Developing Relationship with other businesses- this may involve joint initiatives to offer goods or services to more people. So they get more customers and their sales will grow up.
Purpose of setting Aim:
If the business is on clear direction so, its mean the business sets their aim and they know that where their business going. It will also show us if the business is any kind of a risk. So we can take action to change it if we need to. If business set their aim then they will have confidence. And they could stop from going bust.
Objectives
What is an objective?
Targets which are set to help to achieve the overall aims of the business depending on the aim set. Example of objectives could be:
Different form of objectives:
There are some different forms of objectives that may be set for the business.
Reduce costs- objective will help business to achieve the aim of relationship and survive. They get more customers and their sales will grow up.
Open two stores by next year- this object will help to achieve the aim of growth.
Increasing sales - this object will help business to achieve the aim of profit maximisation.
Purpose of setting objectives:
You may have several personal aims you want to achieve – to get fitter, save for holiday next year, achieve your BTEC First Diploma but you are unlikely to achieve your aim unless you set objectives. This is because aims often seem overwhelming. They are easier to achieve if they are broken down in to smaller steps- such as doing 20minutes exercise everyday to get fit, or regularly saving £10 a week to go on holiday. So, the purpose of setting objective is so people got smaller goons to achieve.
Smart Objectives:
A problem with some objectives is that they are not very clear or specific. This type of problem can be overcome by setting SMART objectives which are:
Specific: there is clear definition, often including a number, for example saving £20 a week.
Measurable: this means achievement can be checked. Banking your savings
means your bank statement will record and measure your
achievement.
Achievable: this means you can attain your target if you stretch yourself a little- saving £20 a week may be achievable with out having to make too many sacrifices.
Realistic: this means that target is sensible so that you stand a chance of achieving it. You could not £20 a week if you did not have a job that paid at least that amount.
Time-Related: every object should have a date for achievement or review. therefore, you could set a time limit to review your progress after three months.
For example you may decide to join gym but then only go when you feel like it; you may decide to save for a holiday with out setting a specific amount. In both case you may fail to fulfil your aims. This type of problem can be overcome by setting SMART objectives.
Why business should set aim and objectives:
It is important to have an aims and objectives because without setting aims and objectives business goes bust and they can’t make profit. Below are some benefits of aims and objectives.
- If business set aims and objectives that should be easy for that business to achieve their goals. Because aims and objectives help to achieve their goals.
- Business set their aims and objectives to stop their business going bust. If you don’t set aims and objectives your business goes bust easily.
- If you set aims and objectives you should know that where you getting profit or loss. And you also know that you will be able to invest more money next year or not.
What should happen to the business without setting aims and objectives?
Without setting aims and objectives business get loss. Below are some examples.
- If you don’t set aims and objectives your business goes bust. Because every thing is not planned and sorted out.
- And your business also doesn’t make much profit.
- Employees have no objectives they don’t know what they doing.
What is Subway?
Introduction:
Subway is the fast food chain that is expanding quickly. The first Subway franchise opened in 1974 in Wallingford, Connecticut. Subway chain was cofounded by Fred DeLuca, a 17-year-old college freshman, and Dr. Peter Buck. There are more than 25,000 subway franchises in over 80 countries and territories worldwide. They need about £6,000 to open a branch but this may vary, depending upon the location and the size of the shop.
Aims and objectives of Subway:
Aims of Subway:
- To provide the tools and knowledge to allow entrepreneurs to compete successfully in the Quick Service Restaurant industry worldwide, by consistently offering value to consumers through providing great tasting food that is good for them and made the way they like it. This comes under the aim of service provision, and also improvement of quality, and relationships with their franchisees and their customers.
- Subway is aiming to increase their number of stores in UK and Ireland. So their aim is to expansion and growth.
- The aim of Subway is also to match the number of outlets of the biggest fast food retailer in the country currently,(possibly McDonalds) which comes under the umbrella of growth, but also market share possibly, because they want to keep up with the competition.
What objectives subway needs to achieve their aims?
- A business needs to take some steps to achieve their aim e.g. open three stores next week.
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Subway start to making three new stores every week. This will be help to achieve the aim of grow their business.
- Subway needs to open more branches to give extra services to people and grow their business.
Purpose of setting aims and objectives:
All businesses set some objectives to get their aims. It is important to set objectives in business. Objectives are more specific them aims. Objectives are goal which are set to help to achieve on the whole aims of the business. Objects are communicated to staff and departments who then know which targets they must achieve for the business to achieve its objectives.
Why subway set aims and objectives?
Subway set aims and objectives to get what they want. And Subway knows what they want to achieve from their business, what they are aiming for. It is important to set objectives in subway in order to keep focused so as not to wasting time, money and other resources.
