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A business may achieve an objective and will need to move onto another one (e.g. survival in the first year may lead to an objective of increasing profit in the second year). The competitive environment might change, with the launch of new products from competitors. Technology might change product designs, so sales and production targets might need to change.
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Explain how the objectives of a business may change as it grows?
Business objectives are the stated, measurable targets of how to achieve business aims.An aim is where the business wants to go in the future, its goals. It is a statement of purpose. Objectives give the business aclearly defined target. Plans can then be made to achieve these targets. This can motivate the employees. It also enables the business to measure the progress towards to its stated aims.The most effective business objectives meet the following criteria:S -- Specific -- objectives are aimed at what the business does, e.g.a hotel might have an objective of filling 60% of its beds a night during October, an objective specific to that business.M - Measurable -- the business can put a value to the objective, e.g.€10,000 in sales in the next half year of trading.A - Agreed by all those concerned in trying to achieve the objective.R - Realistic -- the objective should be challenging, but it should also be able to be achieved by the resources available.T- Time specific -- they have a time limit of when the objective should be achieved, e.g.by the end of the year.The main objectives that a business might have are:Survival -- a short term objective, probably for small business just starting out, or when a new firm enters the market or at a time of crisis.Profit maximisation -- try to make the most profit possible -- most like to be the aim of the owners and shareholders.Profit satisficing-- try to make enough profit to keep the owners comfortable -- probably the aim of smaller businesses whose owners do not want to work longer hours.Sales growth -- where the business tries to make as many sales as possible. This may be because the managers believe that the survival of the business depends on being large. Large businesses can also benefit from economies of scale.A business may find that some of their objectives conflict with one and other:Growth versus profit: for example, achieving higher sales in the short term (e.g.by cutting prices) will reduce short-termprofit.Short-termversus long-term:for example, a business may decide to accept lower cash flows in the short-termwhilst it invests heavily in new products or plant and equipment.Large investors in the Stock Exchange are often accused of looking too much at short-termobjectives and company performance rather than investing in a business for the long-term.A business may change its objectives over time due to the following reasons:A business may achieve an objective and will need to move onto another one (e.g.survival in the first year may lead to an objective of increasing profit in the second year).The competitive environment might change, with the launch of new products from competitors.Technology might change product designs, so sales and production targets might need to change.
What happens if a business doesn't meet its aims and objectives?
If a business doesn't have aims and objectives it will have nothing to work towards. If a business doesn't have anything to work towards they have no idea what they are supposed to do to get back on track. Therefore the employees are not inspired, and may just give up. Then the whole business wil fall apart.
What happens to a business when they do not meet their aims and objectives?
When a business fails to meet its aims and objectives, it may experience decreased employee morale, reduced productivity, and a loss of customer trust. This can lead to declining sales and profitability, ultimately jeopardizing its market position. Additionally, failure to achieve goals can prompt stakeholders to reassess their investment, potentially resulting in reduced funding or support. Long-term, consistent failure to meet objectives may threaten the overall viability of the business.
What will happen to a business plan when the business grows?
As a business grows, its business plan may need to be revised and updated to reflect new goals, market conditions, and operational challenges. This could include adjustments to financial projections, marketing strategies, and organizational structure. Additionally, a growing business may need to incorporate new products or services, expand its target market, and adapt to increased competition. Regularly revisiting and refining the business plan ensures it remains relevant and effective in guiding the company's growth.
Why do different businesses have different aims and objectives?
Very simply put, different businesses make money by selling or providing different goods or services, and the owners of each business has a different goal. For instance, the owner of a small business that sells a product may be in business to sell his or her product at a good price while providing great customer service. A large corporation that sells the same product may be in business only to make a profit, or to please its stockholders, and may not be as concerned with customer service.
How objective of a business may change as it grows?
A business may achieve an objective and will need to move onto another one (e.g. survival in the first year may lead to an objective of increasing profit in the second year). The competitive environment might change, with the launch of new products from competitors. Technology might change product designs, so sales and production targets might need to change.
Explain how the objectives of a business may change as it grows?
Business objectives are the stated, measurable targets of how to achieve business aims.An aim is where the business wants to go in the future, its goals. It is a statement of purpose. Objectives give the business aclearly defined target. Plans can then be made to achieve these targets. This can motivate the employees. It also enables the business to measure the progress towards to its stated aims.The most effective business objectives meet the following criteria:S -- Specific -- objectives are aimed at what the business does, e.g.a hotel might have an objective of filling 60% of its beds a night during October, an objective specific to that business.M - Measurable -- the business can put a value to the objective, e.g.€10,000 in sales in the next half year of trading.A - Agreed by all those concerned in trying to achieve the objective.R - Realistic -- the objective should be challenging, but it should also be able to be achieved by the resources available.T- Time specific -- they have a time limit of when the objective should be achieved, e.g.by the end of the year.The main objectives that a business might have are:Survival -- a short term objective, probably for small business just starting out, or when a new firm enters the market or at a time of crisis.Profit maximisation -- try to make the most profit possible -- most like to be the aim of the owners and shareholders.Profit satisficing-- try to make enough profit to keep the owners comfortable -- probably the aim of smaller businesses whose owners do not want to work longer hours.Sales growth -- where the business tries to make as many sales as possible. This may be because the managers believe that the survival of the business depends on being large. Large businesses can also benefit from economies of scale.A business may find that some of their objectives conflict with one and other:Growth versus profit: for example, achieving higher sales in the short term (e.g.by cutting prices) will reduce short-termprofit.Short-termversus long-term:for example, a business may decide to accept lower cash flows in the short-termwhilst it invests heavily in new products or plant and equipment.Large investors in the Stock Exchange are often accused of looking too much at short-termobjectives and company performance rather than investing in a business for the long-term.A business may change its objectives over time due to the following reasons:A business may achieve an objective and will need to move onto another one (e.g.survival in the first year may lead to an objective of increasing profit in the second year).The competitive environment might change, with the launch of new products from competitors.Technology might change product designs, so sales and production targets might need to change.
What happens if you don't change your underwear?
you smell, and mold grows on you, and you may die.
Why is it necessary to monitor and control strategic plans?
Executive managers must monitor and control strategic plans because if they don't, then their goals may not align with the business objectives. By monitoring, they can eliminate projects and objectives that don't fit with their business.
What happens if a business doesn't meet its aims and objectives?
If a business doesn't have aims and objectives it will have nothing to work towards. If a business doesn't have anything to work towards they have no idea what they are supposed to do to get back on track. Therefore the employees are not inspired, and may just give up. Then the whole business wil fall apart.
What are your objectives for next year?
Each person has different objectives for the years ahead. Some may have goals of securing a better job while other may decide to change their lifestyle.
What does a business create when they determine that a change needs to occur?
When a business determines that a change needs to occur, it often creates a change management plan. This plan outlines the objectives, strategies, and processes for implementing the change effectively. Additionally, it may involve stakeholder engagement, training programs, and communication strategies to ensure a smooth transition and minimize resistance. Ultimately, the goal is to align the organization’s resources and efforts toward achieving the desired outcome of the change.
What is the business policy and explain the importance of business policy?
A business policy is : guidelines to facilitate achieve predetermined objective as plan(decision making) involving all levels of the management in any business organisation.It set a statement on the mode and manner how the objectives will be achieved. Without a policy the organisation will function arbitrarily in an anarchic way and may not reach its objectives.
What happens to a business when they do not meet their aims and objectives?
When a business fails to meet its aims and objectives, it may experience decreased employee morale, reduced productivity, and a loss of customer trust. This can lead to declining sales and profitability, ultimately jeopardizing its market position. Additionally, failure to achieve goals can prompt stakeholders to reassess their investment, potentially resulting in reduced funding or support. Long-term, consistent failure to meet objectives may threaten the overall viability of the business.
Who decides what the objectives of a business will be?
Depends. Normally the CEO and/or the board of trustees. However, shareholders may vote on certain measures and everything really depends on the type of business and how it is structured.
What small business servers can be expanded over time?
All small business servers allow for the capability of expanding as your business grows. The price of each upgrade may vary depending on the amount of your expansion.
What will happen to a business plan when the business grows?
As a business grows, its business plan may need to be revised and updated to reflect new goals, market conditions, and operational challenges. This could include adjustments to financial projections, marketing strategies, and organizational structure. Additionally, a growing business may need to incorporate new products or services, expand its target market, and adapt to increased competition. Regularly revisiting and refining the business plan ensures it remains relevant and effective in guiding the company's growth.
