Success Factors Help You Conquer Your Goals.
To achieve your business goals, you need to have a specific way to measure those goals so you can tell at any time if you're succeeding or failing.
With a better understanding of what your success looks like, you can develop and implement future strategies accordingly.
Businesses rely on success factors to understand if they are on the way to achieving their goals or just on the way to providing more excuses for not achieving the goals. Success factors are essential to your performance in the long run.
You can consider success factors as the indicators of success, from which you'll drive your business activities. Success factors can and should be established for any goals you've set for your team. An example might be a goal to Increase monthly sales to 50 by the 31st of December, therefore the success factor for which you would use to measure this goal would be "Sales". If a company achieves all of its success factors, they will ultimately achieve their goals.
You can establish success factors for the overarching organizations goals or for a specific departments goals.
Let's take a closer look at success factors and how to manage them.
The first step in developing success factors is to think about your companies vision and mission.
You need to figure out what your company stands for and what problems your trying to solve for your customers before you can decide what goals you will set and then what success factors you will use to measure those goals..
The next step is to develop the actual goals that will help you achieve your business vision and mission. These are goals that you and your company will achieve over time that will lead you to achieving your company vision and mission.
So, gather your staff, leaders and managers and develop your goals. Keep in mind that these goals MUST relate to your companies vision and mission. At StrategyX our vision is to see you achieve your goals, so if we decide to buy a bakery then there is a good chance we won’t be getting any closer to our goal of helping businesses achieve their goals.
Once you’ve set your goals then you need to identify what success factors will be used to measure each of the goals, as another example
If you have a goal to achieve 1m in revenue by december 31st 2023 then the success factor will be "Revenue".
Now that your goals are set and success factors are defined, and you've started completing actions to achieve your goals, you need to monitor and measure your success factors. Monitoring the progress of your efforts is vital to achieving the goals you desire.
Follow these simple Steps to monitoring, measuring and managing success factors.
First, Ensure each success factor is assigned to a team member who can influence and be held accountable for the results of the success factor.
Second, Establish daily, weekly and monthly meetings to review and analyse your success factors.
After each review meeting put actions in place that will either keep the success factors on track or get them back on track.
Finally, Repeat the process of reviewing, analysing and putting actions in place and you will eventually stay on track with your success factors and ultimately achieve your business goals.
Modern technologies and software platforms like StrategyX provide the perfect platform or in other words the perfect scoreboards and dashboards required to measure, monitor, and manage the performance of your organisations success factors. Doing so is also vital in achieving operational excellence on your journey to developing any business, from a startup to a global corporation.