What are objectives?
- targets set by
- objectives need to be measured
Key points about objectives?
- targets you are aiming to achieve
- measurable - checking if targets are being reached
- realistic + achievable
Entrepreneur set objectives for the business for the following reasons?
- Decision making - focus what is important + set priorites
- Negotiating - potential investors to help with the direction of the business
- Performance - actual performance can be monitored against the business objectives.
- Objectives become a common cause - If the business has been set up by a group of people, or the business employees people, objectives provide a clear framework for everyone involved, so they all know what is trying to be achieved, and they can also see how their own activities relate and contribute towards the achievement of objectives.
- This can be used to motivate people, and may be used as a performance measure for their own work. People are clear about what they are expected to achieve, and are praised and rewarded when they do achieve.
Defintion of Business Objectives
"Business objctive is a target that the business is expected to achieve. Objectives must be SMART."
Specific - objectives are aimed at what te business does.
Measurable - desired outcome is a…