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Definition and examples of critical success factors.
Business definition key success factors. The csfs are the expected causal variables of a particular desired result. Strategic focus leadership management planning people personnel staff learning development operations processes work. The organisation will not attain their desired goals. Key success factors are those key elements which are required for an organisation to accomplish or exceed their desired goals.
Over a 5 part series starting with this one first we will explain what those 5 key success factors are and how you can use them in your business right away. Key success factors or ksf are business strategies that are critical to a successful relationship with your customers. In effect it articulates what the company must do and do well to achieve the goals outlined in its strategic plan. Those that are most critical to your business are known as key success factors or ksfs.
Key success factors also known as competitive emphasis or strategic posture state the important elements required for a company to compete in its target markets. To achieve their goals they need to be aware of each key success factor ksf and the variations between the keys and the different roles key result area kra. Key success factors are typically those factors that affect your business ability to do well in your market. Key success factors are decided by the needs and preferences of your market and customers not by your business.
For example a pharmaceutical firm such as glaxo smith kline must possess financial resources and skilled research staff to fund and develop expensive and innovative new drugs. Examples would include agility reliability diversity and emotional. You must be good at analyzing and understanding your industry to determine what your key success factors you need to focus on to succeed in your business. The resources and capabilities competencies skills a firm must possess to achieve some competitive success and profitability in a market.
While many different factors can enhance your success key success factors are differentiated by the fact that if your company does poorly in any one of them your business will fail. First here are the 5 key success factors. Any lax in these factors may lead the organisation other way i e. Critical success factors are those variables or circumstances necessary to enable a positive outcome for a business program or strategy.
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