Unit 1.3: Putting a Business Idea into Practice Topic 1: Objectives When starting a new business

Learning Objectives To understand the following key terms (AO1): Financial Objectives To apply THREE objectives used by a small business. (AO2) To analyse that businesses have different objectives. (AO3) What are we learning today? By the end of the lesson you should be able...

Starter In pairs discuss What is an objective What is the difference between income and profit

Tasks Read page 64 & 65 in pairs Create a spider diagram to explain the different objectives shown on pages 64,65,66 Complete the work sheet below

Financial Objectives Financial Objectives: Targets expressed in money terms such as making a profit, earning income or building wealth. Survival Profit Wealth Income Financial Security

Non-Financial Objectives Non-Financial Objectives: Targets that are not expressed in money terms. Personal Satisfaction Challenge Independence Control Helping Others

Activity: Now write three SMART objectives for a business. To increase profit by 5% by June 2014. To increase sales by 10% by June 2016. S Specific M Measurable A Achievable R Relevant T Timed Activity: Now write three SMART objectives for a business.

Activity Complete the worksheet provided by your teacher!

Plenary To understand the following key terms (AO1): Financial Objectives To apply THREE objectives used by a small business. (AO2) To analyse that businesses have different objectives. (AO3) Are you now more confident in your understanding of the learning objectives?