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Objectives And Objectives Of An Organization

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As I’ve explained in my previous article, the stakeholders in an organisation are its customers, employers, employees, government, owners and suppliers amongst others. The stakeholder can be a person, group or even an organisation that has an influence in a company. Stakeholders are different from others as they can have a different type of influence on a business. Every business has aims and objectives. An aim is a more broad term and is what the business would like to achieve in the long term, where as an objective is more of a short term thorough approach on how to achieve the long-term aim. Detailed objectives are known as SMART objectives, this is a mnemonic acronym, providing criteria to guide when setting objectives. These objectives go as follows: * Specific – Means that the objective the business would like to achieve is precise and clearly stated. * Measurable – The outcome the firm would like to achieve is a numeric value that can be measured. * Achievable – The objective should be possible by the organisation. * Realistic – The target is what results can realistically be achieved, given available resources. * Time – The objective will be met within a given period of time. Most businesses have general aims which they can break down into detailed objectives. By arranging aims and objectives; firms give themselves a sense of direction and purpose. With a general plan in place, a business can set precise objectives and observe its progress towards achieving

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