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Business Objectives

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Section 2 - Business Objectives All businesses have objectives. What these objectives are depends on the type of company it is. With sole traders and partnerships the objectives are governed by the owners. However in public & private limited companies, the shareholders along with the owners are in control of the direction and objectives of the business. A shareholder is someone who has an interest in the company and owns a proportion of t through shares. This means that they have say in some aspects of running the company. By having shareholders it gives the business a clear direction and enables them to judge their performance. Businesses also have aims to work alongside their objectives. Aims can also be referred to as missions, and businesses often publish a 'mission statement'. Some examples of mission statements include these from two major companies; CCL Computers: "CCL are committed to offering the right product, at the right price and the right time" McDonalds: "McDonalds are committed to providing high quality food, using the best raw ingredients, working with trusted suppliers and ensuring consistent preparation standards" Businesses use the abbreviation SMART to shape their objectives. ...read more.


A company's aims are just as important but these are just two of the factors that can govern what makes company policy. The size of the firm is also an important consideration, as this will govern things such as human and physical resources available to the company. The age of a business can greatly affect the direction of the company as older businesses are less likely to accept change and so may be slower at re-directing their efforts if the need arises. All of these changes are instigated by internal matters, company's are also affected by external factors. Perhaps the biggest external factor is changing market trends. A sudden change in market trends can mean that the companies aims and objectives become obsolete and have to be re-drawn. This can be a big thing for a company to do and can lead to loss of jobs etc. A good example of this is the car industry where many jobs have been lost because market demand decreases. Cornhill's Mission Statement is: " Our mission is to grow our business profitably so that we are: A leading player in our chosen markets by size, ranking, regard or influence. ...read more.


Also the company often have staff satisfaction surveys to make sure that their staff are happy and an opportunity for the staff to express their opinions and problems. This ensures that the staff can work in the best environment and they work as well as possible. Finally the company as a whole has phone targets, whereby the phones should be answered within an allotted time, these are carried out randomly and the operators are assessed. Cornhill say they have a long-standing objective to look after the community around them and they want to create a safe & healthy workplace for their employees. Cornhill strive to use as much recycled material as possible and waste as little energy as they can in the day-to-day running of the company. They are aiming for a waste free business and with the advent of computers they are working on ways to reduce the amount of resources used. Cornhill are continually evaluating the effect of the business on the surrounding communities and they are trying to minimise the damage caused by the company by forming good relationships with the community. Owen England 28/04/2007 - Page 5 - ...read more.

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