Management objectives are to establish benchmarks for use in assessing the activities of the enterprise. They are based on forecasts of the development of the enterprise in the future, therefore the accuracy of forecasting is a very important factor in management. If the forecasts are determined for a sufficiently large period of time, then their accuracy cannot be very high, respectively, the management objectives will be quite general.
Management objectives have the following features:
- they should be clearly defined in time, on this basis, goals are divided into long-term, medium-term and short-term;
- goals must be real. The capabilities of the enterprise should be comparable with the tasks set;
- goals should not be contradictory;
- goals should be comparable and measurable. This is necessary to be able to evaluate the results.
Management objectives are classified according to a variety of characteristics, among which one can distinguish a temporary attribute, the degree of importance, the scope covered, the content of the goal, the degree of importance.
The management sphere that regulates the activities of the enterprise in the long term is called strategic management. In this area of management, plans are being developed for the long-term development of the company. The effective development of the enterprise is achieved by retaining competitive advantages and prompt response to changing factors in the external environment. The goals of strategic management are reduced to one thing - to determine the right strategy, which will enable the company to achieve the maximum possible development at a given stage after a certain time. To achieve this goal, the enterprise is developing a set of measures, among which the competent redistribution of various resources, organization, planning and monitoring of activities aimed at achieving the goal, search and designation of the most successful ways of enterprise development. Strategic management objectives are developed for a period of at least five years. Effective achievement of goals directly depends on the coordination of work of all interconnected departments of the enterprise, affecting the final result. New trends affecting changes in environmental factors determine the formation of the principles of strategic management.
The financial management of the enterprise is responsible for managing the financial resources of the enterprise. It regulates the relations between various business entities regarding the receipt, redistribution and use of financial resources. The income and expenses of the enterprise, assets and liabilities, balance of payments fall under the sphere of influence of financial management. In general, the financial condition of the enterprise depends on competent management.
The main objectives of financial management are to increase the welfare of the owners of the enterprise by increasing the maximum profit in the long term and maximizing the value of the enterprise on the market. In order to achieve these goals, financial management determines the optimal amount of financial resources necessary to achieve the objectives, ensures the most efficient use of available resources of the enterprise, optimizes the costs of the enterprise and cash flow, maximizes profits and minimizes financial risks, seeks to ensure sustainable growth rates of the enterprise’s potential.
Optimally accentuated management goals allow the company to clearly go to the set goals and rationally spend the available material and human resources.