Goals Of A Business Plan
So its important to start off on the right footing.
Understanding your market, your competition, your strengths and weaknesses are important in order to understand what to do next, how to approach those challenges and how to stand out from the crowd.
When someone first sets up in business, he/she may have some unstated aims or objectives - for example to survive for the first year.
Other businesses may wish to state exactly what they are aiming to do, such as Amazon, the Internet CD and bookseller, who wants to "make history and have fun". Business objectives are the stated, measurable targets of how to achieve business aims.
Alternative Aims and Objectives Not all businesses seek profit or growth. Examples of other objectives: Ethical and socially responsible objectives – organisations like the Co-op or the Body Shop have objectives which are based on their beliefs on how one should treat the environment and people who are less fortunate.
Public sector corporations are run to not only generate a profit but provide a service to the public.
An aim is where the business wants to go in the future, its goals. For instance, we want to achieve sales of €10 million in European markets in 2004.
Charities and voluntary organisations – their aims and objectives are led by the beliefs they stand for.The competitive environment might change, with the launch of new products from competitors.Technology might change product designs, so sales and production targets might need to change.Much cheaper & more effective than TES or the Guardian.Reach the audience you really want to apply for your teaching vacancy by posting directly to our website and related social media audiences.Well business plans provide owners and managers with direction and focus.They also provide measures, goals and objectives that can be and should be used as a means of measuring future performance and progress.A business may find that some of their objectives conflict with one and other: Growth versus profit: for example, achieving higher sales in the short term (e.g. Short-term versus long-term: for example, a business may decide to accept lower cash flows in the short-term whilst it invests heavily in new products or plant and equipment.Large investors in the Stock Exchange are often accused of looking too much at short-term objectives and company performance rather than investing in a business for the long-term.This may be because the managers believe that the survival of the business depends on being large.Large businesses can also benefit from economies of scale.