Component 2- This Weeks Misconceptions!

Component 2-

This Weeks Misconceptions!

Miss Henry

• ​SMART Target Setting-

• Product/Services Features-

• USP-

• Who would be interested in looking at the business plan?

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​SMART Target Setting-

​S- Specific

M- Measurable

A- Achievable

R- Realistic

T- Time-Bound​

​SMART targets ensure businesses are setting themselves aims that stretch the business to challenge themselves and improve (sometimes in specific areas) but are also realistic and achievable at the same time.

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​SMART targets, allow businesses to break down their overall aim/goal to make them more-

​-By using this it increases the likeliness that the business will achieve their overall aim.

Example: I Want to Grow My Business

• Specific: I will acquire three new clients for my consulting business.

• Measurable: I will measure my progress by how many new clients I bring on while maintaining my current client base.

• Attainable: I will ask current clients for referrals, launch a social media marketing campaign and network with local businesses.

• Relevant: Adding additional clients to my business will allow me to grow my business and increase my revenue.

• Time-Based: I will have three new clients within two months

SMART Goal

I will acquire three new clients for my consulting business within two months by asking for referrals, launching a social media marketing campaign, and networking with local businesses. This will allow me to grow my business and increase my revenue.

Multiple Choice

What does the acronym SMART stand for?

• Size, Money, Analytical, Realistic, Technological

• Specific, Measurable, Achievable, Realistic, Time-Bound.

• Service, Management, Achievable, Range, Tested.

​USP- Unique Selling Point

​This is a unique feature that makes your product or service stand out from competitors.

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Examples of USP's are:

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​Apple- Innovation: It is how quick Apply are to keep up with and set trends E.g. Facetime, Apple Wallet, Apple Pay, Appstore.

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Starbucks- Writing names on their cups (Personalisation of the service & their products).

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​IKEA- Quality, modern furniture offered in a convenient way at low prices.

Multiple Choice

What does USP stand for?

• Unusual Special Product

• Unique Selling Point

• Unusual Selling Point

• Unique Sales Practice

Who would be interested in seeing my business plan?​ & Why?

Investors- ​Any one willing to invest money into your business with the expectation to receive financial returns.

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Banks- Willing to provide a loan to support with the start-up or new business idea.

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Will want to see your business plan to gain an insight into your business, what and how you plan on spending their money to make a profit. If your business plan does not seem strong then both banks and potential investors will be hesitant about giving you the money to start-up or scale up.

Multiple Select

Which of the following would be most interested in seeing the business plan of a new company?

• Customers

• Potential investors

• Banks/ potential lenders

• Employees

​Product and Service Features-

​Features are characteristics that your product or service does or has.

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For example lets look at Apple iPhone as they offer a range of features-

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• Colours

• ​Camera Features E.g. Panorama

• Wireless Charging

• ​Emergency Call

• Find My iPhone​/Friends

• ​Personal Hotspot

Open Ended

Name a feature of the Apple Air Pods