1.3.1 Business Aims & Objectives

A legal requirement for all businesses

A short-term plan to reduce costs

A long-term goal a business wants to achieve

A financial report to shareholders

A slogan used in marketing

A measurable step to help achieve an aim

A product launch date

A type of loan

Gaining independence

Helping the community

Survival

Personal satisfaction

Vague and flexible

Measurable and specific

Emotional and personal

Written by investors

Earning a profit

Increasing sales

Personal satisfaction

Maximising market share

To avoid paying tax

To measure progress and success

To hire more staff

To get discounts from suppliers

Sustainable, Market-driven, Aimed, Reliable, Targeted

Sales, Marketing, Advertising, Revenue, Turnover

Specific, Measurable, Achievable, Realistic, Time-bound

Safe, Measured, Approved, Ranked, Tested

Aims are day-to-day tasks, objectives are long-term

Aims are specific, objectives are general

Aims are long-term goals, objectives are specific steps to reach them

There is no difference

The number of new employees hired

The amount of product sold abroad

A business’s sales as a percentage of total market sales

The amount of cash available

Multinational corporations

Charities or social enterprises

Sole traders

Public limited companies