Do you know what the key strategies are that your business must achieve in these economic times to realise its full potential?
Effective Critical Success Factors are vital to the organisation’s success, it must benefit the company and should be the same as your businesses high-level goals, and business strategy.
Our ActionCOACH definition of a successful business is – “A commercial, profitable enterprise that WORKS WITHOUT the business owner, you!”
Ensure that your business will survive and thrive in these economic times, with high inflation, cost pressures and uncertainty with the war in Ukraine.
As a business owner you must ensure that these 5 critical factors are taken care of in your business:
- Have the Right People on the Bus in the right seats
You want and need a world class dream team! The superstar employees in your organisation who are engaged and inspired, will help you build your business as if it is their own. Your team is what differentiates you from the other players. Your team will ensure that your customers are treated how they want to be treated (#platinumrule) to ensure a mutually beneficial life-long relationship.
As a business owner you must know and learn how to effectively manage your team. It requires balancing between providing clear focus and direction, structure and organisation, as well as personal growth and development. Employing the right people and growing a world class team requires a structured recruitment process, we hire people with passion and train people for skills where needed. Yes, it’s about employing people who believe what we believe in!
Richard Branson’s famous words were “Clients do not come first. Employees come first. If you take care of your employees, they will take care of the clients.”
Motivated employees will ensure happy customers and in return, happy customers ensure happy shareholders – in that order. Ensure that your customers become your raving fans and do the selling on your behalf.
How can we help you build your team? Firstly, ensure you have a Clear and Inspiring Purpose to achieve success
What is it that you truly believe in and that you want the business to deliver? As humans we need to have a clear reason for organising and working together. So get clarity on the organisation’s WHY. Remember, the reason for our existence is not about making the money but serving a purpose and or fulfilling a need.
So, is it our purpose to reach out and make a difference in people’s lives and if so, how do we do that? As Simon Sinek states in his book Start with the Why: How Great Leaders Inspire Everyone to Take Action.
“People don’t buy what you do; they buy why you do it. And what you do simply proves what you believe.”
Understand that people are drawn to leaders and organisations that are good at communicating their purpose and what they truly believe in. Why? because these organisations make us feel that that we belong, are special, and safe.
- Secondly, optimise Operational Processes
Processes define the activities that employees undertake to fulfil their organisational purpose. They must be clearly defined to create maximum value for your customers. Customers will pay for value. Systems are normally put in place to ensure accountability and ownership with a focus on the results, not the reasons.
Effective operations ensure consistency and the systemisations of your processes is a must to ensure that customers get what they want at the right time, price and quality. Typical organisational operation measurements include staff morning huddles or start-up meetings, weekly operations progress reports, and monthly financial reviews – to name but a few.
Clear communication is key and business leaders know this. Remember communication is the true lifeblood of a successful organisation.
- Great Physical Resources
The three big physical resources in business are:
- facilities and
Having adequate resources or infrastructure is vital to running a successful business. It starts with a well-equipped workplace that one can be proud of and where business owners and staff work in an productivity enhancing environment.
- Know your Business’s Financial Numbers!
Successful entrepreneurs know that cash flow is king. Failing to manage cash flow is the number one reason for business failure. Ensure that the money is in your bank account when you need it. Successful business owners have developed financial budgets and monitor their incoming and outgoing cash flow.
When you are profitable you will be able to invest in other resources like assets or equipment to ensure that the work gets done and quality standards are met consistently.
Remember that without enough money, you can’t start or sustain a business.
- Lastly, Consistent Stream of New Customers – for life!
Customers are prospects who are willing to give us money in return for the products and services we provide. You need a consistent stream of prospects in your sales pipeline to ensure continued growth and cash flow for survival and secondly, business growth.
A notable critical success factor here is that great companies know their KPI’s and they manage their sales and marketing efforts accordingly. Great businesses don’t have a see-saw process of doing the work or doing sales and marketing activities. Great World Class businesses are in control of their lead generation process and have at least 10 active strategies that work for them. Successful businesses know their target market and are constantly marketing to the identified segments to increase their prospects.
I have a question … are you having trouble or do not know how or where to begin implementing these CSFs (Critical Success Factors) in your business?
In conclusion, I can help! Connect with me for a complimentary one-hour business strategy consultation by completing the following online inquiry form or view our upcoming events and register for our next complimentary ‘6 Steps to the Business of Your Dreams webinar’.
Remember, we develop skills only by doing. Successful business owners are great at taking massive action which will in return lead to massive results in business profits and growth.