4. Identification of critical success factor(CSF’s)
Critical success factors (CSF’s) is a activity which helps in ensuring the success in business. It is some thing, which is used by many smallest companies. However, during analysis pragmatic approach is needed most.
Basically, the companies to identify some key factors that organization should mostly focus on to be successful by using critical success factor.
Identifying critical success factor is important in business is that to focus on their efforts on building there capacities to meet the CSF’s.
There is very simple idea “There will be certain critical success factor in any organizations and if the objectives are not achieved then the organization will fail”.
The Examples are:
- New product Development
- Good distribution
- Effective advertising etc.
Some principles of writing good critical success factors are:
– By ensuring a good understanding of environment.
– By building knowledge of competitors in industry.
– By developing CSF’s which results observable difference.
Moreover, critical success factor has along impact on the organization’s performance. It itself is a critical factor of a organization.
RAPIDBI, (2014). Critical Success Factors CSF – Analysis | RAPIDBI. [online] Available at: http://rapidbi.com/criticalsuccessfactors/[Accessed 27 Jul. 2014].