Meaningful Success Factors

Call Me!

What are those things in your business (company, division, unit) that you believe will help you achieve a successful outcome to your business strategy?  They may be related to cost reduction, corporate objectives, new technology, process changes, etc.  What will help ensure your success?  They may be unique to your business or new products for your customers.  The standard things for a successful business are adequate capital, cash flow, good employees, and customers.  These are not the success factors for your business - they are the result of your success factors.  Again, you need to establish the key success factors that will complement your business strategy. What gets the customer to choose your product and - call you; browse your  web site; meet and buy from your sales person; or come into your store?

Business Success Factors fall into several categories:

• Set realistic business objectives and goals
• Understand your unique value proposition
• Evaluate your competition
• Articulate your value proposition
• Focused marketing and sales teams - everyone is in sales
• Invest in the future
• Knowledgeable work force

These categories will help you establish the key success factors you need today.  Keep in mind that these factors will change over time and must be constantly evaluated.  What is successful today may not be successful tomorrow!  Staying focused, compassionate execution, and speed are critical. 

The ABC's, DEF's and G's of Success Factors:

Success Factor A: Your vision, mission, objectives, and goals must stretch the organization utilizing reasonable milestones and performance indicators that fall within company investment and budget plans.

Success Factor B: Clearly establish your value proposition that identifies your target customers and why your product/service is better than anyone else in the market.

Success Factor C: Do a SWOT analysis on your competition.  Then do yours and compare yourself against the results.  Once done you will have differentiation points for your marketing programs.

Success Factor D: Invest in marketing! Your marketing strategy is very important to articulate your value proposition. Once you have your marketing strategy and approach defined along with the product message and, points of differentiation you are ready for an "everyone involved" program to integrate this market strategy into your product development, manufacturing, and sales organizations.

Success Factor E: Everyone in your company is in 'sales'.  Everyone must understand this, it has been said over and over - Nothing Happens Without Customers. A very critical factor is a symbiotic relationship between marketing and sales - one cannot exist without the other.  Goals, milestones and objectives must match.

Success Factor F: Prudently invest in the future.  Invest in productivity tools, people, ideas.  Strategic investments should be made in people, marketing, and sales to build a solid business infrastructure.  Look for learning everywhere in the organization. Closely manage your cash-flow.  Be open to creative hiring practices that have a win-win outcome for your company and the individuals. 

Success Factor G: Keep in mind your competitors are looking for weaknesses.  Never underestimate the speed at which a competitor can overtake you.  Execution of your strategy is everything. You must stay focused and lead your organization to success through enlightened execution.  Everyone in the organization must be on-board, trained and knowledgeable about the business plans and objectives.  Only through wide-spread adoption of the vision by the organization can the company (division or unit) ensure success in the marketplace. Invest in training and education.

Success Factor Examples:

• Restructure to create customer focus
• Establish strategic business centers
• Create programs to meet division objects
• Implement new delivery methods
• Develop market theme for product 'x'
• Invest in new supply chain for fresh produce
• Sales force has access to latest market analysis
• Establish presence in India for product 'y' 
• Define new hire strategy for software development