As with any other commercial business, information technology companies have short-term and long-term financial objectives that include survival, profit maximization, sales and customer service, as well as economic growth. But IT companies can also have non-financial objectives, such as reducing environmental impacts and improving staff satisfaction. Non-financial objectives, often related to ethical issues and the way consumers see the company, can link to long-term financial benefits.
Short-Term Financial Objectives
Some short-term objectives, such as survival, refer more directly to small startup IT companies, but can also be the main objective of bigger IT companies during periods of economic crisis. Short-term objectives of IT companies also include those relating to a specific period of time, such as the financial year. To raise sales by 5 percent and profit by 12 percent is an example of a short-term objective for an IT company.
Long-Term Financial Objectives
Although profit maximization is also a short-term objective, IT companies often aim for long-term economic profit for their products and services. The expression "satisficing," which relates to the minimization of production costs, started to be used together with profit maximization to refer to long-term financial objectives. Business growth relates to the expansion of the products and services offered, which in IT have become increasingly transnational.
IT companies can become greener businesses by reducing energy consumption at their offices. They can achieve this objective by using energy-efficient light bulbs, boilers and air-conditioners as well as motivating employees to switch off computers before leaving work. IT companies can also reduce their environmental impact by reducing packaging in their products and using recycled and biodegradable materials. Green objectives can also contribute toward staff satisfaction, as will a career program that includes financial incentives for further education.