1. Unit 8: Business Planning Aims & Objectives

2. Starter Exercise Fill in the missing blanks Fill in the missing blanks Business success relies upon a clear vision of the ______________ (goal/role) being pursued. The starting point is to agree on the ____________, which present the goals in a general way. To achieve these general aims, it helps to set _____________________, which are more precise targets of what should be achieved and by when. A strategy can then be agreed on how best to achieve these objectives. Business success relies upon a clear vision of the ______________ (goal/role) being pursued. The starting point is to agree on the ____________, which present the goals in a general way. To achieve these general aims, it helps to set _____________________, which are more precise targets of what should be achieved and by when. A strategy can then be agreed on how best to achieve these objectives. OBJECTIVES MISSION AIMS OBJECTIVES MISSION AIMS

3. Drag and Drop http://www.businessstudiesonline.co.uk/li ve/index.php?option=com_content&view= article&id=35&Itemid=23 http://www.businessstudiesonline.co.uk/li ve/index.php?option=com_content&view= article&id=35&Itemid=23

4. Strategic or Tactical Objectives Strategic or Tactical Objectives Aim/Objective 1 To diversify our business 2 To make home-delivery, authentic Italian pizza available to every home in Britain 3 To allocate £400,000 to developing a brand new website 4 To increase market share to 8% by the end of next year 5 To achieve brand awareness among the majority of the target market within three months 6 To offer a three for the price of two promotion. 7 To get promotion to the Premiership within 5 years What is the difference between an aim and an objective? Sort the following into either aims or objectives.

5. Aims “I’ll Have a P Please Bob” – many 6 th formers said this to Blockbusters host Bob Holness, with a smirk on their faces. Divide the class into 2 teams and try this legendary game show yourself “I’ll Have a P Please Bob” – many 6 th formers said this to Blockbusters host Bob Holness, with a smirk on their faces. Divide the class into 2 teams and try this legendary game show yourself http://www.youtube.com/watch?v=As SzXq34ysg http://www.youtube.com/watch?v=As SzXq34ysg http://www.youtube.com/watch?v=As SzXq34ysg http://www.youtube.com/watch?v=As SzXq34ysg http://www.teachers- direct.co.uk/resources/quiz- busters/quiz-busters- game.aspx?game_id=7274 http://www.teachers- direct.co.uk/resources/quiz- busters/quiz-busters- game.aspx?game_id=7274 http://www.teachers- direct.co.uk/resources/quiz- busters/quiz-busters- game.aspx?game_id=7274 http://www.teachers- direct.co.uk/resources/quiz- busters/quiz-busters- game.aspx?game_id=7274

6. Aims – Mix and Match Complete the following exercise: Complete the following exercise:..\..\..\GCSE Unit 2 Growing a Business\Aims & Objectives\BUSINESS AIMS AND OBJECTIVES.doc..\..\..\GCSE Unit 2 Growing a Business\Aims & Objectives\BUSINESS AIMS AND OBJECTIVES.doc..\..\..\GCSE Unit 2 Growing a Business\Aims & Objectives\BUSINESS AIMS AND OBJECTIVES.doc..\..\..\GCSE Unit 2 Growing a Business\Aims & Objectives\BUSINESS AIMS AND OBJECTIVES.doc

7. Which Aims? Watch the following video clip. Watch the following video clip. http://www.smarta.com/advice/starting- up/starting-your-own-business/i-had-an- air-of-naivety---fraser-doherty http://www.smarta.com/advice/starting- up/starting-your-own-business/i-had-an- air-of-naivety---fraser-doherty http://www.smarta.com/advice/starting- up/starting-your-own-business/i-had-an- air-of-naivety---fraser-doherty http://www.smarta.com/advice/starting- up/starting-your-own-business/i-had-an- air-of-naivety---fraser-doherty What do you think his aims were when he first started in business? What do you think his aims were when he first started in business? What do you think his aims are now? What do you think his aims are now?

8. SMART Objectives A simple way used to set objectives is called SMART objectives. What does SMART stands for: A simple way used to set objectives is called SMART objectives. What does SMART stands for: 1. Specific – Objectives should specify what they want to achieve. 1. Specific – Objectives should specify what they want to achieve. 2. Measurable – You should be able to measure whether you are meeting the objectives or not. 2. Measurable – You should be able to measure whether you are meeting the objectives or not. 3. Achievable - Are the objectives you set, achievable and attainable? 3. Achievable - Are the objectives you set, achievable and attainable? 4. Realistic – Can you realistically achieve the objectives with the resources you have? 4. Realistic – Can you realistically achieve the objectives with the resources you have? 5. Time – When do you want to achieve the set objectives? 5. Time – When do you want to achieve the set objectives?

9. ARE YOU SMARTER THAN A 10 YEAR OLD? In what way are the following objectives Smart? In what way are the following objectives Smart? To increase sales revenue by 8% next year? To increase sales revenue by 8% next year? To cut carbon emissions in European operations by 5% over the next 24 months To cut carbon emissions in European operations by 5% over the next 24 months To recruit 10 highly motivated staff in the marketing department in the next year. To recruit 10 highly motivated staff in the marketing department in the next year.

10. ARE YOU SMARTER THAN A 10 YEAR OLD? How could you improve the following objective? How could you improve the following objective? To increase profit by £1 million To increase profit by £1 million To increase profit by £1 million in the next week To increase profit by £1 million in the next week To improve brand awareness To improve brand awareness To grow by 15 % in the next five years To grow by 15 % in the next five years To survive the credit crunch To survive the credit crunch

11. TASK/HOMEWORK Write a set of SMART aims and objectives for your business. Write a set of SMART aims and objectives for your business. Use the format: Use the format: Aim To attract sufficient customers to be able to break even within the first year of trading Aim To attract sufficient customers to be able to break even within the first year of trading Objective To run a small marketing campaign during the months of July and August to try and attract new customers. Objective To run a small marketing campaign during the months of July and August to try and attract new customers. Put this into your business plan. Put this into your business plan. Explain why you have chosen these aims and how SMART they are. Explain why you have chosen these aims and how SMART they are. Label this and put it as an appendix. Label this and put it as an appendix. Deadline: To be handed in next lesson. Deadline: To be handed in next lesson.

12. Plenary Complete the crossword at the following link: Complete the crossword at the following link: http://sixthsense.osfc.ac.uk/business/quiz/aimsa ndobjectives.htm http://sixthsense.osfc.ac.uk/business/quiz/aimsa ndobjectives.htm http://sixthsense.osfc.ac.uk/business/quiz/aimsa ndobjectives.htm http://sixthsense.osfc.ac.uk/business/quiz/aimsa ndobjectives.htm