What separates winners from losers? Business analysts almost daily come up with a list of factors or definition of key success factors.
Here are a few to consider:
1. Plan for success.
A good plan increases your chance of success by defining objectives, framing costs, forecasting revenue and defining risks.
2. Managing and developing people
People today want some direction and structure, but they also want freedom and encouragement to develop their skills and knowledge. Effectively managing people requires balancing direction, structure, organization, with liberating forces encourage personal growth, development and creativity. If you as manager/leader err too much in one direction or the other, your organization will be either too rigid or too chaotic.
A strong management group is critical. Entrepreneurs should have the confidence to surround themselves with strong people; this will pay dividends in productivity and growth of the business. Those owners who seek individuals who will follow and not lead will be constrained by their own failings.
3. Strategic focus
In today’s rapidly changing world, it’s not just enough to have a purpose for existing. Leaders have to focus the organization’s resources on the greatest opportunities, which shift with each new day. Doors open and doors close. Major customers or income sources can change or even go out of business at any time. So it’s necessary for leaders to keep focused on the desired end results such as increased sales and profits, or more satisfied customers, while constantly steering the organization across the stormy waters of the marketplace.
4. Consumer focus
An unwavering commitment to the consumer is invaluable. Understanding the consumer’s wants and needs provides the best way to gain customer loyalty. Repeat business is the lifeline to continued success. This also strengthens your reputation in the marketplace.
5. Know your strengths.
An honest approach to management of the business can help generate growth. Don’t waste time chasing dreams or ill-conceived ideas that do not match your core values or strengths in the business.
These are just a sample of key factors for business success. I hope they provide some food for thought in your operations.
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