Slides in this set
Business Aims and
Aim: Long-Term Goal for the business.
Example.. For the business to be environmentally friendly.
Objective: Specific targets made to help the business meet the aim.
Example..To ensure all products packaging is recyclable.
S MART - explain what is to be achieved.
form of measurement is essential
what has been achieved.
ACHIEVABLE -should provide a challenge but should
be capable of being delivered.
R EALISTIC -can
it should be reasonable to expect that the objective
be met by those responsible for doing so.
T IME-BOUND -whenIt should have a defined timescale setting out
the objective should be achieved.…read more
Sole Trader: Business owned and set up by one person alone, using
their own capital - making their own decisions.
Partnership: Business owned and set up by 2-20 people, using
their own capital - making all their decisions together.
Limited Businesses owned by shareholders, although run by
Companies: managers and directors.
Public Sector: Businesses owned by the government e.g.
NHS, Schools etc.
RegisteredBusinesses which are able to set their own
Charities: objectives within a legal criteria, is a non-
profit organisation.…read more
Functional Areas in a
Functional Areas Tasks
The making of the goods. May also relate to the provision of
Selling the products to the customer.
Finding out what the customer wants and the best way of meeting
Marketing their needs, promoting products to potential customers.
Buying raw materials and components needed in production.
Keeping financial record, producing annual accounts, keeping
Finance accurate records of costs and revenues.
Attending to staffing requirements, ensuring correct processes
Human Resources and procedures are in place for the staff.
Ensuring workplace safety and legislation needs are met.
Health and Safety
Delivering the products to the customers.
How Businesses Obtain
Gain company authority to recruit
Draw up job description and person specification
Agree the methods for selecting applicants
Advertise the vacancy as widely as possible
Short list applications for selection
Hold selection event and capture relevant information
Review candidate information against role
requirements and make decision…read more