1.5.3 Business Objectives

    Cards (18)

    • What are business objectives?
      Specific goals a business aims to achieve
    • A financial objective focuses on profitability, revenue, and cost control
    • What does the SMART framework stand for?
      Specific, Measurable, Achievable, Relevant, Time-bound
    • Effective objectives should be realistic and attainable.
    • What is a market-based business objective example?
      Capture 20% market share
    • A measurable objective allows progress to be quantified
    • Achievable objectives should be aligned with business goals.
    • Why is setting business objectives important?
      Provides clarity and direction
    • Steps for achieving clarity and direction through objectives
      1️⃣ Define overall business goals
      2️⃣ Create specific objectives aligned with goals
      3️⃣ Develop strategies to achieve objectives
    • Well-defined objectives inspire employees and teams to work towards a common goal
    • What does a SMART financial objective for a startup look like?
      Increase revenue by 20%
    • Business objectives ensure effective resource allocation for startups.
    • Business objectives provide a clear direction for strategies and decision-making
    • Match the business objective type with its description:
      Financial ↔️ Focus on profitability and revenue
      Market-Based ↔️ Aim to increase market share
      Social ↔️ Focus on ethical responsibility
    • How do business objectives provide clarity and direction?
      By defining overall goals
    • Applying business objectives to entrepreneurial ventures requires SMART goals
    • What is a positive impact of business objectives on leadership?
      Objectives provide clear direction
    • High-pressure environments driven by rigid objectives can lead to employee burnout.