Measuring the outcome of the goals related to your key success factors is essential to keeping your business on target.
Almost all businesses can benefit from having the key success factor ―attract new customers.‖ Decide how many new customers your business needs to succeed, and set a related goal, such as ―increase walk-in traffic by 25 percent by offering samples at the door.‖ Other examples of common key success factors are, ―retain quality employees,‖ ―increase profit margin‖ and ―increase customer satisfaction.‖
Some businesses are subject to more regulation than others. Manufacturing facilities must comply with OSHA regulations, and they may want to develop a key success factor that addresses the company‘s compliance. For example, ―Provide all employees with hazardous material training.‖
Key success factors should always be relevant to the business you are in. An example of an industry specific key success factor is ―increase load factor relative to the industry average.‖ This key success factor is specific to the airline industry, as referenced in ―Airline Industry Key Success Factors‖ in the Graziadio Business Report. Fleet management is essential to airlines, limousine companies and taxi services, but it‘s not relevant to the development of computer games.
The key success factor ―Build a manufacturing facility to produce 80 percent of inventory‖ is an example of what RapidBi.com calls temporal factors. According to the web site, temporal factors ―relate to short-term situations, often crises. These CSF‘s may be important, but are usually shortlived.‖ In this example, once the manufacturing facility is constructed and operational, the key success factor is no longer needed and can be replaced by a currently relevant one.
Measurable Key Success Factors General Key Success Factors Regulatory Key Success Factors Industry Specific Key Success Factors Temporal Key Success Factors Knowledge factor India may be a brain bank to the world. but it doesn‘t help if other countries cash in on this more frequently than india itself. The state of Indian higher education is the weak link in this chain it‘s the reason why Indians spend $3 billion annually seeking education abroad.
Those who study abroad tend to stay on abroad, while according to a NASSCOM-Mckinsey estimate only 1025 per cent of those earning a college degree in India are employable.
Published on May 5, 2011