Business Aims And Objectives
An aim or objective is what a business is trying to achieve. Some examples of these are:
itself any of these targets:
Having an objective helps a business as everyone in the business is aiming for the same thing. Different organisations have different objectives. Some businesses are run to make as much profit as possible for owners. However, not all businesses aim to make profit. Voluntary organisations such as charities are more concerned with providing a service to others.
itself any of these targets:
- survival
- increased profit
- growth
- increasing market share
Having an objective helps a business as everyone in the business is aiming for the same thing. Different organisations have different objectives. Some businesses are run to make as much profit as possible for owners. However, not all businesses aim to make profit. Voluntary organisations such as charities are more concerned with providing a service to others.
Objectives should be smart:
Specific
Measurable
Achievable
Realistic
Timed
While owners have a major say in deciding the aims of a business, other interest groups called stakeholders are usually considered. Stakeholders are any group of people interested in the activities of the business - they could be managers, staff or customers. When owners sacrifice some profit to pay staff an annual bonus, this is an example ofstakeholder consideration.
Specific
Measurable
Achievable
Realistic
Timed
While owners have a major say in deciding the aims of a business, other interest groups called stakeholders are usually considered. Stakeholders are any group of people interested in the activities of the business - they could be managers, staff or customers. When owners sacrifice some profit to pay staff an annual bonus, this is an example ofstakeholder consideration.
The aim of a business can change over time. This can happen in response to internal factors, such as business growth, or in response to external factors, such as an economic recession.
A small start-up business may aim to survive in the first year. Once successful, the business then sets itself the objective of increasing profits or growing in size.
A small start-up business may aim to survive in the first year. Once successful, the business then sets itself the objective of increasing profits or growing in size.