James, Strategy Specialist at GBC, 2 min read, 3 min video
What are the success factors that are fundamental for survival in your industry?
Regardless of the industry within which you operate, the competitive factors that most affect your ability to survive and grow is known as key success factors (KSFs). In any business, big or small, KSFs are a fundamental part of your company’s competitive success and it is therefore vital that business owners, managers and CEOs pay particular attention to them. If you don’t understand your industry KSFs or its importance then you risk becoming an industry laggard or worse, a failure. To meet the basic criteria for surviving and growing in your industry, the elements of your company’s strategy must measure up against the key success factors required by that industry.
So, in the strategy-making process and particularly the analytical phases, managers, CEOs and business owners must identify the industry KSFs in light of prevailing and anticipated industry and competitive conditions. This requirement must be a top priority for management and ensure that KSFs are distinguished between, important and less important. As drivers of change and competitive conditions change, KSFs within an industry can change. Therefore KSFs as part of the strategy-making process is by no means a set-and-forget exercise. It requires continuous attention as does your complete company strategy.
In StratPlan, we have incorporated an industry tried-and-tested KSF framework that makes understanding your industry KSFs easy. Regardless of industry, KSFs can be deduced by asking just three questions and rarely are there more than five key success factors in any industry for competitive success. Here’s a short video to show you how to determine the key success factors in your industry using StratPlan. I hope you enjoy the video.
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