Private businesses are owned by citizens and therefore they are liable for all aspects of the business. As these people own the business and want to make a profit they are likely to take risks. They can be big multinational businesses or small local businesses. Some of the main aims of a private business include:

1. Making Profits:

Making profits means a private business aims to earn more money from selling its products or services than it spends on operating costs. It's like having more money left over after paying all the bills.

The primary goal of most private businesses is to make a profit because it helps them stay in business, reward investors, and invest in growth.

2. Profit Maximisation:

Profit maximisation is when a business tries to make as much profit as possible. It's like trying to get the most money out of every sale.

Some businesses focus on profit maximisation, but it's not always their sole aim. They want to strike a balance between making a profit and other goals like customer satisfaction and social responsibility.

3. Break-Even:

Break-even is when a business earns just enough money to cover all its costs, neither making a profit nor incurring a loss. It's like reaching a point where income equals expenses.

Achieving the break-even point is a short-term goal for some businesses, especially when they're starting. It means they're covering their costs, but they aim to make a profit in the long run.

4. Survival:

Survival means a business aims to stay in operation and avoid going out of business. It's like ensuring the business doesn't shut down.

Especially in the early stages, many businesses focus on survival as their primary goal. Once they can cover costs and make a profit, they can consider other objectives like growth.

5. Growth:

Growth means a business aims to get bigger over time by expanding its operations, reaching new markets, or offering more products or services. It's like making the business grow like a plant.

Many businesses strive for growth because it can lead to higher profits, increased market share, and more opportunities for employees.

6. Market Leadership:

Market leadership is when a business aims to be the top or the best in its industry. It's like becoming the number one player in a game.

Some businesses aspire to be leaders because it often brings more recognition, customer trust, and competitive advantages.

Each of these aims and objectives represents different priorities for private businesses. Some may focus primarily on profit, while others balance profit with other goals like growth and market leadership, depending on their long-term strategies and priorities.

Public businesses are identified as belonging to the government. These types of business have been set up by the government or subsequently bought by the governement from the private sector for investment or to save them from financial ruin.

Mission: Public organisations often focus on providing services to the community. A city's mission could be to ensure a safe and clean environment for its residents.

Vision: The vision might revolve around offering quality services while being accountable to taxpayers. An example could be a public transportation agency aiming to be a reliable and accessible mode of travel.

Values: Values may include transparency, fairness, and efficiency in service delivery.

1. Service Provision:

Service provision refers to the primary goal of public businesses, which is to provide essential services to the public. These services can include education, healthcare, public transportation, and more.

The primary aim of public businesses is to ensure that the public have access to important services that enhance their well-being and quality of life.

2. Cost Control:

Cost control involves managing and minimizing the expenses incurred by public businesses in delivering services. It's like making sure the organisation spends its resources wisely.

Public businesses aim to control costs to use public funds efficiently and effectively, ensuring that taxpayer money is used responsibly.

3. Value for Money:

Value for money means getting the best possible results and benefits from the resources invested. It's about making sure the public receives good quality services relative to the money spent. This is vitally important as they are often funded through taxes and so the public are interested that their resources are not being squandered.

Public businesses strive to provide value for money by optimising their operations, minimising waste, and delivering high-quality services within budget constraints.

4. Service Quality:

Service quality refers to how well public businesses deliver services to the public. It's like ensuring that the services meet or exceed the expectations and needs of citizens.

Public businesses aim to maintain and improve service quality to enhance the well-being and satisfaction of the people they serve.

5. Meeting Government Standards:

Meeting government standards involves complying with regulations, guidelines, and performance benchmarks set by the government or relevant authorities. It's like following the rules and standards established for public service delivery.

Public businesses aim to meet government standards to ensure accountability, transparency, and adherence to legal and ethical requirements in delivering public services.

In the context of public businesses, the overarching goal is to serve the public interest by providing essential services efficiently, cost-effectively, and at a high level of quality while adhering to government regulations and standards. These objectives ensure that public resources are used responsibly and that the public receive the best possible services

Businesses which do not aim to make a profit are often charitable organisations, theseoften share many of the same features as private and public businesses although they only seek to kake enough money to cover costs.

Voluntary orgaisations are also not-for-orifit businesses. They are set up, organised and staffed by people working on a purely voluntary basis.

Mission: Organisations in this sector work for social causes. A mission could involve providing education to underprivileged children or offering medical care to those in need.

Vision: Their vision often aligns with creating a better future for the community they serve. A charity's vision could be a world without hunger.

Values: Values may revolve around empathy, compassion, and social responsibility.

1. Education:

Explanation: NFP organisations focusing on education aim to provide learning opportunities and support to people in various ways. This can include offering classes, scholarships, educational materials, and mentorship.

Objective: The primary goal is to ensure that individuals, especially those with limited resources, have access to quality education and opportunities to enhance their knowledge and skills.

2. Housing:

Explanation: NFP organisations working on housing aim to provide safe and affordable places for people to live. They may build or manage housing units, offer rental assistance, or help individuals find suitable housing.

Objective: The primary goal is to address housing insecurity and homelessness by providing stable living conditions for individuals and families in need.

3. Alleviating Poverty:

Explanation: NFP organisations dedicated to poverty alleviation aim to reduce and ultimately eliminate poverty in their communities. They may do this by providing food, financial assistance, job training, or other support services.

Objective: The main goal is to improve the economic well-being and quality of life for those experiencing poverty, offering them a path to self-sufficiency and a better future.

4. Healthcare:

Explanation: NFP healthcare organisations focus on promoting health and providing medical services to underserved populations. This can include clinics, hospitals, and programs that offer medical care and health education.

Objective: The primary goal is to ensure that individuals, regardless of their financial situation, have access to healthcare services to maintain or improve their health and well-being.

In the context of not-for-profit businesses, the central aim is to serve the public interest and address specific societal needs. These organisations prioritise providing essential services and support to vulnerable or disadvantaged populations, often with a focus on improving lives and promoting social welfare rather than generating profits.

SMART objectives help businesses set clear and achievable goals ultimately this will allow them to achieve their overall aims and objectives.

Specific: Objectives should be clear and focused. Instead of saying "increase sales," a specific objective could be "increase monthly sales by 15%."

Measurable: Goals should be quantifiable. You need a way to know if you've achieved them. For instance, "gain 1000 new social media followers" is measurable.

Achievable: Objectives should be realistic and attainable. Setting a goal that's impossible to reach can be demotivating. For example, aiming to double sales in a week might not be achievable.

Relevant: Objectives should matter to the business and contribute to its overall mission. If a company's focus is on quality, an objective related to customer satisfaction is relevant.

Time Constrained: Set a deadline for achieving the goal. "Increase website traffic by 20% in the next quarter" has a specific time frame.