How to identify growth factors for success in your company

When you venture into any business, you want to identify the key factors that will make your business successful. These critical factors are usually thought through by you when you envision your company and design your business plan. Chances are, you’ve probably thought about these factors and it’s best to think deeper and outline these factors. These factors allow you to implement a plan of action that you must carry out when starting your business.

I am always asked how you define your critical success factors for your company. The answer is simple and it really comes down to what is important to your business? This can be sales, customers, people and/or even the product you are developing. In the end, your success factors are the core values ​​of why you are in business in the first place.

Below are some ideas (in no particular order)

-Product creation/development and branding

-Product research, supply and demand / Know your market audience

-Competitive research.

-Capital and costs of daily operations / overheads

-Product Sales – Includes all types of sales – Offline/Online/Telemarketing/Third Party Sales/Affiliate Sales etc

-Lead generation and database management

-Customer satisfaction and lifetime value of your customer

-Production and cost efficiency

Support – Online/offline IT, customer and technical support – turnaround times and metrics

-Quality Assurance / sales funnel and department hierarchy

-Sales compensation, employee benefits and compensation/employee benefits

-Customer education and knowledge

-Recruitment and retention funnels, employee growth paths

-Accounting and finance

-Training development and coaching

-Marketing 101- offline online direct mail and all communications

-Logistics and inventory

-Profit sharing and equity

-Executive hierarchy, management and leadership

-Company goals, quarterly goals and annual quotas

-Core values ​​and mission statement

-Accountability

-Productivity and performance management

-Data analysis and metrics

-Internal communication and messaging

– Board of Directors/Advisors and Panel

-Strategic planning and market tactics

-Business development funnel

-Joint ventures and affiliate relationships and alliances

-Outsourcing

These are just a few of the many different success factors you need to focus on in order to accelerate your business quickly. My advice is to focus on a few of these factors each quarter. Some companies work on 4-7 factors per fiscal year. You can’t take on every single business funnel right away, and you need time to thoroughly work through each factor.

At the end of the day, get into the essential vessels that make up the core of your business. Break down the core components. That way, you can better understand which factors need attention or a game plan, and where your key strengths lie.