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Examining Critical Success Factors- A Business Coach's Key To Help Businesses Grow

Nov 26, 2007
It is known to experts that a lot of time is spent by executives and employees of any business organization in activities that do not make any real contribution towards the success of a business. In an effort to help your business surge towards attaining strategic goals, a business coach would first analyze the plethora of existing factors to determine which among those are critical to the success of the business. The fact is that only a few areas like product development or sales out of all activities may have the potential to propel your business towards success. A business coach uses his insight and analytical skills to segregate these critical factors.

It remains true that the success or failure of your business depends on your approach to the set of critical factors unique to your organization. Once you understand them fully and devote your undivided attention to them, your business is sure to progress to higher levels of performance, powered through your renewed efforts.

This is how!

During the initial steps you take for identifying your distinctive set of critical success factors, you need to ask yourself what really matters for attaining success. A general answer includes products, people, customers etc., all of which are good answers and may be correct. However, the right answer can only be reached by giving the issue due attention through deep and focused thinking.

A broad list, of factors that can generally be associated with potential for generating success for a business, can include:

. Corporate goals or strategic objectives
. Strategic and tactical planning
. Mission and purpose
. Value and beliefs
. Executive leadership
. Executive team
. Internal communications
. Lead generation
. Customer satisfaction
. Customer education
. Customer/technical support
. Production(which can include costing, run-rates, quality etc.)
. Product development
. Capital investment/working capital
. Sales life cycle/sales process
. Market research
. Marketing communications
. Distribution
. Sales compensation
. Logistics

The list is not exhaustive. You may need to add other factors to the list in order to accurately describe what has a critical influence on the success of your business. Be specific while identifying factors; like when the issue is lead generation, do not write sales or marketing. Review the final list and encircle areas that you understand are critical to your business.

Now start the exercise of testing your assumptions. Try imagining a decline in a particular critical factor and the possible impact on your business. Then try imagining an improvement in the same factor and try to judge the impact it can have on the business. While selecting critical factors for success, limit your selection to a maximum of six or seven factors, as the human mind is capable of efficiently switching between 5 to 9 different lines of thought. Proceed to establish a measurement scale for each critical factor; depending on the factor, it can be either quantitative or qualitative. Everything can be measured. Just select the correct system of measurement.

With proper and dedicated focus, you can develop a simple system to help you improve factors critical to the success of your business.
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