Business aims and objectives

Business aims and objectives

1. What is a mission statement?

   • A small paragraph about why the company are there and what they want to get out of it.

2. What are aims?

   • What the business wants to achieve
     • eg: Maximise profits

3. What are objectives?

   • How to achieve the businesses aim: usually a time frame and a financial figure.
     • Raise the profits by 10% by next year.

4. What is maximising profits?

   • Methods to bring in more money to the business like; raising prices and selling more products.

5. What is maximising market share?

   • Maximising the amount of people who want to buy from your company.
     • e.g: Advertising because more people will know about the company and their products so it will increase sales and reputation.

6. What is survival?

   • Keeping the business running successfully.

7. What is breaking even?

   • When they only cover their own costs - they don't earn profit or lose money.

8. What is market growth?

   • Growing the business by introducing more products and selling products in other countries.

9. What are non-financial aims?

   • Where it doesn't involve money. eg: Employ better staff.