Chapter Name: Establish and prioritise business, financial and/or operations goals and objectives for new venture
Description:Teaches goal setting and alignment with overall strategy.
Purpuse:To ensure focused business development.
Rational:Clear goals guide action and measure performance.
Chapter Assessment
Scope of Practical Skill
Key Requirement 1: Establish and prioritise business, financial and/or operations goals and objectives for new venture
Learners should identify and prioritize the most important goals for the business, considering factors such as profitability, growth, and operational efficiency.
Assessment Questions
Assessment 1 : Personal objectives are clearly articulated and aligned to the plans of own venture.
Learners must explain how they align their personal goals with the objectives of their new business.
Assessment 2 : Business objectives are analysed and specific goals formulated to achieve objectives set out for own business.
Learners must analyze business objectives and break them down into specific, measurable goals.
Assessment 3 : A vision statement of a new venture is compiled to represent goals and objectives set for own venture.
Learners must create a vision statement that clearly represents the business’s objectives and future aspirations.
Assessment 4 : Specific short and long term goals are formulated allowing flexibility for possible changing circumstances.
Learners must formulate specific short- and long-term goals that allow for adaptability in changing circumstances.
Assessment 5 : Possible contribution to community and regional growth objectives are identified and considered.
Learners must identify how the new venture can contribute to the local community and regional growth.
Assessment 6 : Cultural values and beliefs of prospective employees and expected consumers are incorporated into the plans of own venture.
Learners must describe how they will take into account the cultural values of employees and consumers when planning their business.