Business Objectives

• What are business objectives?

  Specific goals a business aims to achieve
• Why are business objectives important?

  They guide efforts and measure success
• What does SMART stand for in goal setting?

  • Specific
  • Measurable
  • Achievable
  • Relevant
  • Timely
• How can a goal be measurable in SMART?

  By running twice a week
• What does achievable mean in SMART goals?

  Running at least 20-25 miles
• Why is relevance important in SMART goals?

  To finish a marathon
• What does timely mean in SMART goals?

  Achieving it by the end of 2024
• What are the two main categories of business objectives?

  • Financial Objectives
  • Non-Financial Objectives
• What is profit maximization?

  Aiming to earn the highest possible profit
• What does revenue growth refer to?

  Increasing total income from sales
• What is cost efficiency?

  Reducing operating costs to maximize profitability
• What does customer satisfaction aim to achieve?

  Ensuring customers are happy with products
• What is employee welfare focused on?

  Prioritizing staff well-being and job satisfaction
• What do sustainability and ethical goals involve?

  Operating in an environmentally friendly way
• What are the importance of business objectives?

  • Provide direction for business
  • Help evaluate performance
  • Motivate employees
  • Change objectives over time