B2 Aims and Objectives
Aims and objectives are stated goals and visions a business aims to achieve. They lay a foundation for all planning and strategy to set a clear and focused direction of all business decisions.
Aims are the long term goals that a business aims to achieve. They are usually broad and represent the overall vision of the organisation. Aims support decision making as they provide a focus for all initiatives to align with.
An example of a business aim at Amazon is, “To be the Earth’s most customer-centric company”.
Objectives are the specific and measurable steps that a business needs to take to meet its long term aims. They give employees clarity on what to focus on and allow the organisaiton to track performance against planning.
An objective at Amazon to support their aim could be, "Increase the accuracy of personalised product recommendations by 15% within the next 6 months, as measured by the click-through rates on recommended items."
The public sector consists of all organisations set up and run by the government. Usually for the welfare of the citizens and to improve the economy.
Typical public sector aims - service provision, cost-control, value for money, service quality, meeting government standards
Not-for-profit organisations are set up and run by individuals or groups but without the intention to make a profit. They can generate revenue but any money left after costs is referred to as a surplus and used to further social causes.
Typical not-for-profit aims - Education, housing, alleviating poverty, healthcare
Aims and Objectives Case Study
Libby and Kat from The Splash Foundation discuss their aims and objectives
www.splashfoundation.org