Key Success Factors (KSFs) are what you need to do to achieve long-term business success. Some common KSFs include expanding your customer base, and finding ways to create greater efficiencies in your accounting or stock control.
Here are some more KSFs that will suit a range of different businesses and goals:
When you determine what your business’s KSFs will be, you need to keep a few things in mind. KSFs should be:
Consider prioritizing the most critical three goals for your business to start with. They key thing is to honestly assess where your business is now and where you want it to be, and to ask yourself, how will your business get there?
There are 5 common – but important – KSFs that all business owners should aim for:
1. Boost your credibility. Credibility and trust are earned by having a proven track record of good service and putting customers first. Consider the ways you could enhance your business’s credibility and trustworthiness. Picture a business you consider trustworthy and what it is that makes them so reputable.
2. Make sure you’re providing an outstanding customer experience. Does your service leave customers feeling impressed or quietly deterred? Brainstorm with staff all the ways you could improve your customer service, and check for evidence of recurring customer complaints or product returns. Improving your customer service should be an ongoing effort because consistently excellent service will lead to great word-of-mouth referrals for your business.
Providing consistent, outstanding service means:
3. Address any staffing issues. Consider any staffing issues you need to address, from skills and training gaps to whether you have enough staff to deliver the best possible service while allowing you to focus on running the business. It’s important that you always make time to guide and support your team:
4. Improve credit management. Do your customers always pay on time, or are you often chasing them for payment? Detail any improvements you can make to your credit policies:
5. Strengthen your support networks. Consider your current support network, from your bank manager to your lawyer, any neighboring or complementary businesses, and mentors. Businesses with a well-established support network to call on can often solve problems faster and get back on their feet quicker following an unforeseen event.
An effective support network can include:
Successful businesses are those that actively determine and then seek to achieve certain KSFs. The above 5 KSFs should be goals for any business, but you’re not restricted to them. Review your business and where you see it in 2, 5, 10 years time, then lay out specific KSFs to help you realize your objectives.
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