would come back and recommend the business to other people.
Market share
The % of a market that a business has, either in revenue or units sold.
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Sales maximisation
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Managers find sales figures more satisfying as targets as profits go to owners and salaries are often linked to sales levels
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