Success, they say, is "where preparation and opportunity meet." But how do you define and measure success in your business? How do you know if your business is a success? Can you tell if you are on or off course? If you are off course, what corrective action(s) can be taken?
An important part of planning your business entails knowing the key things that can tell you when you have reached your goals. Called key success factors, these are indicators or milestones that measure your business achievements and help determine how well you are progressing towards your goals and objectives.
Without determining your key success factors, you run the risk of needing to make expensive changes of direction later on as you have not aligned your objectives to the success of your business. You must sit down and think what you really need to do to make your dream business a success.
The process of setting up your key success factors need not be tedious or difficult. Simply ask the question: "What are the key things that, if you do them well, will ensure your success as a business?" Then fill in the blanks the sentence: "If I ______________________, then I will be successful."
Your business plan must contain a list of key success factors for your business. As a small and home business owner, understanding what you must do to make your business a success is the first step to your path to entrepreneurial success.
An important part of planning your business entails knowing the key things that can tell you when you have reached your goals. Called key success factors, these are indicators or milestones that measure your business achievements and help determine how well you are progressing towards your goals and objectives.
Without determining your key success factors, you run the risk of needing to make expensive changes of direction later on as you have not aligned your objectives to the success of your business. You must sit down and think what you really need to do to make your dream business a success.
The process of setting up your key success factors need not be tedious or difficult. Simply ask the question: "What are the key things that, if you do them well, will ensure your success as a business?" Then fill in the blanks the sentence: "If I ______________________, then I will be successful."
Your business plan must contain a list of key success factors for your business. As a small and home business owner, understanding what you must do to make your business a success is the first step to your path to entrepreneurial success.
I am trying to start new business and I m so risk aversive. I am so confused.
ReplyDeleteIts very common problem. So believe in higher the risk higher the return.
ReplyDeletei am looking for the concrete solutions if anyone can help me please. Like the following given site gave me some clues about motivating oneself which is very helpful in professional life.
ReplyDeleteanother blog to pass some good time
ReplyDeleteAs per me, defining vision, mission, goals and objectives of any business/activity is more crucial and foremost to be successful than all other phases of getting success.
ReplyDeleteThis is true in soccer game as well. defining the objectives and responsibilities and all that is very true in soccer game to have full fun of it.
ReplyDelete