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BusinessGoalsF09v3 - Goals of a WCOB 1023 Business...

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Business Goals Business Processes And Decisions Strategies Stakeholders Environment Goals of a Business Owners Employees Customers Society Suppliers Creditors WCOB 1023 Business Foundations Business Goals Goals of a Business Businesses are part of our society. Businesses are successful if they provide goods and services that are valued by society, as evidenced by the fact that individuals within society are willing to pay for those goods and services. Businesses that lose touch with what their customers want, cease to exist. Their customers simply are no longer willing to pay for their goods and services. Remaining a successful business requires knowledge and skills. Business must develop clearly defined goals that are responsive to their stakeholders , and to the environment in which the business operates. Goals need to be implemented, which means formulating strategies for achieving those goals. Finally, the work gets done through the successful and efficient execution of business processes . This handout talksabout businessgoals and stakeholders. Subsequent handouts will focus on business processes and strategies. What is the goal of a business ? When asked this question, most people will respond with “making a profit.” And they would be right. In our capitalist society, businesses do need to make a profit if they are to survive. Investors count on those profits as rewards for having invested their money. Management needs to show profits as evidence of their proper stewardship of the funds that have been invested. On the other hand, “making a profit” barely begins to answer this question. For one, it is a rather vague goal. Do we mean profit next quarter, or profit over the next five years? Do we mean total dollar profit or profit relative to total assets? There are many alternative ways to measure profit. “Making a profit” also says little about how a particular business envisions going about this. All businesses want to make a profit. What distinguishes one business from another is how that business goes about making their profit. In other words, what are the 1 | P a g e
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other, more specific goals? For example, a business may see an opportunity to create a
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