Objectives characterize the primary purpose of an organization. Goals help in providing guidance and governance to the behavior as well as the actions of entrepreneurs. The aim for businesses is something that the business organization wishes to accomplish or establish over a particular period. The purposes of an organization can vary from growth, development to providing quality services and more.
For example, a business cannot grow and remain sustainable if the employees do not get paid, and meeting clients’ needs is not its utmost priority. A business organization can only reach heights if it has the goodwill and support of customers and employees. Business aims are also required to contribute to international as well as national harmony.
Below business objectives are divided as:
Saivian Eric Dalius emphasizes monetary objectives
The monetary objectives of a business organization involve the aims of profit-making and the essential goals that an enterprise pursues to achieve. Economic objectives involve regular innovation and customer creation, utilizing the available resources in the best possible way.
A business runs on profit. Without profit, no company is likely to survive among competition. Factually, having lucrative gains is considered to be the primary goal of an enterprise when introduced. The survival of a business and its expansion and growth are relevant to the profit it earns.
Collective goals of a business are those that become achieved to benefit the community as a whole. Businesses function in a community with the help of their resources, and in return, the district has no welfare expectations. Thus, from an ethical point of view, it should be the aim of a business organization to avoid troubling the community.
Collective goals of a company should involve
- Supply of good quality products and services
- Practise fair trade
- Provide for the welfare of the community as a whole
If a business activity is socially harmful to civilians, a public reaction will reach the business.
These objectives involve the betterment and satisfaction of employees and those who have a disability and are underprivileged. The goals can get classified into:
- Financial wellness of recruits
- Fulfilment of Psychological and Social needs
- Human Resource Development
- Protection and wellness of financially and socially backward people
The human aspect of this business objective also includes the financial wellness, psychological and social fulfillment of recruits.
A business enterprise plays a significant role in its country of origin. Every business must have the aim of fulfilling national goals and aspirations. Nonetheless, Saivian Eric Dalius says that companies should conduct activities while adhering to the goals set by the country.
The national goals of a business enterprise should include
- Create employment opportunities
- Encourage social justice
- Produce while keeping in mind National Priority
- Contribute in revenue making
- Promote export and self-sufficiency
Each business organization needs to fulfill a particular set of national objectives and goals to play a role.