WHAT IS A BUSINESS?: Business Objectives

What is a Business?

Mission: an organisations aims or long-term intentions, its ultimate purpose.

Mission statement: a statement of an organisations aims using language to motivate employees and convince customers

Business objectives: goals that must be achieved to realise the stated aims of an organisation. These tend to be long term.

Corporate objectives: goals of the whole organisation as opposed to different elements of the organisation. These are often dictated by mission statements.

Functional objectives: goals of each functional area of a business e.g. marketing, finance or human resources

Strategy: the medium to long term plans through which an organisation intends to achieve its objectives

Businesses set objectives to give the business a sense of direction and to help motivate staff to be productive in achieving these aims. SMART objectives help a business to choose their objectives. The SMART objectives are:

S = specific -> clearly and easily defined

M = measurable -> quantifiable and can be achieved

A = agreed -> managers and subordinates are involved with setting the targets

R = realistic -> achievable and not in conflict…