Corporate Objectives & Mission Statements

Business Aims and Objectives

Corporate objectives 

• A business’ goals and missions

• Provides direction for decisioin-making at all organisational levels 

Hierarchy of objectives:

• More strategic = long term, bigger picture 

Aims

• Business aims are broad, long-term goals defining a company's overall purpose and direction—what the business wants to achieve

Mission Statement: 

• A concise sentence/paragraph reflecting key aespects of business

Objectives

• Business objectives are specific, measurable steps taken to achieve those aims.

• Aims define 'what,' while objectives define 'how.'

• A business uses multiple objectives to meet an aim.

• Example of a business aim: ‘to make £120,000’.

• Example of a business objective: ‘to make £10,000 profit each month for the next year’.

Business Mission Statement

• A business mission statement is a concise declaration of an organization's purpose.

• Outlines what the business does, its objectives, and how it aims to achieve them.

• It serves as a guiding principle for the company, influencing decisions and actions.

• Communicates its core values to stakeholders (interest in business)

• Answers the questions: "who we are," "what we do," and "why we do it".