Why does a Business exist?

• create wealth
• create employment
• create new products
• enhance reputation

Mission/aims and objectives

Mission Statement-  A formal summary of the aims and values of a company, organisation, or individual.

Objective-  Commitments which give direction. Sets out clearly what has to be achieved.From a mission will come SMART objectives. They turn the mission statement into something more quantifiable.

Why set objectives? 

• Large companies cannot make all decisions at corporate level
• They need to give authority to middle management to make middle-ranking decisions
• It is motivating to have a clear goal…