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Aims and Objectives, Mission Statements

Aims and Objectives, Mission Statements. Are they the same?. A hierarchical list of intentions, becoming more specific and measurable as one goes down the hierarchy. Mission Statement. Aims. Goals?. Objectives. The Mission Statement.

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Aims and Objectives, Mission Statements

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  1. Aims and Objectives, Mission Statements

  2. Are they the same? • A hierarchical list of intentions, becoming more specific and measurable as one goes down the hierarchy. Mission Statement Aims Goals? Objectives

  3. The Mission Statement • A short statement that sum up the organisation’s approach and purpose. • “Life long learning for the whole community” • “What are we FOR?” • What business are we in? • What business do we want to be in? • How might we get there? • What’s yours?

  4. Strategy • Made up of aims and objectives

  5. Aims • Broad, long term goals. • “Where do we want to be?” • Probably best to have no more than have a dozen • States what we want to achieve, not how we’re going to do it.

  6. Objectives • Clear, unambiguous, measurable statements Specific: state exactly what is expected Measurable: Set a target that can be assessed Achievable: realistic Relevant: helpful to the overall future of the business Time limited: should have a future deadline

  7. Objectives • Each aim will usually have several objectives • Statements of WHAT we will do, not how it will be done.

  8. Examples of strategic (long term) objectives • Increasing shareholders’ earnings • Becoming the market leader • Reducing borrowing • Improving industrial relations

  9. Examples of operational (short term) objectives • Meeting forecast sales next year • Increasing market share of some products • Cost-cutting programmes • Efficient utilisation of plant, machinery and people • Improving cashflow position • Better credit control

  10. Policies • HOW objectives will be pursued.

  11. Examples • Aim - A happy, healthy, contented, productive workforce. • Objective – Improve the health of our workforce by cutting the number of smokers in our workforce by 20% NLT January 2009. • Policies • Introduce a smoking ban in the workplace • Offer practical help to employees to stop smoking

  12. Objectives of Private-Sector organisations • Profit maximisation • Produce & supply goods & services for which demand is increasing • Minimise costs of production • Maintain output at level where profits are maximised • Vary level of supply (needs market domination!) • R & D (new products and methods)

  13. Objectives of Private-Sector organisations • Brand leadership/market domination • Corporate growth • Expanding existing markets • Diversification • Takeover • Satisficing • “Just enough is good enough”

  14. Objectives of Private-Sector organisations • Survival • “buying turnover” • Loss-making • offset against profit making parts of the group • may still be cheaper than “buying in” • Strictly defined profit levels • Service • Employment

  15. Objectives of public-sector organisations • Key objective is to provide services such as education, health, national security which are essential for welfare of the country.

  16. Objectives of Public Sector Organisations • Access – • available to all regardless of location or income • Quality – • high quality services that do not cut corners • Affordability – • services offered at prices that are cheaper than private sector or free at the point of use • Equity – • available to anyone whatever their background, status, income, class, race, religion, etc.

  17. Objectives of non-profit organisatons • Provide for a social need thorough funds raised by from the general public.

  18. Influencers on business objectives • There are various groups involved in business activity • As a collective they are known as STAKEHOLDERS • Eg, owners, workers, consumers, community, government….

  19. Influences on Objectives & Policies Social responsibility Owners expectations Manager’s goals Business ethics Objectives and policies Economic Factors Consumer pressures Pressure groups Employee expectations Trade Unions Legislation

  20. Changing and conflicting objectives • Due to the number of stakeholders, it is the job of the small business owner (or large business managers) to minimise the conflict that can occur between the various stakeholders.

  21. Why have objectives? • Objectives are what a business wants to achieve. For a business to be effective and therefore successful these objectives must be communicated to employees, otherwise the business may lose focus and therefore its purpose of existence.

  22. Why have objectives? • Makes a business strive to improve • Helps a business set budgets • Helps a business monitor its progress • Objectives are more specific than aims. The aim is broken down into objectives so that the aim is easier to achieve.

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