Business Objectives
Introduction to Business Objectives
“Business have certain plans to be achieved in short term, medium term and long term.
Business have their own objectives”.
Business objectives are engine that helps the business or vehicle to move forward
towards it destination.
Meaning :- These are statements of what a business wants to achieve through its
activities.
A business objective is a specific, measurable result that a company aims to achieve
within a certain timeframe. It is a tactical, actionable step that helps a business reach its
broader, long term goals.
What is objective?
A statement of a specific target to be achieved, which has to be SMART(specific,
measurable,attainable/agreed, relevant/realistic, time bound)
Example of Business objective
“ To attract 500 new customers and achieve a 15% increase in monthly revenue within
the first 6 months of opening by offering loyalty programs and social media marketing
campaigns”.
Business Objectives
1] Survival - Survival as a business objective means focusing on keeping the business
operational rather than pursuing immediate profit or growth. This objective is most
common for new or struggling businesses facing tough economic conditions or intense
competition. Businesses prioritize covering costs and maintaining cash flow to stay in the
market.
2] Profit - It is a central objective for most businesses, particularly those in the private
sector. It represents the financial benefit gained when revenue exceeds the expenses and
taxes required to operate. Profit is essential for a business's survival, growth, and ability
to fulfill other objectives.
3] Growth - Business Growth is a stage where the business reaches the point for
expansion and seeks additional options to generate more profit. Growth as a business
objective involves a company's conscious effort to expand its operations, increasing
revenue, market share, and overall size to achieve greater profitability and competitive
advantage.
4] Market share - Market share in business refers to the percentage of total sales within a
specific industry or market that a company achieves over a defined period. It indicates
how much of the total market a company controls relative to its competitors.Market share
is a business's proportion of total sales or revenue within a specific industry, expressed as
a percentage. It's a key metric for measuring a company's size, power, and success
compared to its competitors. For example, if a company controls 20% of all the sales for
a certain product in a market, its market share is 20%.
Social Enterprise
A social enterprise is a type of business that aims to make a positive difference in society.
Unlike regular businesses that mainly focus on making profit for their owners, a social
enterprise re-invests its profits back into the business or into activities that benefit people
and communities.
Social enterprises can be small or large. Their main goal is not just to make money, but to
solve social problems like poverty, education, health, or the environment.
●​ A large example of a social enterprise is the Grameen Bank in Bangladesh. It helps
poor people, especially women, by giving them small loans to start their own
businesses.​
●​ A small example is The Shoe That Grows, a company from the US/Kenya that
makes shoes that can grow with a child’s foot. This helps children in impoverish
areas who don’t have proper shoes.​
In short, social enterprises are businesses that use their profits to make the world a better
place.