1g The importance of goal setting

Question 1

What does SMART stand for?

Answer 1

Specific
Measurable
Attainable
Relevant
Time bound

Question 2

What does Specific mean?

Answer 2

Business goals need to be clear and outline exactly what the business wants to achieve.

Question 3

What does Measurable mean?

Answer 3

Business goals need to be quantifiable so that the business can track progress and identify goals that have been achieved.

Question 4

What does Attainable mean?

Answer 4

Business goals need to be challenging but also possible for a business to achieve so that it is motivating.

Question 5

What does Relevant mean?

Answer 5

Business goals need to be beneficial to the business as well as consistent with other goals.

Question 6

What does Time bound mean?

Answer 6

Business goals need to have specific time frames to help keep the business accountable to its goals.

Question 7

What are 3 types of goals?

Answer 7

Financial goals
Social goals
Profit margin

Question 8

What are financial goals?

Answer 8

Targets for improving the overall financial performance of a business.

Question 9

What are social goals?

Answer 9

targets set by a business that aim to improve the welfare of the community, environment or the employees of a business.

Question 10

What is a profit margin?

Answer 10

The proportion of revenue left over from the sale of a good or service after a business has deducted its expenses.