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business aims and objectives (examples of business objectives (business…
business aims and objectives
objectives should be SMART
specific
measurable
achievable
realistic
timed
purpose of setting objectives
to inform decision making
each time a decision is made managers can ask "will this help us to achieve the objective"
motivate employees
need to be communicated with all employees giving everyone a sense of belonging and responsibility
measure performance
provides a quantifiable target against which businesses can monitor and assess performance
can identify when corrective action needs to be taken
can report progress against these targets
corporate objectives to inform functional objectives
the corporate objective is what the business wants to achieve as a whole
this can then be broken down into functional objectives giving each department clear targets to work towards
this will ensure everyone is pulling in the same direction
differing objectives
size of the business
a small business may be happy to sacrifice profit to keep a work life balance for it's owners with no wish to grow
a large business may want to achieve further growth or higher market share. If the domestic market is saturated it mat look to expand abroad
level of competition faced
in a highly competitive market businesses may struggle to survive
in a market where there are a limited number of businesses they may all want to gain a competitive advantage and market share
type of business
a company may have an objective to maximise profits in order to increase shareholder value
a non-for-profit business will have social and ethical objectives
examples of business objectives
business growth
to increase revenue/profit
increase in positive reviews
increase employment
rise in share price
maintaining quality standards
survival (for new businesses)
good reputation
keep shareholders happy
sell a certain amount of products
increase in sales
aims and objectives
an aim is a long term goal
an objective is a short term goal