The term ‘Sadhana’, in general, implies ‘means to achieve a desired goal’. In the spiritual context, ‘Sadhana’ connotes spiritual practises undertaken by a seeker to achieve the desired goal of Liberation (Moksha). ‘Panchakam’ denotes a set of five. Thus, the title implies ‘a set of five verses enlisting spiritual practises to achieve Moksha’.
The text has five verses containing 40 steps of Vedantic sadhana. The author, Sri Adi Sankaracarya, expounds that when the sadhaka (seeker) achieves the sadhya (goal) through sadhana (practises), the sadhaka (seeker) becomes a Siddha (Realised).