Aims and objectives of different business types

An aim or objective is a statement of what a business is trying to achieve over the next 12 months. For example, a business can set itself any of these targets:

The eight objectives a business might have are: profit, market share, growth, satisficing, managerial objectives, social responsibility, quality service, survival

Having an objective is useful because it helps staff to focus on shared aims. For example, if a business instructs its staff to work towards increasing sales by 10% by the end of the year, they have a clear measurable goal to aim for.

Different organisations have different objectives. Some businesses are run to make as much profit as possible for owners. However, not all businesses aim to make profit. Voluntary organisations such as charities are more concerned with providing a service to others.