What Are Objectives In A Business Plan

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All our basic tools that underlie our planning and strategic activities are our objectives.An economic crisis is a situation in which the economy takes a sudden and severe downturn. In fact, some believe that growth is the only route to survival.Profit satisficing means making enough profit to keep the owners happy. Furthermore, the bigger a company, the more it can benefit from economies of scale.Reducing the workforce, expanding abroad, or minimizing expenses are also business objectives. Goals are statements a business makes regarding its future. The CEO of a company may say: “We seek to become the largest maker of bicycles in the world.” This is a goal because the person does not explain how the company will achieve this.The exact steps a company plans to take to reach its goals or aims are its business objectives.This may be because the managers believe that the survival of the business depends on being large.Large businesses can also benefit from economies of scale.Our objectives serve as the basis for creating policy and gauging performance.For example, making a profit is a business objective.M - Measurable – the business can put a value to the objective, e.g. A - Agreed by all those concerned in trying to achieve the objective.R - Realistic – the objective should be challenging, but it should also be able to be achieved by the resources available.

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