7 Critical Success Factors

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Critical success factors are those factors necessary for an organization to achieve business success. The factors may vary from business to business, but they must be addressed in order to ensure that the business operates at optimal efficiency. There are at least seven critical success factors that should be addressed during the life of the business: revenue, customer service, quality, innovation, communication, flexibility, and research and development.

Revenue

  • Increasing revenue and profits is vital to a company's survival. One example of a critical success factor is to increase new product revenue by 10%.

Customer Service

  • Without customers a business cannot survive. Work to decrease customer complaints through process improvements.

Quality and Innovation

  • Create quality products using quality materials to ensure that the customer gets the expected product each time. The company must be able to translate an idea into a tangible product or service.

Communication

  • The corporate culture must be one in which employees can openly communicate with management.

Flexibility

  • The company must be able to adjust according to the economic and regulatory environment.

Research & Development

  • Maintain an active research area to understand new discoveries in the industry. Keep development alive, ready to create new products and services for potential and existing customers.

References

  • Photo Credit Image courtesy of Microsoft Office online
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