Iii) Optimal use of resources: The resources available in the company are generally limited. Therefore, every commercial company aims to make the best possible use of physical, financial and human resources. This objective can be achieved by: (a) the employment of an efficient and competent workforce; (b) the full use of the installed machinery; (c) the minimization of material waste. Business objectives are the specific, measurable results that companies expect to maintain as their organization grows.
Entrepreneurs and business leaders must track performance in every part of their business to ensure that they are going in the right direction. Having a complete list of business objectives creates the guidelines that become the basis of business planning. Its economic objectives refer to obtaining satisfactory benefits, creating customers and innovating. Objectives are necessary in all areas, where performance and results directly and vitally affect the survival and prosperity of companies.
The best way to determine the business objectives of any brand is to use the SMART goal-setting strategy. Its social objectives include providing quality products in sufficient quantity at reasonable prices, a fair deal for workers, a fair return for investors and a fair deal with material suppliers. Therefore, the company's objectives must be defined taking into account its predominant environment and its needs for survival and growth. Every commercial company must prepare a list of economic, human, organic and social objectives, which must be clear and specific.
The objectives must be feasible and must be expressed in specific terms with a time limit for their achievement. Social objectives refer to the objectives that you want to achieve for the benefit of society. Every human activity has some objective or objectives, and companies, as one of the important human activities, must have objectives. Human or individual objectives refer to objectives related to the individual needs of the employees of an organization.
It is the moral responsibility of top management to identify and specify the goals and objectives of their business enterprise. The third objective is to “create customers” and meet their needs and desires, and also to provide fair wages to workers. Its growth, development, expansion, stability, progress, all of these objectives are taken into account. The recovery of profits is the recognized source for raising the capital that companies need when commercial companies do not want to depend on outsiders.
Business objectives act as a compass for the company, dictating how the organization should allocate the strengths, weaknesses and opportunities that may be available.
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