•Describe what is meant by SMART objectives.
An objective that follows SMART is more likely to succeed because it is clear (specific) so you know exactly what needs to be achieved. You can tell when it has been achieved (measurable) because you have a way to measure completion. A SMART objective is likely to happen because it is an event that is achievable. Before setting a SMART objective relevant factors such as resources and time were taken into account to ensure that it is realistic. Finally the timescale element provides a deadline which helps people focus on the tasks required to achieve the objective. The timescale element stops people postponing task completion. •Choose a business and describe its aim and 3 SMART objectives for how they can achieve their aim.
TESCO:
oTesco want to be able to keep their carbon emissions down by making new buildings, they also want to make their business objects which have to follow this method Specific – this means that the business can make some specific objectives that the business wants to achieve, so if they want to hit a certain target of profit within a year they have to make a business plan or model to follow to achieve their goal. oMeasurable – this means that if a business wants to make some money, they can measure it in a certain amount of time, so if a business can make £1000 pound in a month, then maybe next month they could forecast making an increase of that amount by studying the business activities throughout that month.
The Business plan on Business Mission statement
In business, the mission statement is a broad but simple statement that expresses the business’s defined vision. The vision is, in essence, the mission statement’s big picture. The mission statement puts the vision into words and sets the tone for the business’s goals. The mission statement also establishes the structure for the business’s core values and principles. These values and principles ...
Achievable – this means that a goal that the business can achieve with in a time period, so if a business wants to make £1000 pound of profit in a month, then they could make it happen with the products that they might have to sell. oRealistic – this means that a business has to make realistic goals which that they can achieve, so things like making £1,500 pounds in a week, this is a realistic goal because it could be made depending on the sales in the that week. oTime related – this means that each objective is set with in certain time, so it is like a dead line, if a business sets out to make and sell 5 computers in two weeks, then they now have time to create the product and then sell it within the time set.
