Objectives of Business

People start a business for earning profit. But at present, earning profit is not only the main objective of people.

Actually, every business is started for earning profit. Because profit of business is the acid test of a business organization.

But we have to give our attention to the welfare of society. If society remain safe, your business will be safe. We know, your business is the good relation to your customers.

Again, business is a social process. So, as a social process, the businessman must think about the welfare of society. And a businessman must try to achieve the satisfaction of society. Consequently, now-a-days the objective of business is going to broad.

Objectives of Business is presented and discussed below with the help of table or diagram.

Objective of Business
Objective of Business

A. Economic Objectives: Economic objectives of a business refer to the objective of earning profit. And also have other objectives that are very necessary for achieving profit which include the creation of customers, regular innovations and possible use of resources. Economic purpose or objectives of business are as follows.

1. Profit
One of the most important objectives of business are earning profit. A person or institutions try to do business only for earning profit. Profit is the lifeblood of a business. Profit is the primary objective for a business. Profit helps businessmen not only to earn their living but also to expand their business activities.

2. Production
Businessman earns profit by selling goods and for this purpose he buys materials. He produces goods by using these collected materials and he earns profit by selling this product. In addition, business man can produce services. So, it is one of the most important objectives of a business to produce goods and services.

3. Use of Wealth
A business requires various resources like men, machines, materials and money. The availability of these resources is limited and for this reason, every business should try to make the best possible use of these resources.

4. Buyer Creation
A businessman creates buyer by different types of changing and developing of goods or products. At a result, the selling is increasing by this activity. Person, society and all are get benefited by this selling and buying.

5. Use of Power
The businessmen produce different types of product. They established small, big and medium institutions for production purposes. There is needs lot of employee in these factories and thus, the power is used properly with diversely.

6. Increase of National Income
Person and society get benefited by business and thus, the national income is also increased. So, it is one of the best purposes of business to increase the individuals and national income.

7. Increase of Investment
Investment is one of the most important diving forces of economic development of any country. It is started by the activity of doing or increasing business. So, it is very important to any country to increase the investment for developing purpose.

B. Social Objectives: Social objectives are those objectives of a business which are desired to be achieved for the good purpose of the society. Always, the society expects something in return for its welfare of its members. A business should not be aimed at giving any kind of trouble to a society.

1. Demand
There is always lots of demands in socialize people such as, demand of essential commodities, demand of life-saving supplies and demand of luxury products etc. The business works for fulfilling these purposes.

2. Employment
Employment problem is solved by business. Small business, micro-business, medium business, big industries are creating lot of employment opportunities and thus unemployment problem is removed.

3. Innovation
There is a lot of competition creates in production by business. As a result, new product is emerged in the market. Business organization start to research to develop these products and thus new product are emerged. These new products increase the quality of living of society.

4. Development of Living Standard
Development of living standard of society is another important purpose or objective of a business organization. Business supplies product with low rate. At this way, the people of society spend their life with comfort. People get opportunity the standard of living by income and consume.

5. Participation in Good Work
Business means the production or selling and buying goods with legally. If a man involved in doing business, he can’t get change of doing any harmful work like stealing, etc.

C. Human Objectives: Human objectives refer to the objectives of aimed at the well-being and fulfilling of expectations of employees, social people and giving proper education and training. Human objectives are as follows.

1. Payment of Actual Wages
Worker is paid wages for his work. This wages should be accurate. The workers do not work properly without giving the accurate wages to them. Thus, the businessmen help workers to work by giving proper wages to them.

2. Development of Human Resources
The human purpose of a business is to create human resource. Production strategy, discover strategy, achieving market skills, time, proper uses of money and time, education etc are achieved the workers for the purpose of business. As a result, the human resource gets opportunity of development and growth.

3. Relation
In business purpose the relation of workers-owners, relation of buyer-seller, relation of business man-people, relation of county-foreign are created and thus the human relationship is also developed.

4. Workers Welfare
Business organization ensures the better life of workers. Business gives the proper or accurate wages to the workers. Business gives the opportunity of education, treatment etc. Thus, the workers welfare gets ensure.

5. Ensure of Works and Services
It is very important of giving ensuring of workers job for achieving the goal of a business organization. It is well understood at the modern age businessman.

D. National Objectives: Every business must have the objective of fulfilling the national goals by being an important part of the country. The goal of a county may be to provide employment opportunity, earn revenue, become self-sufficient etc. The national objectives are as follows.

1. State Sovereignty
Trade and commerce make ensure the state sovereignty. It is possible by business to make a county self-sufficient by producing military instrument. So, by producing military instrument a country become state sovereignty.

2. Revenue Increase
A country earn more revenue from the business organization. The more import business get increased the more revenue of a country get increased.

3. Increase of National Wealth
The wealth is produced by business. The businessmen help to increase of national wealth by increasing the business opportunity and economic activity.

E. Others: There are a lot of objectives of business without these and these are not basic objectives and these objectives are core values, growth, maintain finance, marketing, change management, competitive analysis etc.

From the above discussion, we can say that a business may be a lot of objectives but one of the most important objectives is to develop the society and thus develop him.