1.3 putting a business idea into practice

what is a business aim

the strategic goals of a business for example to grow and expand the business

what is a business objective

specific steps for example to increase market share by 5% over the next year

what can aims and objectives help the business to do

• set specific targets to measure performance

• to motivate staff

• to help decision making

what can financial objectives for a business be

• survival

• profit

• sales

• market share

• financial security

what non financial objectives can a business have

• social objectives

• personal satisfaction

• challenge

• independence

• control