Business aims and objectives

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Presentation transcript:

Business aims and objectives

Starter What do they want to achieve? A premier league football club A contestant on “Catchphrase” A NHS hospital The RSPCA A window cleaner Confused.com Subway

Key Objectives By the end of the lesson you will be able to: Outline the different aims and objectives which a small business will have. Explain the purpose of a business objective

List down 3 short-term and long-term goals that you may have. Activity List down 3 short-term and long-term goals that you may have.

Business aims/objectives A business aim: The overall goals of the business as a whole. A general statement of what a business intends to do in the long-term. A business objective: A precise goal of what a business intends to achieve, which is set in order to achieve a business aim.

Types of Business objectives Survival The ability of a business to continue to exist Need enough money to pay expenses Profit To receive more money in sales than the costs Growth To expand, may be through more customers, more sales, more branches Are there any businesses in your local area that have failed to survive? What do you think were the main causes of the closure?

Types of Business objectives Market Share The percentage of the total market that one particular brand or business owns. It compares the amount of sales you have made in comparison with every other similar business. How much do you know? Who are the leading 4 supermarkets in the UK by sales? What percentage do you think they each control? What supermarkets make up the rest of the market? What share of the market is owned by the combined discount stores Lidl, Aldi and Netto?

Types of Business objectives Satisfaction A satisfied customer leaves happy and is more likely to return Avoids negative publicity Positive advertising through word of mouth Helps achieve other objectives e.g. survival, profit and growth

Types of Business objectives Ethical To do the morally correct thing Can help attract customers Sustainable Making use of renewable resources Reducing waste Using energy in a more efficient manner Should businesses behave in an ethical manner? Should businesses have a responsibility to protect the environment?

Purpose of setting objectives Setting targets that the business can work towards These provide a clear focus for the business Objectives may change as the business changes

Using business objectives to measure success How can a firm use business objectives to measure success? Business Objective Importance? Survival Profit Growth Market share Customer satisfaction Ethical Sustainable Look at the list of business objectives on the left. Which one is the most important in measuring the success of a small business? Place a number from 1 to 7 next to the objective (1 = most important, 7 least important). How does each objective help to measure the success of the business?

Types of objectives Objectives should be ‘SMART’ S _ _ _ _ _ _ _

Case Study