Aims and Objectives

What is an aim?

• A business goal
• SMART
• Measured targets
• Ideas

Which of the following is an example of an aim?

• Downsize the business
• Employ more people
• Make a profit
• Sack people

How else could an aim be described?

• A question
• A statement of purpose
• A stepping stone
• Progress measure

Which of the following options is NOT a reason why aims are important?

• Helps the business have a vision
• Helps a business focus
• Helps a business
• Helps a business get more staff

A business aim...

• is where the business wants to go in the future, it’s goals. It is a statement of purpose
• stated, measurable targets of how to achieve business aims. They act as stepping stones in achieving an overall aim. They give clear targets about the business, so plans can be made to reach these targets.
• sets out the business vision and values that enables employees, managers, customers and even suppliers to understand the underlying basis for the actions of the business.

An entrepreneur...

• works for a large organisation
• works in the public sector
• starts up their own business
• doesn't like to take risks

What is meant by the 'aim' of a business?

• Long-term vision or goal of the business

• Are more specific steps to achieve the aim; they tend to be S.M.A.R.T

Objectives set by businesses need to be......

• Specific, Measurable, Attainable, Realistic, Time bound (SMART)

• Set, Measured, Adaptable, Realistic, Timed

What aim might a new, small business have?

• Profit
• Market Share
• Survive
• Providing a service

New businesses might choose this aim to tempt potential customers to try the products/services they offer...

• Excellent customer service
• Grow the company into Europe