AIMS OF BUSINESS
Maintaining profitability means making sure that revenue stays ahead of the costs of doing business, according to James Stephenson, writing for the "Entrepreneur" website. Focus on controlling costs in both production and operations while maintaining the profit margin on products sold. Productivity
Employee training, equipment maintenance and new equipment purchases all go into company productivity. Your objective should be to provide all of the resources your employees need to remain as productive as possible. Customer Service
Good customer service helps you retain clients and generate repeat revenue. Keeping your customers happy should be a primary objective of your organization. Employee Retention
Employee turnover costs you money in lost productivity and the costs associated with recruiting, which include employment advertising and paying placement agencies. Maintaining a productive and positive employee environment improves retention, according to the Dun and Bradstreet website. Core Values
Your company mission statement is a description of the core values of your company, according to the Dun and Bradstreet website. It is a summary of the beliefs your company holds in regard to customer interaction, responsibility to the community and employee satisfaction. The company's core values become the objectives necessary to create a positive corporate culture. Growth
Growth is planned based on historical data and future projections. Growth requires the careful use of company resources such as finances and personnel, according to Tim Berry, writing on the "Entrepreneur" website. Maintain Financing
Even a company with good cash flow needs financing contacts in the event that capital is needed to expand the organization, according to Tim Berry, writing on the "Entrepreneur" website. Maintaining your ability to finance operations means that you can prepare for long-term projects and address short-term needs such as payroll and accounts payable. Change Management
Change management is the process of preparing your organization for growth and creating processes that effectively deal with a developing marketplace. The objective of change management is to create a dynamic organization that is prepared to meet the challenges of your industry. Marketing
Marketing is more than creating advertising and getting customer input on product changes. It is understanding consumer buying trends, being able to anticipate product distribution needs and developing business partnerships that help your organization to improve market share. Competitive Analysis
A comprehensive analysis of the activities of the competition should be an ongoing business objective for your organization. Understanding where your products rank in the marketplace helps you to better determine how to improve your standing among consumers and improve your revenue.
ROLE OF FINANCE IN BUSINESS
Corporate finance is the area of finance dealing with monetary decisions that business enterprises make. When finance is talked about in the context of business decisions, it is called corporate finance (technically, corporate finance deals only with corporations, while managerial finance deals with all types of companies, but we will use the terms interchangeably). There are other branches of finance such as personal finance (individuals taking care of their money) and public finance (the finances of the government). The primary goal of corporate finance is to maximize shareholder value. Maximizing shareholder value can be done over the long-term or the short-term, so the job of the finance department is to determine how best to do both. Sometimes, the goals may appear to be in competition with one another. For example, a company can choose to pay dividends (a small payment to each person who owns a stock of a company), which increases short-term shareholder wealth. However, paying dividends means that the money is not being invested in...
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