Business Goals and Strategies

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What is the main goal of most businesses?

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To make a profit.

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What are some other goals a business may wish to achieve besides making a profit?

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Growing the business over time or improving an area of the business’s operations.

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Why is it important for a business to set goals?

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So that everyone in the business knows what they are working towards and can focus on achieving it.

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What does SMART stand for in SMART goals?

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Specific, Measurable, Achievable, Relevant, Time-bound.

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What is a financial goal for a business?

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A goal directly related to money, such as increasing sales and profit or reducing costs.

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What is a non-financial goal for a business?

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A goal not directly related to money, such as improving customer satisfaction or training employees.

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How can a business measure customer satisfaction as a non-financial goal?

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By asking customers to complete a survey about their experience with the business.

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What is a strategy in the context of business goals?

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A plan for achieving goals.

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What might entrepreneurs focus on besides making a profit?

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Developing a new product, improving an existing service using new technology, or improving the lives of other people.

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Who is an entrepreneur?

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A person who starts a business or independent organization, takes risks, and uses initiative to achieve success.