(2) Business Objectives

Question 1

Why are clear business objectives important?

Answer 1

• Employees need something to work towards
• Without objectives the owners might not have motivation to keep the business going.
• It is easier to assess the business performance.

Question 2

What are the financial objectives?

Answer 2

• Survival
• Profit
• Sales
• Increase market share
• Financial security

Question 3

What are non-financial objectives?

Answer 3

• Social objectives
• Personal satisfaction
• Challenge
• Independence and control

Question 4

Why might business objectives change?

Answer 4

• Market conditions
• Technology
• Performance
• Legislation ( new laws and stuff)