Setting business aims and objectives - AQAUse of objectives in judging success
Businesses often set themselves targets that they want to achieve. These aims and objectives can be used to motivate employees and help a business measure their performance.
After a business has set its objectives, it can review them to see how successful they have been. For example, if a business set an objective to increase market share by 5% within 12 months, after 12 months they are able to see if this has been achieved.
Businesses could judge their success in a number of ways depending on the objectives that have been set, including:
number of employees
customer satisfactionA measure of how well a business is meeting the needs and wants of its customers.
market shareThe percentage of a market taken by a particular business or product.
social media followers or engagement
revenueThe income earned by a business over a period of time from selling its goods or services.
cost savings
profitsThe amount of money made after all costs are deducted.
