Enterprise · Both
Aims, Objectives & Stakeholders
Aims are broad purposes; objectives are specific targets. Stakeholders are groups affected by the business.
Aims and SMART objectives
Common aims: survival, profit, growth, market share, social/ethical goals.
SMART: Specific, Measurable, Achievable, Realistic, Time-related.
Stakeholders
Owners, employees, customers, suppliers, lenders, local community, government.
Interests can conflict (e.g. higher wages vs lower costs). Good decisions balance key groups.
Worked example
Give a SMART sales objective.
Solution: Increase online sales by 10% within 12 months.
Practice questions
1. What does SMART stand for?
2. Name three stakeholders.