1. Business aims and objectives

2. Starter What do they want to achieve? A premier league football club
A contestant on “Catchphrase”
A NHS hospital
The RSPCA
A window cleaner
Confused.com
Subway

3. Key Objectives By the end of the lesson you will be able to:
Outline the different aims and objectives which a small business will have.
Explain the purpose of a business objective

4. List down 3 short-term and long-term goals that you may have.
Activity
List down 3 short-term and long-term goals that you may have.

5. Business aims/objectives
A business aim: The overall goals of the business as a whole. A general statement of what a business intends to do in the long-term.
A business objective: A precise goal of what a business intends to achieve, which is set in order to achieve a business aim.

6. Types of Business objectives
Survival
The ability of a business to continue to exist
Need enough money to pay expenses
Profit
To receive more money in sales than the costs
Growth
To expand, may be through more customers, more sales, more branches
Are there any businesses in your local area that have failed to survive?
What do you think were the main causes of the closure?

7. Types of Business objectives
Market Share
The percentage of the total market that one particular brand or business owns.
It compares the amount of sales you have made in comparison with every other similar business.
How much do you know?
Who are the leading 4 supermarkets in the UK by sales?
What percentage do you think they each control?
What supermarkets make up the rest of the market?
What share of the market is owned by the combined discount stores Lidl, Aldi and Netto?

9. Types of Business objectives
Satisfaction
A satisfied customer leaves happy and is more likely to return
Avoids negative publicity
Positive advertising through word of mouth
Helps achieve other objectives e.g. survival, profit and growth

10. Types of Business objectives
Ethical
To do the morally correct thing
Can help attract customers
Sustainable
Making use of renewable resources
Reducing waste
Using energy in a more efficient manner
Should businesses behave in an ethical manner?
Should businesses have a responsibility to protect the environment?

11. Purpose of setting objectives
Setting targets that the business can work towards
These provide a clear focus for the business
Objectives may change as the business changes

12. Using business objectives to measure success
How can a firm use business objectives to measure success?
Business Objective
Importance?
Survival
Profit
Growth
Market share
Customer satisfaction
Ethical
Sustainable
Look at the list of business objectives on the left. Which one is the most important in measuring the success of a small business? Place a number from 1 to 7 next to the objective (1 = most important, 7 least important). How does each objective help to measure the success of the business?

13. Types of objectives Objectives should be ‘SMART’ S _ _ _ _ _ _ _

14. Case Study