Setting Business Aims & Objectives Flashcards
1
Q
What is an aim?
A
The goals a business intends to achieve
2
Q
What is an objective?
A
The smaller steps to how a business achieve their aims
3
Q
Why do businesses set objectives?
A
- to motivate staff
- to have clarity/ make sure everyone is on same page
4
Q
What are typical objectives for a start up?
A
- to survive
- to break even
5
Q
How can objectives be used to measure success?
A
- can compare with competition
- can compare with previous years to show growth
6
Q
How can stakeholders influence a businesses ability to achieve objectives?
A
- Owners decide aims and provide resources
- customers influence sales objectives
