MY AIM MEANING HOW TO

There are people who have a craze to become poets, writers and novelists. A few are lured to pursue their career in anti-social activates. Some dream to become educationists, while for others politics holds great attraction. But choosing a career in such a cut throat age of competition is really a difficult task.Different people have different aims in their life according to their tastes.

A life without an aim is life a boat without a rudder. Technology might change product designs, so sales and production targets might need to change.My Aim in Life Everybody has some aims in life. The competitive environment might change, with the launch of new products from competitors. survival in the first year may lead to an objective of increasing profit in the second year). Their aim is the enhancement of their pupils through education.Ĭharities and voluntary organisations – their aims and objectives are led by the beliefs they stand for.Ī business may change its objectives over time due to the following reasons:Ī business may achieve an objective and will need to move onto another one (e.g. Health care and education establishments – their objectives are to provide a service – most private schools for instance have charitable status. Public sector organisations that monitor or control private sector activities have objectives that are to ensure that the business they are monitoring comply with the laws laid down. This service will need to meet the needs of the less well off in society or help improve the ability of the economy to function: e.g. Public sector corporations are run to not only generate a profit but provide a service to the public. Some organisations have alternative objectives.Įthical and socially responsible objectives – organisations like the Co-op or the Body Shop have objectives which are based on their beliefs on how one should treat the environment and people who are less fortunate. Not all businesses seek profit or growth.

Large investors in the Stock Exchange are often accused of looking too much at short-term objectives and company performance rather than investing in a business for the long-term. Short-term versus long-term: for example, a business may decide to accept lower cash flows in the short-term whilst it invests heavily in new products or plant and equipment. by cutting prices) will reduce short-term profit. Growth versus profit: for example, achieving higher sales in the short term (e.g. Large businesses can also benefit from economies of scale.Ī business may find that some of their objectives conflict with one and other: This may be because the managers believe that the survival of the business depends on being large. Sales growth – where the business tries to make as many sales as possible. Profit satisficing – try to make enough profit to keep the owners comfortable – probably the aim of smaller businesses whose owners do not want to work longer hours. Profit maximisation – try to make the most profit possible – most like to be the aim of the owners and shareholders. Survival – a short term objective, probably for small business just starting out, or when a new firm enters the market or at a time of crisis.

The main objectives that a business might have are: T- Time specific – they have a time limit of when the objective should be achieved, e.g. R - Realistic – the objective should be challenging, but it should also be able to be achieved by the resources available. €10,000 in sales in the next half year of trading.Ī - Agreed by all those concerned in trying to achieve the objective. M - Measurable – the business can put a value to the objective, e.g. a hotel might have an objective of filling 60% of its beds a night during October, an objective specific to that business.

S – Specific – objectives are aimed at what the business does, e.g. The most effective business objectives meet the following criteria: It also enables the business to measure the progress towards to its stated aims. Plans can then be made to achieve these targets. Objectives give the business a clearly defined target. For instance, we want to achieve sales of €10 million in European markets in 2004.Ī mission statement sets out the business vision and values that enables employees, managers, customers and even suppliers to understand the underlying basis for the actions of the business.

MY AIM MEANING HOW TO

we want to grow the business into Europe.īusiness objectives are the stated, measurable targets of how to achieve business aims. Other businesses may wish to state exactly what they are aiming to do, such as Amazon, the Internet CD and bookseller, who wants to 'make history and have fun'.Īn aim is where the business wants to go in the future, its goals. When someone first sets up in business, he/she may have some unstated aims or objectives - for example to survive for the first year.

My aim meaning