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BasicConcept of Business studies Major business organization objectives & what is meant by the term “accountability”?
Business objectives are goals or targets that a business sets for itself, they differ according to the type of business. Examples are:
- Survival - usually short term, that is to sustain in the business, or in times of recession to break-even.
• - Profit maximization - objective of many businesses, to earn high profits.
• Growth - measured through market share.
• Customer satisfaction.
• Diversification - growing bigger internally & externally, by means of entering into new markets & investing.
• Ethos - increasing the image & reputation of the firm.
• Globalization - to be recognized throughout the world.
• Independence - some small businesses set up recently will want to just be independent and not follow instructions.
Three main functional areas of a business are HR (Human Resource) very important if you want to address the needs of your employees as well as managing company staffing requirements. Administration is another, needed for the day to day running of the office and usually first contact with the customers. The third area is R&D (Research and Development) this is a major part of any successful company. It depends upon the size of business for example small businesses such as sole traders or partnerships want to survive and hopefully make a profit. Larger businesses however have profit margins, competition and economies of scale as key aims. The aim of a business is very relative to its size.
Accountability is a framework for justifying management organizational actions, whether they are financial or employment-related. A junior manager is accountable to a senior manager for the completion of an organizational program by a particular date and within budget guidelines.
Accountability work:
• Researching what makes partnerships effective and publishing a series of reports on partnership best practice.
• Promoting good practice through the Partnership Governance and Accountability Framework (PGA).
• Supporting partnerships to enhance the quality of their own governance and accountability through peer-to-peer learning, testing the PGA Framework, and cross-cutting research.
• Influencing debate by demonstrating the importance of effective governance of partnerships.
• Catalyzing the development of new ‘Accountability Compacts’– mutual agreements governing decision-making and performance in partnerships.
It is worth remembering that individuals in any business are likely to advance in areas in which they are being measured. Therefore it is critical that any process measuring is carried out in areas that will benefit the system and your business as a whole.
