What are aims and objectives in business?

• What do all businesses create to achieve goals?

  Aims and objectives
• What is the purpose of aims and objectives in a business?

  They provide direction and purpose
• What is a business aim?

  The overall target or goal of the business
• What are business objectives?

  Steps to meet overall aims
• Give an example of a business aim.

  To make £120,000 profit
• Give an example of a business objective.

  To make £10,000 profit each month
• What are the two main categories of business aims and objectives?

  Financial and non-financial
• What does the SMART acronym stand for in business objectives?

  Specific, Measurable, Agreed, Realistic, Time-bound
• What are the components of SMART objectives?

  • Specific
  • Measurable
  • Agreed
  • Realistic
  • Time-bound
• Why do businesses use SMART objectives?

  To focus on improving sales
• What is the financial aim of a business?

  To generate profit
• What is a non-financial objective?

  Goals not related to profit
• How do aims differ from objectives in a business context?

  Aims are overall goals; objectives are steps
• If a business aims to make £120,000 profit, what might be a relevant objective?

  To make £10,000 profit each month
• What is the significance of having a mixture of financial and non-financial objectives?

  It ensures a balanced approach to success