Business aims and objectives - EdexcelWhy aims and objectives differ between businesses
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.
aims and objectivesA 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. are tailored to the particular business. The main reasons that aims and objectives differ between businesses are that businesses operate in different sectors, and business operations vary in size and scale.
Different sectors
The term ‘sector’ relates to whether a business provides goods or a service and the type of goods or service it offers.
The fact that businesses operate in different sectors is one of the main reasons that their aims and objectives differ. For example, a restaurant called Rachel’s Pizzas might aim to sell 10 varieties of pizza, but this aim would not be applicable to a florist or a website designer.
Business size and scale
The size and scale of a business has a huge impact on its aims and objectives. For example, a new business will most likely be aiming for survival Where a business aims to keep operating., whereas an already established business may aim for profitsThe amount of money made after all expenses have been paid.. Some small businesses may have objectives linked to expanding as a business and increasing the scale of their operations.
