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What does the S stand for in SMART?
Specific
What does the M stand for in SMART?
MEASURABLE
What does the A stand for in SMART?
Achievable
What does the R stand for in SMART?
Realistic / Relevant
What does the T stand for in SMART?
Time-bound
What does it mean if a goal is measurable?
You can track progress and success
Why is it important that goals are achievable?
To avoid setting goals that are too difficult or impossible
What does SWOT stand for?
Strengths, Weaknesses, Opportunities, Threats
Are strengths internal or external to a business?
Internal
Are weaknesses internal or external to a business?
Internal
Are opportunities internal or external to a business?
External
Are threats internal or external to a business?
External
Give one example of a strength.
Good location / strong brand / skilled staff…….
Give one example of a weakness.
Lack of finance / poor experience / small customer base
Why do businesses carry out a SWOT analysis?
To understand their position and plan better
What is a business plan?
A written plan outlining how a business will operate and succeed
