Why businesses set goals/ objectives

Question 1

What do goals/ objectives do for the overall purpose of a business?

Answer 1

They provide clear targets for employees, and make decision making easier and more efficient.

Question 2

What do goals/ objectives do for employees?

Answer 2

They provide clear targets for employees to work towards.

Question 3

What do goals/ objectives do for decision making?

Answer 3

They provide a framework for what a business should be doing to achieve it’s overall purpose.

Question 4

Can goals/ objectives motivate Owners, Shareholder and employees?

Answer 4

Yes

Question 5

How can goals/ objectives be used for progress.

Answer 5

They can be used to compare a businesses current situation to it’s desired situation, to see if type business has achieved it’s goals or is on track to achieving them.

Question 6

What incentives can goals and objectives have for empoyees?

Answer 6

If employees are incentivised by a rise, bonus, or are on a pay structure where they get a commission then they’ll want to work harder/ smarter, to get better results for themselves, which will intern get the company closer to it’s goals.