Set Goals and Objectives in Your Business Plan - dummies

 

objectives of business plan

ADVERTISEMENTS: Five most important objectives of business may be classified are as follows: 1. economic objectives, 2. social objectives, 3. human objectives, 4. national objectives, 5. global objectives. Objectives represent the purpose for which an organisation has been started. Objectives guide and govern the actions and behaviour of businessmen. Jun 01,  · Businesses need to plan to be successful. An important part of the business planning process is determining business objectives that are translated into actionable business goals. Goals should support the strategic plan – a written document that articulates an organization’s strategy for achieving its mission and vision. The goal. Objectives of Business Plan. The major objectives that a business Plan looks to achieve include the following elements. 1) Dedicating enough time for planning. A workable business plan cannot be created overnight. It is bound to take its own time to develop. So, a perfect business plan will attempt to spend enough time and hard work to achieve.


Example Business Goals and Objectives – The Thriving Small Business


Five most important objectives of business may be classified are as follows: 1. Objectives represent the purpose for which an organisation has been started. Objectives guide and govern the actions and behaviour of businessmen. According to William F. Another term for objectives is goals. Logically, objectives ought to specify ends or results sought that objectives of business plan derived from and congruent with the mission the organization has set itself Attempts to set objectives should always be guided by references to the mission they are meant to fulfill.

Business objectives are something which a business organisation wants to achieve or accomplish over a specified period of time.

These objectives of business plan be to earn profit for its growth and development, objectives of business plan, to provide quality goods to its customers, to protect the environment, objectives of business plan, etc.

It is generally believed that a business has a single objective. That is, to make profit. But it cannot be the only objective of business. While pursuing the objective of earning profit, business units do keep the interest of their owners in view. However, any business unit cannot ignore the interests of its employees, customers, the community, as well as the interests of society as a whole. For instance, no business can prosper in the long run unless fair wages are paid to the employees and customer satisfaction is given due importance.

Again a business unit can prosper only if it enjoys the support and goodwill of people in general. Business objectives also need to be aimed at contributing to national goals and aspirations as well as towards international well-being, objectives of business plan. Thus, the objectives of business may be classified as. Economic objectives of business refer to the objective of earning profit and also other objectives that are necessary to be pursued to achieve the profit objective, objectives of business plan, which include, creation of customers, regular innovations and best possible use of available resources.

Profit is the lifeblood of business, without which no business can survive in a competitive market. In fact profit making is the primary objective for which a business unit is brought into existence. Profits must be earned to ensure the survival of business, its growth and expansion over time. Profits help businessmen not only to earn their living but also to expand their business activities by reinvesting a part of the profits. In order to achieve this primary objective, certain other objectives are also necessary to be pursued by business, which are as follows:.

A business unit cannot survive unless there are customers to buy the products and services. For this it needs to attract more customers for its existing as well as new products. This is achieved with objectives of business plan help of various marketing activities.

Innovation means changes, which bring about improvement in products, process of production and distribution of goods. Business units, through innovation, objectives of business plan, are able to reduce cost by adopting better methods of production and also increase their sales by attracting more customers because of improved products. Reduction in cost and increase in sales gives more profit to the businessmen.

Use of power looms in place of handlooms, use of tractors in place of hand implements in farms etc. As we all know, to run any business we must have sufficient capital or funds. The amount of capital may be used to buy machinery, raw materials, employ men and have cash to meet day-to-day expenses.

Thus, business activities require various resources like men, materials, money and machines. The availability of these resources is usually limited. Thus, every business should try to make the best possible use of these resources. Employing efficient workers. Making full use of machines and minimizing wastage of raw materials, can achieve this objective.

Social objective are those objectives of business, which are desired to be achieved for the benefit of the society. Since business operates in a society by utilizing its scarce resources, the society expects something in return for its welfare. No activity of the business should be aimed at giving any kind of trouble to the society. If business activities lead to socially harmful effects, there is bound to be public reaction against the business sooner or later, objectives of business plan.

Social objectives of business include production and supply of quality goods and services, adoption of fair trade practices and contribution to the general welfare of society and provision of welfare amenities. Since the business utilizes the various resources of the society, the society expects to get quality goods and services from the business he objective of business should be to produce better quality goods and supply them at the right time and at a right price It is not desirable on the part of the businessman to supply adulterated or inferior goods which cause injuries to the customers, objectives of business plan.

They should charge the price according to the quality of e goods and services provided to the society. Again, the customers also expect timely supply of all their requirements. So it is important for every business to supply those goods and services on a regular basis. In every society, activities such as hoarding, black- marketing and over-charging are considered undesirable. Besides, misleading advertisements often give a false impression about the quality of products.

Such advertisements deceive the customers and the businessmen use them for the sake of making large profits. This is an unfair trade practice. The business unit must not create artificial scarcity of essential goods or raise prices for the sake of earning more profits. All these activities earn a objectives of business plan name and sometimes make the businessmen liable for penalty and even imprisonment under the objectives of business plan. Therefore, the objective of business should be to adopt fair trade practices for the welfare of the consumers as well as the society.

Business units should work for the general welfare and upliftment of the society. This is possible through running of schools and colleges better education opening of vocational training centres to train the people to earn their livelihood, establishing hospitals for medical facilities and providing recreational facilities for the general public like parks, sports complexes etc. Human objectives refer to the objectives aimed at the well-being as well as fulfillment of expectations of employees as also of people who are disabled, handicapped and deprived of proper education and training.

The human objectives of business may thus include economic well-being of the employees, social and psychological satisfaction of employees and development of human resources.

Objectives of business plan business employees must be provided with tan remuneration and incentive for performance benefits of provident fund, objectives of business plan, pension and other amenities like medical facilities, housing facilities etc.

By this they feel more satisfied at work and contribute more for the business. It is the duty of business units to provide social and psychological satisfaction to their employees. This is possible by making the job interesting and challenging, putting the right person in the right job and reducing the monotony of work Opportunities for promotion and advancement in career should also be provided to the employees.

Further, grievances of employees should be given prompt attention and their suggestions should be considered seriously when decisions are made. If employees are happy and satisfied they can put then best efforts in work.

Employees as human beings always want to grow. Their growth requires proper training as well as development. Business can prosper if the people employed can improve their skills and develop their abilities and competencies in course of time. Thus, it is important that business should arrange training and development programmes for its employees. Business units being inseparable parts of society should help backward classes and also people those are physically and mentally challenged.

This can be done in many ways, objectives of business plan. For instance, vocational training programme may be arranged to improve the objectives of business plan capacity of backward objectives of business plan in the community. While recruiting its staff, business should give preference to physically and mentally challenged persons. Business units can also help and encourage meritorious students by awarding scholarships for higher studies. Being an important part of the country, every business must have the objective of fulfilling national goals and aspirations.

The goal of the country may be to provide employment opportunity to its citizen, earn revenue for its exchequer, become self-sufficient in production of goods and services, promote social justice, etc. Business activities should be conducted keeping these goals of the country in mind, which may objectives of business plan called national objectives of business. One of the important national objectives of business is to create opportunities for gainful employment of people.

Objectives of business plan can be achieved by establishing new business units, expanding markets, widening distribution channels, etc. Towards this objectives special attention must be paid to weaker and backward sections of the society. Business units should produce and supply goods in accordance with the priorities laid down in the plans and policies of the government. One of the national objectives objectives of business plan business in our country should be to increase the production and supply of essential goods at reasonable prices.

The business owners should pay their taxes and dues honestly and regularly. This will increase the revenue of the government, which can be used for the development of the nation.

To help the country to become self-reliant, business units have the added responsibility of restricting import of goods. Besides, every business units should aim at increasing exports and adding to the foreign exchange reserves of the country. Previously India had very restricted business relationship with other nations. There was a very rigid policy for import and export of goods and services. But, now-a-days due to liberal economic and export-import policy, restrictions on foreign investments have been largely abolished and duties on imported goods have been substantially reduced.

This change has brought about increase in competition in the market. Today because of globalisation the entire world has become a big market. Goods produced in one country are readily available in other countries. So, to face the competition in the global market every business has certain objectives in mind, which may be called the global objectives. Let us learn about them. Growth of business activities across national borders makes quality goods available at reasonable prices all over the world, objectives of business plan.

The people of one country get to use similar types of goods that people in other countries are using. This improves the standard of living of people. Business should help to reduce disparities among the rich and poor nations of the world by expanding its operation. By way of capital investment in developing as well as underdeveloped countries it can foster their industrial and economic growth. Business should produce goods and services which are globally competitive and have huge demand in foreign markets.

This will improve the image of the exporting country and also earn more foreign exchange for the country.

 

Business Plan Goals & Objectives

 

objectives of business plan

 

Without a business plan, your business would be like a rudderless ship drifting aimlessly on a vast, stormy sea. A business plan is the compass that guides your business through its journey to growth and success. The most important components of your business plans are your business goals and objectives. Without these, your business plan is. Objectives of Business Plan. The major objectives that a business Plan looks to achieve include the following elements. 1) Dedicating enough time for planning. A workable business plan cannot be created overnight. It is bound to take its own time to develop. So, a perfect business plan will attempt to spend enough time and hard work to achieve. According to the Small Business Administration, 70 percent of new businesses fail in their first two years. This rate of business failures would seem to make it worthwhile to create a business plan, an objective view of a business, flaws and all.. By providing the information to evaluate feasibility of a business, the.