1.3.1 Business aims and objectives - Word Drop

A business ______ is the goal or target a firm wants to reach over a set time frame. Business ______ state the plan of action needed to achieve that target and can be used to measure progress or success.

Most new start-ups set financial aims. ______ means keeping the business open and trading, which matters most in the first year. Some owners want to make as much ______ as possible, the money left after all costs are paid. Others aim to increase their ______, the number of items sold, or to grow their ______, the proportion of a total market served by one firm. Smaller or family-run firms may prefer financial ______, a steady income that covers the owner's living costs.

Not every owner starts a business to make money. Some have ______ objectives, aiming to improve the lives of others and reinvesting their earnings to support the cause. Others want personal ______, the pleasure of selling a product they believe in. Some set themselves a ______, such as filling a gap in the market. Many entrepreneurs value their ______, the freedom to make their own decisions, and control over how the business is run.

Aims and objectives differ between businesses. One owner may want to sell overseas, while another wants to stay local and serve a small set of ______. Aims are not fixed and can ______ over time as a business grows.