Unit 1.1.5 Goal Setting Flashcards
1
Q
Business goal
A
Describes what a business expects to accomplish over a set period of time
2
Q
SMART goals
A
S pecific
M easurable
A ttainable
R elevant
T ime bound
3
Q
Vision statement
A
- Describes where the business wants to be in the future
- E.g. 5 years from now
4
Q
Mission statement
A
- Describes what the business does + how it will achieve its vision
5
Q
Financial goals
A
- Targets
- Set for improving the overall financial performance of a business
6
Q
Social goals
A
- Targets
- Set for improving the welfare of the community, environment or employees of a business
7
Q
Business knowledge
A
- What a business wants to achieve
- Within a specific time frame
8
Q
Business strategies
A
- Series of actions
- A business will implement to achieve its goals
9
Q
Profit margin
A
- Proportion of revenue
- Left over from the sale of a good or service
- After a business has deducted its expenses
10
Q
Decision-making
A
- Ability to identify the options available
- Then choose a specific course of action
- From the alternatives
