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Business Aims and Objectives - the Bank of Cyprus.

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Introduction

Business Aims and Objectives An aim is what the business sets out to do. An aim for a business is the overall direction in which the management wish to develop over a period of time. A business will often set out its aims in a published 'statement' which is normally longer and more detailed than a vision statement. The bank of Cyprus Mission statement: "Bank of Cyprus in the UK aims to be a first-class specialist business bank dedicated to meeting the needs of its customers through outstanding relationship-based service" Objectives A business will succeed in its aim through a variety of objectives. These are the goals which are set out by the people who lead or control the business. There are multiple objectives the bank would like to meet. The main objective is to make profit and cover cost, the second is to have a skilled workforce to provide a quality service and a third objective is to serve the community. Making profit All businesses, whether they are large or small, need to make profit or a surplus. This is achieved where total revenue is greater than the total costs. Profit provides money for further growth and for rewarding the owners. ...read more.

Middle

This helps provide a better quality service thus gaining more profits. Training and developing careers builds a skilled workforce. The bank offers maximum opportunity for career development to all staff and aims to provide stimulating and satisfying careers at every level. The Bank is committed to the training and development of its staff. The aim of its training policy is to enable staff to perform their job efficiently, to increase competencies in preparation for promotion and to help with programmes for self-development. To achieve these objectives, various methods of training are used. Most training is offered on the job, but this is supplemented by formal courses. Internal courses provide the training which employees need to perform effectively the jobs to which they are assigned. Employee development is a responsibility to be shared between staff and their Line Manager. The Bank places considerable importance upon identifying and fulfilling development needs and on encouraging individual initiative in development. There are a variety of opportunities for staff to review and identify their development and training needs with their manager. Some of theses opportunities are covered informally and some by established processes such as the Annual Performance Review for all employees. ...read more.

Conclusion

Ltd has been very successful at meeting its main objectives. The bank has achieved its main objective to increase profit by managing its costs and by providing a quality service. This couldn't be achieved without a skilled workforce, which is another main objective. The bank has worked very hard to make sure all their employees are fully trained and developed. The increase in profits has shown that the bank has been very successful at doing so. Another of the bank's objective was to serve the community, by doing so the bank gains a good reputation and thus attracting new customers. The bank has also been successful at serving the community both locally and abroad by helping out charities and by holding an annual charity event in Cyprus. Measuring the success At the end of the year the Bank of Cyprus (London) Ltd makes up a report with all they year's financial statements. By doing this they can compare the recent years statement to that of last years. The report also includes the views of the director and general manager of the Bank of Cyprus. There are multiple ways for the bank to measure its success, including: * Five year financial summary * Profit and loss account * Balance sheet * Cash flow statement Below are some extracts from the financial statements and reports from 2002. ...read more.

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