Aims missions and objectives Aims are the longterm

Aims, missions and objectives

Aims are the long-term goals of a business as a whole

Aims Examples of aims: To provide maximum return for investors To meet the needs of the local community and society as a whole To allow employees to reach their full potential The aims set by a business will depend on the needs of the stakeholders it hopes to benefit.

Mission statement A mission statement is a written expression of the aims of the business

Mission statement The mission statement draws together the purpose, values, beliefs and non-financial goals of an organisation Examples include: Long term business success based on newly invented, innovatively designed products – James Dyson Exceed customers’ expectations in the transfer of their goods and documents around the world - TNT

Purpose of a mission statement To communicate the business aims to stakeholders To motivate employees To act as a PR tool to create an image for the organisation Develop customer loyalty

Objectives are short, medium or long-term targets. They are stepping stones for achieving organisational aims.

Purpose of objectives Provide direction and focus for meeting corporate aims Motivate employees Give a set time scale for achievement Enable a firm to control and monitor performance Allow for co-ordination of different business activities

SMART objectives Specific – to the given business Measurable – by using a value Achievable – with the given resources Relevant – to the overall aims of the business Timed - within a deadline e. g. To improve TNT’s carbon efficiency by 45% by 2020 measured against the 2007 baseline