Summary:
What is the purpose of your business? What do you need to do absolutely correctly in order for you business to succeed? What are the activities that you absolutely cannot screw up without losing significant amounts of business?

Details or Sample:
What is the purpose of your business? What do you need to do absolutely correctly in order for you business to succeed? What are the activities that you absolutely cannot screw up without losing significant amounts of business?

These questions are answered by examining your Critical Success Factors or CSF’s. Critical Success Factors are defined as those activities that a business undertakes that allow it to succeed.

It’s more than just the numbers on your financial statements. Some CSF’s relate to measures of quality, customer satisfaction, and how efficiently you are using your resources.

However, before you can do any analysis on your company’s Critical Success Factors, you need to examine your business strategy.

Ask yourself the following questions: Why is my business better than my competitors’? What do my customers tell me that they like about my business? What don’t they like? What action could I take that would make my customers go elsewhere?

Note that two of the four questions relate to your customers’ perception of your company, not your impressions on what they think. It’s an important distinction as your customers may have a very different view on you and your business than you think. How do you know what your customers think? Ask them! Set up a procedure where they are asked to fill out a feedback form when they purchase your product or service. Ask them what they like and don’t like. Ask why they might choose to shop elsewhere. Ask what you are doing well and what you could be doing better. You may be surprised by the results.

The answers to the four questions above give you a list of those activities that you need to make sure your business is doing regularly and consistently. Review your list. You will most likely find that the items on it relate more to your customers’ perceived value in your product or service, not just its cost. Companies that compete only on cost will always suffer in the long run as there will always be someone else that can do it cheaper.

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Written by: Angie Mohr
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