Business objectives

The first and overarching principle of any private sector business is simply to make as much money as possible...

A successful business will continue year after year. This may require reinventing or re-branding, even if it is outwardly successful, or it may risk being outdone by rivals and not able to guarantee sales.

To survive, a business must make enough money to cover it's fixed costs and variable costs.

(a)  

A company does not have to expand to survive, but healthy, well-managed ? is a characteristic of a strong business. This can happen internally by using existing profits, or externally by merging with or taking over another company.

This is when a business changes or adds to the products or services they already offer.

(a)  

A business that makes the most profit or has the greatest market share in a particular sector is the market leader.

This is the way in which a business offers certain services.

In a competitive industry, customers can quickly switch allegiance or compare the value offered by different businesses. Businesses go to great lengths to establish and maintain good relationships, particularly with repeat customers such as season ticket holders or regular clients.

As revenue from to the public sector is largely from tax, managers and politicians must exercise cost control, demonstrate accountability and spend funds wisely.

The services and facilities need to be as good as possible within the budget provided, as they are still being funded by taxpayers and other sources of public money.