Businesses focus on different goals at different stages of their lifecycle.
A business may prioritise increasing profits, expanding its market share, enhancing customer satisfaction, fostering employee engagement, pursuing social acceptance or surviving in an unknown time, among other things. These goals may also vary depending on the industry, size, stage of growth, and competitive landscape of the business.
Ultimately, a business’s goals reflect its values, priorities, and strategies, and are designed to maximise its performance, competitiveness, and relevance in the marketplace. By setting clear and measurable goals, businesses can align their resources, actions, and outcomes to achieve success and create value for their stakeholders.
It must respond to changes in the business environment or it will stagnate and become either irrelevant or out-of-date.
Maintaining and protecting a business is hard work. Environmental factors can require targeted planning to make sure it will survive within the industry.
Attempting to grab more customers in the market from their competitors. They are looking for a bigger piece of the pie.
Personnel is often considered a company’s most valuable asset. Keeping the right people in the right jobs can give a company a competitive advantage.
Societal need or want
Reading the market correctly to follow current and emerging trends in consumer demands to position the brand positively within the industry.
REVENUE – EXPENSES = PROFIT
This equation is what drives decisions around streamlining operations to reduce expenses and therefor increase profit.