1G The importance of goal setting

Question 1

What does SMART goals stand for

Answer 1

S-Specific
M-Measurable
A-Attainable
R-Relevant
T-Timing

Question 2

What are business goals

Answer 2

What a business wants to achieve within a specific time frame

Question 3

What are financial goals

Answer 3

targets for improving the overall financial performance of a business

Question 4

What are Social Goals

Answer 4

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

Question 5

What is Profit margin

Answer 5

the proportion of revenue left over form the sale of a good or service after the expenses have been deducted

Question 6

What does Specific mean in the SMART goals process

Answer 6

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

Question 7

What does Measurable mean in the SMART goals process

Answer 7

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

Question 8

What does Attainable mean in the SMART goals process

Answer 8

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

Question 9

What does Relevant mean in the SMART goals process

Answer 9

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

Question 10

What does Timing mean in the SMART goals process

Answer 10

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