How do businesses use aims and objectives?
> In pairs select one of the businesses opposite, you must then set a realistic aim for the business and at least three objectives that will help them to achive the aim.
> Consider how each could be measured???
Stretch & Challenge: In your pair discuss and write down how having aims and objectives can benefit a business. Consider:
> The owner
> Potential investors
> Potato farm
> Wildlife charity
> Football club
> Clothes shop
> Computer game shop
> Fast food restaurant
The precise objectives for individuals starting up a business will vary from person to person. They could include things like, survival; earning a profit; gaining market share or being eithical. But just as everyone has different aims in life so too will businesses.
An effective objective will include a target that is measurable so the entrepreneur knows when it has been achieved. This will allow the entrepreneur to know when they have achived what they were aiming for and also be a source of motivation for all within the business.