SMART Objectives and Stakeholders Flashcards
Business Aim
the overall target or goal of the business
Business Objectives
the results you are aiming to achieve in order to accomplish your longer-term company vision
SMART Objectives (What does SMART stand for)
S - Specific
M - Measurable
A - Agreed
R - Realistic
T - Timed
SMART - Specific
The objective needs to be precise. The objective could relate to growth in sales, revenue, profit, number of locations or number of employees.
SMART - Measurable
This should involve a number or a percentage as a target.
SMART - Agreed
Agreed by all of the relevant stakeholders
SMART - Realistic
Must be possible to reach the objective
SMART - Timed
When the objective needs to be reached
Stake Holders (how does the business have an impact on…) - Owners
Providing financial returns through stock value and dividends influenced by it’s profitability and sustainability practices
Stake Holders (how does the business have an impact on…) - Employees
Benefit from the business through job opportunities, competitive salaries, career growth etc.
Stake Holders (how does the business have an impact on…) - Managers
Offering leadership opportunities, training and their performance affects the companies success
Stake Holders (how does the business have an impact on…) - Customers
Provides customers with a wide rage of products, competitive pricing, convenience and eco-friendly options
Stake Holders (how does the business have an impact on…) - Suppliers
Want the company to do well because they will get more sales from the company
Stake Holders (how does the business have an impact on…) - Government
Want the company to do well because the more money they make the more money the government makes from the taxes
