Write aims and objectives for a selected business (P3)
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:
Tesco 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. o
Measurable - 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. o
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. o
Realistic - 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...
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