When venturing into a business you want to identify the most essential factors that will make you business succeed.
These critical factors are usually thought out by you when you are envisioning your business and mapping out your business plan.
Chances are you have probably thought of these factors and its best to think about them deeper and outline these factors.
These factors will enable you to implement an action plan to carry out when starting up your business.
I am consistently asked how do you define your critical success factors to your business.
The answer is simple and it reallys comes down to What matters to your business?
This could include sales,customers,people and/or even the product developed on your part.
In the end your success factors come down to the very core values of why you are in business in the first place.
Below are some ideas (in no particular order)
Product Creation / Development and Branding
Product Research, Supply and Demand / Knowing your market audience
Investment Capital and Cost of daily Operation / Overhead costs
Product Distribution – Includes all kinds of sales – offline/online/telemarketing/third party sales/ affiliate sale etc
Lead Generation and Database Management
Customer Satisaction and Lifetime Value of your customer
Production and cost efficiency
Support – Online / Offline IT, Customer and Technical Support -Turn around times and metrics
Quality Assurance / Sales Funnel and Departmental Hierachy
Sales Compensation, Employee Benefits and Compensation / Employee Perks
Customer Education and knowledge
Recruiting and Retention Funnels, Employee Growth Paths
Accounting and Financing
Training Development and Coaching
Marketing 101- Offline Online Direct Advertising and all communications
Logistics and Inventory
Profit Sharing and Equity
Executive Hierachy, Management and leadership
Corporate Goals, Quaterly Goals and Annual Quotas
Core Values and Mission Statement
Accountability and SPA’s
Productivity and Performance Management
Data Anaylysis and Metrics
Internal Communications and messaging
Board of Directors/ Advisors and panel
Strategical Planning and Market Tactics
Business Development Funnel
Joint Ventures and Affiliate Relations and Alliances
These are just a few of the many different business success factors that you need to focus on to accelerate your business rapidly.
My advice is to focus on a few of these factors per quarter. Some companies work on 4-7 factors a fiscal year.
You cant take on every single business funnel right away and need time to work on each factor thoroughly.
At the end of the day get into the nitty gritty vessels that make the muscle of your business. Break down the core components.
This will enable you to get a better understanding of what factors needs attention or a game plan and where your key strengths lie.