Strategic Planning & Business Goals Flashcards
What is strategic planning?
A: The process of setting long-term business goals and determining how to achieve them.
What are SMART goals?
A: Goals that are Specific, Measurable, Achievable, Relevant, and Time-bound.
What is a mission statement?
A short statement describing a business’s purpose and values.
What is a vision statement?
A: A forward-looking statement about what the business wants to achieve in the future.
Why is a SWOT analysis useful in strategic planning?
A: It helps businesses identify strengths, weaknesses, opportunities, and threats.
What is the purpose of a business plan?
A: To outline the company’s goals, strategies, and financial plans.
How does strategic planning help with business growth?
It ensures businesses have a clear direction and resources to expand.
What is risk management in strategic planning?
Identifying and preparing for potential business risks.
What are key performance indicators (KPIs)?
Metrics used to measure business success.
Why should businesses regularly evaluate their strategic plans?
To ensure they adapt to market changes and achieve long-term success.
