Chapter 2- business aims and objectives

Chapter 2- business aims and objectives

1. Mission Statement

   • A mission statement if a phrase used by a business to summarise what the believe in
   • 'to inspire and nurture the human spirit- one person, one cup and one neighbourhood at a time'

2. Aims

   • Aims are like targets a business sets to achieve
   • e.g a business may set aims to bring in a certain profit for their business to succeed

3. Objectives

   • e.g for the business to reach its aims an objective may be to bring in a certain amount of profit each month, they can do this by increasing/decreasing prices
   • An objective is how and when a business is going to achieve their aims,

4. Survival

   • Survival is the business succeeding and not going bankrupt 'to survive' and stay in the market

5. Maximising Priofits

   • Maximising Profits means to make the most profit possible
   • A business can do this by keeping costs low and revenues high
   • The business needs to be efficient as possible and use its resources as efficiently as possible