• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Business Objectives - They set themselves objectives that state the way that they operate.

Extracts from this document...


Business Objectives All businesses exist to provide goods and services that satisfy the customers needs. They set themselves objectives that state the way that they operate. These commonly are: - * Making a profit (or surplus) * Increasing sales or market share * Surviving * Providing services to the community * Offering charitable or non-profit services, such as caring for the environment * Developing staff skills * Producing high-quality products or offering high-quality service Having clear and focused business objectives gives the business a clear indication of which direction it is heading in. It can also help to judge how successful the business has been. Objective 1: Making a profit (or surplus) The first objective of any business is to make a profit. Without profit, a business cannot do all that it wants to achieve. Profit is defined as the difference between the total revenue of the business and the total cost of running it. If the business fails to make a profit, it can have a number of serious consequences. It cannot keep its shareholders happy, it cannot invest in better technology and therefore improve its products, customer confidence in the company drops, and staff morale also drops as they start to worry about their jobs and also worry about being paid. It also means that they cannot reward their employees for good work or give money to charities, as that is a good chance to improve their public relations opportunities. ...read more.


Because they don't make profits, they have to cut out other unnecessary spending to actually make any sort of money at all to give away. Caring for the environment is one of the major areas of charitable work. Organisations such as Greenpeace raise awareness of their situation through advertising campaigns and hope to recruit volunteers and receive public donations to carry out their work of saving wildlife and habitats. Objective 6: Developing staff skills The importance of people in an organisation cannot be underestimated. Most companies today include dealing with and developing their staff as one of their objectives. Businesses have realised that intelligent employees can add millions of pounds to the value of their company. They can have a number of different attributes, like having good I.C.T. skills to good communication and interaction with customers and other staff. They also need to use initiative in certain situations and should be able to work effectively when in problem-solving situations. The most successful organisations have therefore developed training schemes to find people with these type of skills in order to find a workforce that has a wide range of skills and one that can work effectively together to achieve their goals. Objective 7: Producing high-quality products or offering high-quality services When the term high quality is mentioned it does not necessarily mean that it is the most expensive. Many high quality products can be made with as little money as possible, and very often this is the case as the most money quite often means that it is not the best quality. ...read more.


Growth. We embrace change and encourage innovation. We seek out and pursue smart, challenging opportunities that contribute to personal and business growth. Responsibility. We take responsibility-as individual and as teams-for our work and our actions, and we are recognised for doing so. Advocacy Work ethically and constructively to influence proposed laws and regulations, and debate on emerging issues Safety and Incident-Free Operations Design, construct, operate, maintain and ultimately decommission our assets to prevent injury, illness and incidents. Compliance Assurance Verify conformity with company policy and government regulations. Ensure that employees and contractors understand their health, safety and environmental responsibilities. Conservation Conserve company and natural resources by continually improving our processes and managing our progress. Product Stewardship Manage potential risks of our products with everyone involved throughout the products' life cycles. Pollution Prevention Continually improve our processes to minimise pollution and waste. Property Transfer Assess and manage our environmental liabilities prior to any property transaction. Community Outreach Reach out to the community and engage in open dialogue to build trust. Emergency Management Prevention is a first priority, but be prepared for any emergency and mitigate any incident quickly and effectively. Vision Providing energy services and products that are vital to society's quality of life. Being Known as people with superior capabilities and commitment both as individuals and as an organisation. Thinking and Behaving globally and valuing the positive influence this has on our company. Being the Partner of choice as we best exemplify collaboration. Delivering world-class performance Earning the admiration of our stakeholders-investors, customers, host governments, local communities and our employees-not only for the goals we achieve but how we achieve them. ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our AS and A Level Structures, Objectives & External Influences section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related AS and A Level Structures, Objectives & External Influences essays

  1. Btec National Business Level 3 Year 1 - Exploring Business Activity

    conditions To secure their jobs through the survivals and expansion of the business Customers Access more customers on their online store To obtain good value for money from the goods and services purchased To receive high levels of customers service To receive after-sales service and supply of spares from a

  2. The Business Environment Coursework. Describe the type of business, purpose and ownership of ...

    Some companies have flat structures and some have tall structures depending on how the business is run. Companies usually start small and grow into bigger businesses and as it grows, the owners and managers will see what it needs to add to the business and this is how they develop their structure.

  1. Differentiate between strategic planning and operational planning.

    The fact that majorities of investors have very limited knowledge in what they are doing, their involvement with stocks and shares only occurred when they believe there are profits. These investors are usually lured into stocks and shares through word-of-mouth influence.

  2. External Influences - Business Study Notes

    the business to lose out to rivals INTERNATIONAL MARKETS Foreign markets present opportunities and threats OPPORTUNITIES 1.

  1. I am asked to assess how McDonalds could improve their operations ethically.

    This is why McDonalds have CSR policies outlined clearly. Complying with relevant legislation and codes of practice In the UK, McDonalds must comply with a large range of legislative regulations such as those relating to health and safety, employment, environmental and pollution.

  2. Aims and objectives of Waitrose

    This will ensure that Waitrose will not miss out any customers that want to buy Waitrose products, this will increase revenue, which helps to maximise profits. Waitrose products are high quality and price, selling them will help to maximise profits, because it would generate revenues, for example, organic products are

  1. Investigating Business. Tesco PLC. I will be describing the aims and objectives of ...

    With high levels of economic activity Tesco?s would have a lot of their customers spending and purchasing Tesco?s products and services, this would lead to a lot of sales and more profit for Tesco?s ? this ensures that Tesco?s meets their aim ?to remain a growth company? , Tesco?s is

  2. Comparison of stakeholders interest and influence. Apple vs. Mercedes Benz

    How stakeholders seek to influence aims & objectives of a business Stakeholders seek to influence aims and objectives of a business because they have direct interest in the business. They worry about changes for example staff is concerned if they will be able to cope with the job, and not

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work