Business aims and objectives

  • Created by: EReynolds
  • Created on: 12-06-15 19:27

The aim of a business

Aims are long term goals towards which the buinsess can work. They are often not precise, a business may, for instance, aim to be'the customers first choice'. Sometimes the aim of a business will be contained in its mission statement or vision. Most businesses aim to satisfy their customers.

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The steps on the way to acheieving an aim, will be marked by shorer term objectives. These will be more clearly defined than aims- setting them helps the business move forawrd.

Progress can be measured by seeing ho well objectives have been met. SMART objectives are Specific, Measureable,Realistic, Time-related.

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The main objective

The main objective for a start up business is survival; further objectives may be profit, growth or bigger market share. Owners may also want to acheive other aims, such as independence, a good reputation, providing a local service and having loyal customers.

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Small businesses objectives

Small businesses are likely to have more modest objectives than larger ones. Many small businesses objectives will be personal to the owner, such as quality of life or quality of service.

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The change of objectives

The different objectives of stakeholders sometimes conflict. Objectives may also need to change ive rtime as the business changes. Once an objective is acheived, a new one may be set. E.g. once profitability is acheived, a business may look for a certain level of profit.

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