ACHIEVING BUSINESS GOALS

- Profits, market share, growth, share price, social, environmental

- Achieving a mix of the above goals
- Staff involvement – innovation, motivation, mentoring, training

A business generally has a number of goals, although clearly they are interrelated. A
business goal is simply what stakeholders in a business want the business to achieve.

1.Construct a concept map, summarising the main financial goals of business.

2. Outline why most business managers have a mix of business goals, rather than
one basic goal of profit maximisation.

Setting, implementing and achieving business goals should not only be the
responsibility of management. Staff involvement in the process carries a range of
benefits for the business. Employee involvement in decision making empowers staff
and increases motivation, productivity and support of broader organisational
objectives. As employees are directly involved in production and service delivery
processes, they often have ideas and innovative solutions to boost efficiency and
productivity. Through a program of mentoring and training, staff involvement can
be encouraged and promoted.

3. – Complete the table, summarising the way managers can involve staff in the
business.
Innovation

Motivation

Mentoring

Training