Putting a business idea into practice

Question 1

What’s a business aim

Answer 1

A business aim is a longer term goal which doesn’t necessarily have a numerical target attached to it and achieved over a longer period of time

Question 2

What’s a business objective?

Answer 2

A business objective is a short term target that’s usually expressed numerically and has a short time period attached to it

Question 3

what are aims and objectives a new business may have

Answer 3

The aim may be survival

the objective may be to break even over the first 12 months of the business

Question 4

aims?

Answer 4

launch new products

build a brand

expand geographical presence

improve employee engagement

become the market leader

Question 5

objectives

Answer 5

increase In sales by 5% every year
open at least 12 branches every year

brand awareness increase by 10% every year

Question 6

define break even

Answer 6

break even is when your not making a profit nor loss over a period of one year

Question 7

break even formula?

Answer 7

break even = total revenue = total costs

Question 8

Labour turnover define

Answer 8

Proportion of staff who leave the business every year

Question 9

calculation for labour turnover

Answer 9

number of staff leaving during the year / average number of staff employed during the year