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Business aims
Every business has aims, these are long-term goals of a business. They are designed to provide a focus for staff and to help a business achieve its key purpose. The aims in the privately owned business usually are to provide goods and/or services to the best of the business ability and to make enough profit to survive. The aims of a public sector business usually are to provide essential and efficient services for the state. A business can have more than one aim but it is sensible for them not to have too many so they can focus on the aims which are most appropriate to the main purpose of their business.
Business Objectives
Business objectives are more detailed goals than business aims, they are targets which get set to accomplish the business aims. Generally, business objectives are easier to achieve than business aims as they are broken down into smaller and easier steps. The objectives of a privately owned business would usually be to increase sales, to increase the number of customers or to reduce costs so that more customers are interested in their business. The objectives of a public sector business would usually be to meet customer targets (an example of this would be to reduce waiting times or to employ more staff) or to keep costs low.
Mission statement
Every large business has a mission statement. A mission statement is the main purpose that the business is working towards. It is often short and catchy. Mission statements that privately owned businesses create often mention increasing customers, improving employees, lowering or increasing the cost of their products and making their products better value for money whilst publicly owned organisations mention improving the service they provide by concentrating on the quality of their service, the efficiency and especially the customer service.
When in a business we talk about “survival” we refer to when a business is facing a hard time and whether or not they can get out of it or whether they will have to close down. This happens when trading becomes difficult. A method by which businesses survive is to aim to break-even (make enough money to cover the total costs involved in producing, selling goods or services and running the business) over a certain period. This doesn’t make the business any profit but neither does the business lose any money, and therefore they are able to survive.
Market share
Market share is the percentage or proportion of the market that is being serviced by the company. Controlling market share is important for a business so that they receive the highest percentage of profits possible. Market share is measured by the income made by sales made by the business or the number of products sold. Increasing market shares is often an important objective for businesses and some businesses make expanding their market share a constant aim.
Growth is also important for a business but it is often a slow process as businesses need to be careful, if they expand too quickly they could lose lots of money. They want to grow so that they can cope with increased customers and products but they don’t want to add extra costs to the businesses that are not needed. It is a risky thing as businesses can never been sure if their income will increase with more producers/customers or decrease, especially if the growth is financed by loans, it is less risky if the growth is financed by profits.