Component 2- This Weeks Misconceptions!

​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.

​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.

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

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

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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