Business Aims and Objectives Flashcards

1️⃣ Familiarise yourself with the flashcards:

  • Look through all the flashcards to see what's on both sides.
  • Make sure you understand the information on each card. If something's unclear, click the link to the revision notes at the bottom of the page for more details.

2️⃣ Test yourself:

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3️⃣ Consistently Review and Practice:

  • Use spaced repetition: spend more time on the cards you struggle with and go over them more often.
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Note: We may include questions that have multiple correct answers. It's useful to remember specific examples to understand these concepts better.

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What is a business aim?

A long-term goal of the business.

What is a business objective?

A specific, measurable step to help reach an aim.

How do aims differ from objectives?

Aims are broad long-term goals; objectives are clear short-term targets.

Name two financial objectives a start-up might have.

Survival and making a profit.

Name two non-financial objectives an entrepreneur might have.

Personal satisfaction and helping the community.

What does SMART stand for when setting objectives?

Specific, Measurable, Achievable, Realistic, Time-bound.

Why do businesses set objectives? Give two reasons.

To give direction and to measure progress.

How can aims and objectives change as a business grows?

They may shift from survival to profit, growth, and more market share.

What is market share?

The percentage of total sales in a market that a business has.

Turn this aim into a SMART objective: "increase sales".

Increase sales by 10% in the next 12 months.

What does "financial security" mean as a business objective?

Having enough money to pay bills and keep the business stable.

What is a social objective? Give one example.

A goal to benefit society, for example reducing waste or supporting local charities.