Goals and Objectives of the Organization

In every organization their goal or objective may be multiple. The goal may be to maximize profits, return of investments, market share or even for non-profit organization by ensuring that revenues are greater than expenses so that the services provided can be maintained or expanded. However, whatever form of goal it takes, management will always try to achieve its satisfactory level of profit. A failure to reach the target may portend a change in management. According to Henry Fayol, French management theorist, "To manage is to forecast and plan, to organize, to command, & to control". Though Luther Gullick has given a keyword 'POSDCORB' where P stands for Planning, O for Organizing, S for Staffing, D for Directing, Co for Co-ordination, R for reporting & B for Budgeting. But the most widely accepted principles of management are Planning, Directing and Controlling. From an accounting standpoint, planning is the communication of the organization's goal .Managers may require having a systematic approach through planning which is known as budgeting. Budgets identify source of the assets and where they will be used. A budget requires management to state it plans in financial terms or in simple say, in dollar. Once the budget has been established, managers and also other employee will be motivated in directing the organization's goal. Directing is the continuous process to ensure that every employee whether from top level to supervisors work for organization goal. As per study from H.M.S Priyanath (2006), the direction means the proper use of physical and human resources for the achievement of the goals of an industry. Managers need to show their leadership and motivate the employees to maximize the profit. Controlling however involves in monitoring the implementation of the plan and taking corrective action as needed