Business Planning

Question 1

What is the difference between an aim and a objetive in a business?

Answer 1

business aim is the overall long-term target or goal of the business, whereas business objectives are the short-term steps a business needs to take to meet its overall aims. A business may have several different objectives that will help it to meet its aim.

Question 2

Survival

Answer 2

Business survival is a very common objective for a small business. Business survival refers to keeping the business operating for a certain amount of time. Most businesses initially aim to survive their first year.

Question 3

Profit maximisation

Answer 3

This is when an organisation aims to make as much profit as possible. They do this by finding the right balance between their selling price, sales volume, and the costs of production.

Question 4

Growth

Answer 4

This can happen when a company increases revenue, produces more products or services, or expands its customer base. For the majority of businesses, growth is the main objective.

Question 5

Domestic growth

Answer 5

When you grow your business in your own country

Question 6

International growth

Answer 6

When you grow your business around the world.

Question 7

Increase market share

Answer 7

means a business can scale up its operations and opportunity for greater profitability. To gain market share should be a serious business goal. There are a number of strategies a company can put to work to increase market share.

Question 8

Realistic assumtions

Answer 8

Business assumptions are the beliefs and expectations that you and your team have about the potential outcomes of a project, product, process, or service. They are based on the data, research, and experiences you have.