Critical Success Factors

Critical Success Factors
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Critical success factors, are key areas which you identify from conducting a SWOT, PEST and Porters Five Forces model, market research and competitor analysis. The basic logic is to look at the all the main results:

WEAKNESSES - What are your biggest business weaknesses that need addressing?
OPPORTUNITIES - What areas in the market need exploiting for your business to attain growth?
POLITICAL - Which political factors are important to your business, and need observing?, What is the current legislation?, Has your business achieved/aiming to achieve all the requirements?
ECONOMIC - What is the current economic climate like?, How will this affect business turnover?, What measures are you taking to ensure it does not adversely affect your business?
SOCIAL - What are the current consumer trends?, How can your business exploit them?, What are current consumer pressure groups re-acting to?
TECHNICAL - How is your business exploiting technology to achieve growth?, Is it through improving efficiency? or is it through using technology to aid new product development?
COMPETITOR ANALYSIS - What are your competitors doing?
MARKET RESEARCH - What do the consumers feel about existing/new products and services?

You should have a large list of points/areas where your business needs to develop. The best method for achieving the main list is to use a brainstorming session, reproduce the PEST, SWOT, Porter 5 Forces models, give all the department heads/managers a copy of the models. Then get all the department heads/managers in a room and get them to come up with a big list of points/areas for development, bearing in mind the results of competitor analysis and market research.

The next step is to whittle the list down to a list of say 5-10 areas which you and your business managers view as being essential to business survival.

This is the critical success factors which your business needs to pursue in order to be a success. Enshrine the Critical Success Factors in the corporate strategy of your business.

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