Business objectives are the set of targets or milestones that are expected to achieve by the business managers while working in an organization. The business objectives are important to set as these are the main reason behind the success of an organization. 

There are various advantages to set business objectives:

• The objectives of the business set the direction for the whole organization to work

• The focus of the decisions becomes the achievements of the objectives

• The objectives provide the targets to the managers and workers to achieve that motivates them

• Business managers can measure the performance of their team members that how much objectives they have achieved and what objectives are remaining

There are various business objectives that are set according to the nature of the business. A newly set business at initial times may have an objective of development and earning profit only while an established business may set objective to serve the community.   

Whenever any new business is set up, the first question arises on its survival. Survival is an important objective of business when it is newly set up. Sometimes when a recession hits an economy, survival becomes important for those businesses that are offering their services for many years. If survival becomes a question for a firm, the business managers then decide to reduce the prices to make their position safe in the market. 

Profit is the ultimate aim of the business if it is operated in the private sector. If any business like railway is running in the government sector, the aim of it may be to earn less profit and to provide more facilities to the public. In the private sector, it is not possible for any business to survive without earning profit. Private business owners want to earn maximum profit. Tax is a tactic to stop the profit at some level as an increase in income also increases the tax on it. 

Shareholders are the owners of limited companies. The managers of these companies try their best to increase profit as increased profit per share will ultimately benefit the owners of the limited companies. This may help the managers to save their jobs in the company. Another way to increase the return to shareholders is to increase the share price which leads to the growth and the higher profits.

All the owners and managers want to grow their businesses that could be measured by the value of sales or output. With the growth of a business, the job of a manager becomes more secure. There is more chance to increase the salaries and other benefits for staff. Growth is also necessary for a business to get a higher market share. 

The growth of a business is directly proportional to customer satisfaction. If a customer is satisfied, it is easy to grow the business but if the customer is not satisfied with your product or services, it is impossible to grow the business so always keep your customers’ needs on priority.

The market share can be calculated by a simple formula which is given below: