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Business Aims and Objectives

Not every business is chasing the same thing. Sort the money goals from the non-money goals, and work out why a new coffee van, a charity cafe and a supermarket each want something different.

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What you'll cover

What is the business for? 🎯

Every business is trying to achieve something. Its overall, long-term goals are its **aims**, and the specific targets it sets to get there are its **objectives**. Some objectives are about **money**; others are not. This module sorts the two and explores **why different businesses want different things**.

Aims and objectives 🔑

Four ideas underpin the whole topic:

Aim or objective? 📌

Which of these is an OBJECTIVE rather than an aim?

  • Increase sales by 10% over the next year
  • To become a well-known brand one day
  • To be a successful business
  • To make the world a better place

Match each financial objective 💰

  • Survival
  • Profit
  • Market share
  • Sales
  • Staying in business, especially vital for a new start-up
  • Making more revenue than the total costs
  • Winning a bigger slice of the total market
  • Increasing the number or value of products sold

Two kinds of objective ⚖️

Objectives fall into two broad groups. Most exam answers need you to recognise which is which.

Which are non-financial? 🤝

Select the TWO objectives that are NON-FINANCIAL.

  • Giving the owner personal satisfaction from running their own business
  • Reducing the business's impact on the environment
  • Increasing profit by 15% this year
  • Growing the business's share of the market

Complete the definitions 🧩

A business's overall goal is its _____, while a specific, measurable target is an _____. Objectives measured in money, such as profit, market share or _____, are called financial. Objectives not about money, such as the owner's personal _____, or a _____ cause that helps the community, are called non-financial.

aim objective survival satisfaction social growth challenge independence revenue loss

Why do objectives differ? 🧭

Not every business wants the same thing. Objectives differ because of the **size** of the business, its **sector**, the **owner's** motives and its **stage**. A brand-new **start-up** often puts **survival** first; an established firm may chase **profit** or **growth**; and a **social enterprise** may put its cause above profit.

Different businesses, different goals 🏪

An interactive activity.

Why survival first? 🛟

Why might a brand-new business aim to SURVIVE rather than to maximise profit in its first year?

  • Cash and customers are uncertain at first, so simply staying open comes first
  • New businesses are not allowed to make a profit
  • Profit does not matter to any business
  • Survival and profit mean exactly the same thing

Spot the true statements 🖍️

An interactive activity.

First things first 🪜

An interactive activity.

Advise the founders ✍️

An interactive activity.