An aim is something they want to achieve. These can be long or short term plans, probably over the next three to five years. Businesses will probably want to focus on one or more of the following areas; profit and profit maximisation, survival, break even, growth, market share, service provision, develop their relationship with other businesses.
SMART objectives is a mnemonic to guide people when they set objectives, often called Key Performance Indicators (KPIs), for example for project management, employee performance management and personal development. SMART stands for:
S – Specific: you need a clear statement about what you are going to do. Usually, it is quantified, which means it has a number in it. For example; ‘Complete Unit 2 in eight weeks.’
M – Measurable: achievement can be checked. Recording your progress and keeping a record of your completed assessments will enable you to measure your achievements.
A – Achievable: you can attain your target if you work hard. You can do really well if you stretch yourself.
R – Realistic: your target should be sensible so you can stand a chance of achieving it. For example, it would be unrealistic to aim to complete Unit 2 in a week.
T – Time-Constrained: every objective should include a date for achievement or review. This acts as a warning, as well as a spur, if you are falling behind/
You either achieve a SMART objective or need a good reason for not doing so. This type of objective is useful or learners in schools and colleges. It is also important for managers and employees in businesses.
The purpose of setting aims and objectives is make your business a success and to improve faults in your company. You also set them up to survive when times are hard and customers are not spending as much money as they would. They are put in place to hopefully make profit and growth.
It is not always possible to meet aims and objectives. Businesses will want...
Please join StudyMode to read the full document