Business aims and objectives - EdexcelWhat are aims and objectives in business?
All businesses create aims and objectives to give them goals or targets to achieve. Businesses usually have a mixture of financial and non-financial objectives.
All businesses have aims and objectives. These give a business direction and provide a purpose for what the business does each day. A business aim is the overall target or goal of the business, whereas business objectives are the steps a business needs to take to meet its overall aims. A business may have several different objectives that will help it to meet its aim.
An example of a business aim is ‘to make £120,000 profitsThe amount of money made after all expenses have been paid.’. An example of a business objective is ‘to make £10,000 profit each month for the next year’.
Business aims and objectives fall into two main categories: financial and non-financial.
Business objectives are often created using the SMART acronym:
S – Specific
M – Measurable
A – Agreed
R - Realistic
T – Time-bound
Mo and Emma set some SMART objectives to help them focus on improving sales
