1.5.3 Business Objectives

Question 1

Aims

Answer 1

what a business wants to achieve in the long term

Question 2

Objectives

Answer 2

the goals and targets set by a business that need to be met in order to achieve an aim

Question 3

3 reasons why a business needs objectives

Answer 3

Motivation for employees to achieve

Clarifies direction of business - allows them to not go ‘adrift’ leading to business failure

Provides quantifiable steps to achieve aims

Question 4

what do objectives need to be

Answer 4

SMART

Question 5

S
M
A
R
T

Answer 5

Specific - stating clearly what you are going to achieve
Measurable - must be able to track progress
Achievable
Relevant - has to be related to business function
Time related - need realistic end date for prioritisation and motivation