1.4 Business aims and objectives GapFill

All businesses have aims and objectives. Aims are  achievablespecificbroadmeasurable ambitions for the business, such as making profit, meeting ethical objectives or making money for shareholders. To achieve these aims, objectives are set which are  SMARTANPRLTDPLC. The objectives help the business achieve their aims by setting out clearly how this will be done. In larger organisations, financial objectives may vary according to the department they apply to. The sales department will have an objective to make as  muchfewlittlebroad money as possible in a year, whereas the human resources department may be given an objective to keep the cost of staffing as  fastlowhighslow as possible for a year. Once objectives have been met they can be reviewed and updated. 

Objectives related to making enough money to survive and then make profit may change over time to those related to the longer-term future of the business, such as  advertisinginternational expansionmarketingbreaking even. Alternatively, poor sales over an extended period of time may force a business to review objectives related to  marketingsurvivalprofit maximisationexpansion. 

Business success is not always measured in terms of profit. This is particularly true for  partnershipscharitiespublic limited companiesprivate limited companies. Not-for-profit organisations can plug gaps in local areas by providing playgroups, transport and advice centres. Their success is more likely to be measured by the number of  hoursclientsadvertsstaff they support.