Authors: Mitalis
What are the critical Success Factors that insure predictable sustainable profits?
They are a series of interrelated business activities. Although each activity is independent, together they position the business so it complies with lending institutions for acquiring financing, sales and marketing strategies for acquiring and retaining customers, operating policies and practices for recruiting and developing a loyal staff, financing strategies for delivering products and / or services and compensating employees. Also, there is a CEO’s Compass for monitoring and measuring all the business activities so timely and effective changes can be made to keep ‘On-Course’.
Where to start?
Like all successful operations, the business has to begin with a vision, an idea and how that idea will satisfy a person’s need or solve a company’s problem. It all begins with writing a business plan and developing that plan so it clearly defines the Strategic Plan (long-term) goals and outlines the Tactical Plan (short-term) goals so the vision and mission statements are aligned and attainable.
Once the business plan has been completed, the CEO’s Compass, a performance tracking system, can be implemented. This compass is an on-going performance improvement process. As the owner monitors and measures the business activities, he/she will not only be gathering data to identify what is working well but recognizing business activities that need improvement.
As a result of this data-gathering process, the owner will gain insight and have information to make changes in any one of the four primary areas that Peter Drucker, the father of modern management, said is crucial for business success: Manpower, Materials, Methods and Machinery (Technology).
After analyzing the data, the owner has the opportunity to evaluate the impact of the information and prioritize what changes to make to the business plan so the operation stays ‘On-Course’ and the activities stay aligned with the vision / mission insuring continued success. Change is the only thing constant in business.
The System is the Solution.
If you don’t know where you are going, any road will do. But, if you know where you want to go (vision), you need a system and a compass to stay ‘On-Course’ and achieve your mission. Therefore, we invite you to review the modules listed below so you can become familiar with the critical success factors that impact personal performance, productivity and profitability and continued success.
Nick Callazzo has more than 30 years of experience consulting to banks, insurance companies and financial institutions as well as coaching executives to help them improve their personal and professional performance. In 1985, Mr. Callazzo founded Resource Specialists, a consulting group that focuses primarily on helping companies identify behaviors that impeded either organizational or personal success. A former U.S. Marine, Mr. Callazzo is currently working with FastTrac’s Entrepreneurial program for veterans in order to help them improve their business acumen and, possibly, their profit margins.
Read more: http://www.vamboa.org/business-critical-success-factors/