Businesses have different aims and objectives that can change over time. Some businesses chose to use SMART objectives.
What is a business objective?
A statement of what the company has achieved
A statement of what the company is trying to achieve
A statement of what the company is currently achieving
What is the first aim of a business?
To make a profit
Who normally decides on business objectives?
What does an objective mainly help staff to focus on?
Who are stakeholders?
Any group interested in the activities of the business
Any group interested in the activities of government
Any group interested in the activities of shareholders
Which of the following best describes a financial objective?
It is not easily measured
It is easily measured
It is personal to the owner
What is an example of stakeholder consideration?
When owners keep all the profits for themselves.
When some profit is sacrificed to pay staff an annual bonus.
When owners decide to increase profits.
In the long run, what is it that all private sector firms must aim to do?
Make a difference
Make a profit
Which is the best example of a SMART objective?
To make a 5% profit
To make a 5% profit soon
To make a 5% profit in the next year
Increasing market share is an example of:
A business plan