Achieving Business Goals

What is a goal?

A desired outcome a business aims to achieve within a timeframe

Why are goals important for managers?

They provide targets, benchmarks, motivation, and commitment

What does SMART stand for?

Specific, Measurable, Attainable, Relevant, Time-bound

What is a specific goal?

A clear and focused objective

What is a measurable goal?

A goal that can be tracked using numbers

What is an attainable goal?

A realistic but challenging goal

What are financial goals?

Goals related to financial success (e.g. profit, growth)

What are non-financial goals?

Goals related to social, environmental, or personal outcomes

What is profit maximisation?

Maximising the difference between total revenue and total costs

What is market share?

The percentage of total industry sales a business has

What are the two types of business growth?

Internal (organic) and external growth

What is a share?

Part ownership in a company

What are social goals?

Goals that benefit the community and society

What are environmental goals?

Goals focused on sustainability and reducing environmental impact

What is sustainable development?

Meeting current needs without harming future generations

What are personal goals in business?

Individual goals of owners or employees

What is staff involvement?

Including employees in decision-making

What is labour productivity?

Output per employee over a period of time

What is innovation?

Creating or improving products, services, or processes

What is an intrapreneur?

An employee who acts like an entrepreneur within a business

What is motivation?

The internal drive to achieve goals

What is mentoring?

Supporting and guiding less experienced employees

What is training?

Teaching employees skills to improve performance

Which of the following is NOT part of SMART goals?

Tactical

Profit is calculated as:

TR – TC

Which is a non-financial goal?

Environmental sustainability

Which growth type involves mergers?

External

What is the main benefit of staff involvement?

Increased motivation and better solutions

What does sustainability focus on?

Long-term environmental protection

All businesses aim to maximise profit. - T/F

FALSE

Financial and non-financial goals can be achieved together. - T/F

TRUE

Market share measures total profit. - T/F

FALSE

Staff involvement can improve motivation. - T/F

TRUE

Innovation only comes from managers. - T/F

FALSE

Why might profit maximisation be risky?

It can lead to unethical decisions or harm long-term success

How can businesses increase market share?

Marketing, pricing, innovation, customer loyalty

Why do businesses pursue growth?

To increase profits, market share, and competitiveness

How do environmental goals benefit businesses long-term?

They ensure sustainability and positive reputation

What is a trade-off in business goals?

Compromising between conflicting goals

Why is stakeholder balance important?

Businesses must satisfy different stakeholder needs

What are the steps to achieve a mix of goals?

Balance, prioritise, and manage trade-offs

What does compatibility of goals mean?

Goals that support each other

What does interdependence of goals mean?

Achieving one goal helps achieve others

What is one benefit of mentoring?

Skill development and stronger commitment

What is multi-skilling?

Training employees in multiple tasks