Aims & Objectives for new businesses

• Aim - an overall goal a business wants to achieve
• Objective - a measurable step a business takes to help reach it's aim
• Financial aims:

  • Survival
  • Maximise profit
  • Financial security
  • Maximise sales
  • Increase market share
• Non-financial aims:

  • Challenge
  • Personal satisfaction
  • Independence and control
  • Social objective
• Factors affecting aims and objectives:

  • Size and age ~ Small/new firms often focus on survival, bigger firms focus on financial security and market share
  • Competition ~ Firms with lots of competition focus on survival or sales, firms with little competition focus on profits and market share
  • Owner ~ Small firms prioritise personal satisfaction, Ltd have shareholders so they'll focus on sales and profit