This document discusses the vision, goals, and long-term growth of a business. It defines a vision statement and lists some common business goals such as becoming the largest business, improving market share, providing returns for investors, and contributing to community wellbeing. It also discusses commercial goals like profit and market share, social goals like community service and social justice, and personal goals of business owners. Long-term growth depends on a business's ability to develop assets and increase sales, profits, and market share over time.

1. VISION, GOALS AND LONG-
TERM GROWTH

2. VISION STATEMENT:
BROADLY STATES WHAT THE BUSINESS ASPIRES TO BECOME; ITS
PURPOSE AND ITS FUNCTION.
Task: Complete Mission Statement Worksheet

3. GOALS FOR A BUSINESS …..
 To become the largest business in the market
 To improve market share
 To provide a reasonable return for investors
 To contribute to the wellbeing of the community

4. Levels of goals and objectives
TASK: Provide an example of each in your notes.

5. COMMERCIAL GOALS
 Profit. Profit is what remains after all the business expenses are deducted from the
sales revenue. Most businesses try to maximise the level of their profits.
 Market share. Market share is a business's share of the total industry sales for a
particular product.
 Growth and diversification. Many businesses wish to grow and expand their
product portfolio and enter into new markets.
 Share price. Companies that wish to be successful need to maximise the returns of
their shareholders.

6. SOCIAL GOALS
 Community service. Business sponsorship of community
events, promotions and programs has increased rapidly
during the past decade.
 Provision of employment. Many SME owners aim to continue
their business in order to provide employment for family
members.
 Social justice. A business may be concerned about social
justice; that is, it adopts a set of policies to ensure that
employees or other community members are treated
equitably and fairly.
 Ecological sustainability. The social conscience of responsible
business owners has led them to adopt policies of
conservation, recycling and restoration.

7. TASK:
 Find an example of a business with:
1. A social justice goal
2. A community service goal
3. An environmental sustainability goal
 By placing importance on social goals, such as the ones above, EXPLAIN
how a business may achieve its commercial goals? (4)

8. PERSONAL GOALS OF MANAGERS AND
OWNERS
 The personal goal of achieving:
 higher income
 greater financial security
 will complement the business goals of growth
and diversification.

9. LONG-TERM GROWTH
 The business's ability to maintain profits over time.
 Long-term growth depends on a business's ability to
develop and use its assets to increase sales, profits and
market share.

10. QUESTION
1. In your opinion assess whether profit should be
the only goal of a business (6 marks)