SMART Objectives and Stakeholders Flashcards
(14 cards)
Business Aim
the overall target or goal of the business
Business Objectives
the results you are aiming to achieve in order to accomplish your longer-term company vision
SMART Objectives (What does SMART stand for)
S - Specific
M - Measurable
A - Agreed
R - Realistic
T - Timed
SMART - Specific
The objective needs to be precise. The objective could relate to growth in sales, revenue, profit, number of locations or number of employees.
SMART - Measurable
This should involve a number or a percentage as a target.
SMART - Agreed
Agreed by all of the relevant stakeholders
SMART - Realistic
Must be possible to reach the objective
SMART - Timed
When the objective needs to be reached
Stake Holders (how does the business have an impact on…) - Owners
Providing financial returns through stock value and dividends influenced by it’s profitability and sustainability practices
Stake Holders (how does the business have an impact on…) - Employees
Benefit from the business through job opportunities, competitive salaries, career growth etc.
Stake Holders (how does the business have an impact on…) - Managers
Offering leadership opportunities, training and their performance affects the companies success
Stake Holders (how does the business have an impact on…) - Customers
Provides customers with a wide rage of products, competitive pricing, convenience and eco-friendly options
Stake Holders (how does the business have an impact on…) - Suppliers
Want the company to do well because they will get more sales from the company
Stake Holders (how does the business have an impact on…) - Government
Want the company to do well because the more money they make the more money the government makes from the taxes
