‘Business Critical Success Factors’. These are the things you need to keep an eye on for your business to be successful.
All the answers to your unique business lifestage questions
One of the greatest challenges of running a business is focussing our attention on the things that are urgent rather on what is important.
Below is list of the more important (critical) things that we must do as business leaders every day:
- Customers – Knowing what they want by talking to them all the time. Not only do we know what they want and what we must do to make them happy, but they will know who we are and like us (by showing concern for them).
- Outputs – we have what the customer’s wants at a price that they can afford and they are prepared to pay.This means that we sometimes need to sell something different and/or find a way of making it at a lower cost.
- Processes – Finding ways that are quicker and easier to do our work - such as buying, making and selling.
- Inputs – Make use of resources that cost you less. If your costs are lower, then you can sell at a lower selling price.
- Suppliers – Find ones that are reliable and you can negotiate a good dealwith.
Related: How to fail better by reflecting on what went wrong
To make all of this easier, a successful business owner:
- Strives to make their business better every day. This is called Continuous Improvement. It helps to write down all the improvements that you are making and share with others what you are doing and why. Also tell them what worked well and badly.
- Must have anetwork of useful peoplewho can help with each challenge.
- Look at how successful businesses do these things. Owners and managers of successful businesses are usually very happy to share their good ideas with you.
- Keep good financial records about the money coming in and going out – and the profit (or loss) you are making. This helps us to know what is working well and what we could improve.
- Use the Internet to find good ideas. In your search use key words like the ones in this article – critical success factors, continuous improvement, business plans etc.