Setting Business Aims & Objectives Flashcards
What is an aim & an objective?
Aim: The long term intentions of the business, they help form the business objectives.
Objectives: An objective is a strategy to help a business to achieve their aims
Why do businesses set objectives?
Businesses set up objectives to keep their business in order and keep the employees busy. Also objectives mean that the business is progressing and has a point they can look back on and see their progress over time.
What are typical objectives for start ups?
Usually most people want to survive as a business, breakeven from the loans they had to pay when starting up, and also making profit so that it can be successful.
How can objectives be used to measure success?
Objectives can show progress as you can look back and see your past objectives and see if it seems easy now meaning that you have grown and gained more experience
How can stakeholders influence a business’s ability to achieve objectives?
Stakeholders - people affected by a business actions. This means that if a company objective was to sell 20000 bottles of water a day and make them £30 each no one would buy them meaning that the people(stakeholders) could influence the business to lower the price so that they can achieve their objective
