business aims and objectives

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eWave Computers

Aims and Objectives

In order for a business to survive, the company must have aim and objectives. These aims and objectives should be in the company’s business plan. Aims and objectives will facilitate them in making money. A business needs aims and objectives in the business plan because the company is loaning out money. The person who will be loaning the money will want to know if he or she will get the money back.  An aim is a list of thing that a business desires to accomplish, weather it making a profit or being providing a good service. It is vital for a business to have aims because they want to know what they will achieve with the business.

Referring back to the business which I have set up in class. The business has aims and objectives. We named our business Cantore the business we setup was a canteen. Some of the aims which are in the business plan are as followed:

  • To make a profit.
  • To keep our customers satisfied.
  • Make sure our company can survive.
  • Maximising the sales.

We believed that the aims we setup were suitable for our business. This is because we knew that our business will be a small start up firm and we didn’t aim for anything that was out of our reach.

The objectives are the targets which a business set itself to check that it is going to achieve the aims. In other words an objective is the things that will help a business attain its aims. These objectives must be SMART. The word SMART means that the objectives ought to be S- specific (suitable for the company), M- measurable, A- Attainable (some thing the company will be able to do), R- realistic and T- Time (E.g. how long it’s going to take). It is crucial for a business to have objectives because the owners then will be informed if the business is reaching its aims. Many successful companies know what they what to attain and their aims are very specific. For instance a businesses aims could be to make a profit with a year or maximise sales by 10% by each month. Examples of targets can include selling more product than competitor or else improving products.

We also had objectives, these objectives were set out to help us to achieve our aims. For instance some objectives were:

  • Make a profit of £100 per week.
  • Sell more products that our competitor.
  • Get a 70% satisfactory rate on goods.
  • Increase the wanted items by 5% per month.

These objectives that we set out are SMART. For instance the first objective “make a profit of £100 per week” this objective is SMART because. The objective is Specific (to make a profit), it is also Measurable (£100), Attainable (£100 ponds is not a lot for a canteen), Realistic (our objective isn’t too hard to achieve) and Time (per week).   

eWave Computers

The business I will be analysing and studying for my port folio will e-wave computers. Opened in 2004 EWave computer is a small start up firm. eWave is in the business industry of tertiary. The company eWave Computers is a partnership which is located in the in the East of London, Brick Lane. The business aims to provide computing, internet and web related products and services to people who are in education within the area of London. In order to generate revenue they plan to hold workshops regarding computers and technology to the schools within the city. The products and services eWave Computers offer, include the manufacturing of custom and pre-defined computer systems. In addition website development, design and maintenance will be part of their products and services. My reasons why I have chosen eWave computers as the business for my port folio is because the owners are former students of my school. More over the business is located in Brick Lane, East London and is close to where I live. Most of the information I get for my port folio will either come from their business plan or the eWave computers.

Like other business eWave will need aims and objectives. eWave computers as a business have aims and objectives. Aims and objectives will help the business e-wave achieve its wants and needs. Further more the business will need aims and objectives to loan money out from the bank. The banker will observe the aims and objectives and will make a decision if he or she will lend the money to the firm.

The aims for eWave Computers are as followed:

  • Offer affordable computers to people.
  • Build a residual income through secondary services- this will be done via online advertisement on our website.  (This aim is stated on the business plan, page 2.)
  • We need to establish strategic partnerships with Internet service providers, Schools, individual retailers, the education department and the DSS. (This aim is stated on the business plan, page 2.)

I believe that some of these aims are out of the reach of eWave computers. eWave Computers might want to reconsider their aims and objectives as they are really unrealistic and will be hard to attain.

eWave computers will need objectives without a doubt. This is because eWave computers have quite high aims. More over in order for eWave to accomplish these aims they will need SMART objectives.

The objectives for eWave computers:

  • Turnover of £450,000 by December 2004 (stated by eWave computers business plan page 1)
  • Net profit of 15% from Jan to Jun 2004 and 20% from Jul to Dec 2004 (stated by eWave computers business plan page 1)
  • 30% gross margin by December 2004 (stated by eWave computers business plan page 1)
  • Advertise to a minimum of 260,000 people in first 12 months (stated by eWave computers business plan page 1)
  • Establish at least 1 workshop a week (stated by eWave computers business plan page 1)

I feel that some of the objectives that eWave computers have set out are beyond the reach of them. In addition some of these objectives are not SMART. Referring to the first objective “Turnover of £450,000 by December 2004”. The objective is partly SMART. The objective is specific- to make a turn over of £450,000, the objective is measurable- £450,000, however I would say that the objective is not attainable this is because I think to make a turn over of that significant amount of money in such a small location will be very hard. Additionally the business is a new firm and is not yet know very much. More over I believe that the objective is not realistic this is mainly to the reason that it isn’t attainable. I also think that £450,000 for a new company is too much. The objective is timed- by December 2004. Another objective of eWave computers is “Advertise to a minimum of 260,000 people in first 12 months”. This objective is specific, measurable and timed. On the other hand the objective is not attainable and is not realistic. My reason being is that 260,000 people to advertise to, is a large amount. Why? In the east of London where the business is located I assume that there aren’t 260,000 people living there and 260,000 are the minimum. Why isn’t it realistic? The reason why this objective isn’t realistic is because the want to advertise to 260,000 people is the first 12 months of the business.

eWave computers might have to reconsider their business strategies their aims and objectives. I believe that their aims and objectives are not SMART. This will affect their business as they might make a loss or get bankrupt. They are a small firm and have very high expectations. In order for eWave to compete with such big companies like, Dell. I think they should have aims and objectives that will be suitable for them. An example of a company who started at the bottom then wet to the top is Amazon.

eWave Activities- Aims and Objectives

Below are the activities of eWave and their aims and objectives on how they will achieve these activities.

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I believe that the aims and objectives eWave have set their selves are very ambitious. I fell that if they want to successfully go to the top and compete with major companies they should revise their aims and objectives. More over them are a small start up firm and have the objectives that a big company will have like dell. If their company was know and established these aims and objectives would suit them. As they are a new company to the business world they have debts. I firmly believe that they should first of all look into how ...

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