Differences Between Aims and Objectives
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Aims and Objectives Differences The differences between a business aim and a business objective are that aims are longer term goals such as maximising profits over a set time period. Objectives are a lot more specific to aims were they are targets which are set to help achieve the overall aims of the business. Aims are like smaller goals that a business sets to help achieve their overall objectives. A common business aim would be to expand into other countries. The objective would then be to reach a profit of 100,000 within the first two years.
A SMART objective will have to comply with the following criteria: Specific - Objectives should be specific and clearly state what the business hopes to achieve. For example a common business aim is increasing their profits. Measurable - The business should be able to measure whether they are meeting their set objectives. For example if a business's profits increase by %15 then they have reached their objective. Managing objectives is just as important as setting an objective. If it is measurable Achievable - The business should set both achievable and attainable objectives.
Timed - When does the business hope to achieve their set objective. A well-mannered timeframe is the key to the business actually reaching their objective. However not all businesses seek profit or growth. Some businesses have other objectives such as ethical and socially responsible objectives. Businesses such as Co-op and the Body Shop have objectives which are based on their beliefs of how one should treat the environment. Public sector businesses don't only run to make a profit but also to provide a service to the general public such as a cheap and easy to access to public transport service.
This student written piece of work is one of many that can be found in our GCSE Business, Companies and Organisation, Activity section.
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