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.
Business Objectives Objectives give the business a clearly defined target. 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.
Their aim is the enhancement of their pupils through education.
Charities and voluntary organisations – their aims and objectives are led by the beliefs they stand for.There is often much confusion between goals and objectives.Whereas as a goal is a description of a destination, an objective is a measure of the progress that is needed to get to the destination.An organisation may set several goals that will outline a path to achieving the vision.The goal of attaining 50 qualified and active coaches will be an important step in achieving the vision of becoming most dynamic, most respected and best achieved club in the district league.Alternative Aims and Objectives Not all businesses seek profit or growth. Examples of other objectives: Ethical and socially responsible objectives – organisations like the Co-op or the Body Shop have objectives which are based on their beliefs on how one should treat the environment and people who are less fortunate.Public sector corporations are run to not only generate a profit but provide a service to the public.This service will need to meet the needs of the less well off in society or help improve the ability of the economy to function: e.g. Public sector organisations that monitor or control private sector activities have objectives that are to ensure that the business they are monitoring comply with the laws laid down.Health care and education establishments – their objectives are to provide a service – most private schools for instance have charitable status.In reality, the number of objectives needed for each goal can be anything but the usual range is 1 to 6.The table below also shows how a number of objectives (in this case four) is needed for a goal to attain 1000 members.