Aim and Objectives of different types of business

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An aim is a long term vision or goal of a business that the business hopes to achieve. Every organisation has it’s own aims such as profit maximisation, survival, break-even, growth, service provision, market shares and developing their relationship with other businesses, depending on the type of the organisation. Most privately owned businesses aim to make profit. It means they are trying to increase their profit each year. If a business is facing a difficulty then their aim would be to survive until the situation of the business is improved.

Break-even is when a business aims not to make any profit or loss. It means to make enough money to cover the total costs involved in producing and selling the goods or services and the running of the business. A business aim might be to expand by opening other branches to make their business bigger. A business might aim to grow, so it can sell more goods or services. This aim is popular for large businesses like McDonald’s.

This means offering a new service or improving current service, which is known as service provision. They might allow the customers to order from their website and pay for goods online and track deliveries. This means taking business away from their competitors with the aim to extend their market share. Some businesses aim to develop good relationships with other organisations, on joint activities. For example, two businesses might join together to offer goods or services to more people.

It is important for a business to have aims so that they are able to see where they are going wrong, how they are running their business and how they can make it better. This will help the business to show the future directions that the business might hope to take. Another purpose of setting aims is that this can help to motivate the staff e. g. a business might set out objectives that give a clear directions on how to achieve the aims of the business. Businesses intend to focus on the main aims although they have many aims.

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