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Summary Business Objectives
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Business Objectives summary
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Business ObjectivesMission Statement – Gives an overview of what the Business entails.
It focuses on:
Organisations values
Non-financial goals
Benefits of the bs to the community or stakeholder
How consumers are to be satisfied
Aims and Objectives
Aims are determined by owners and managers
They will change over time as the business grows and the business environment
changes
Corporate Aims & Objectives
Corporate aims - The long-term intentions of a business
Corporate objectives: Targets that must be achieved in order to realise the aims
of the business.
Corporate aims and corporate objectives are used to help the business achieve what is
set out in the mission statement
SMART
Specific
Measurable
Agreed
Realistic
Timed
Short Term VS Long Term objectives
The choice of short term or long term objectives depends on:
Financial position
Market position
Economic Conditions
Government Policy
Bad publicity & Social change
In the short term a business may aim to survive but in the longer term they may aim to
make a profit
Common Objectives
The most common objectives are concerned with:
Profit -This is the number one objective for most firms in the private sector.
Profit = Total revenue – total costs.
Profits can be used to reward workers and reinvest in the business so it can
grow
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