Key Success Factors are the combination of important factors
which are essential to achieve certain business goals. There are
some factors which help in suceess of business. These are:-
- Effective leadership - For a successful
business an effective leader is really needed. Leaders must have
the power to motivate the employees to give their best.
Example - IBM encourages employees for corporate
blogging. The leader simply shows the objective of the company to
help the employees understand the goal.
- Product improvement - If the company donot
improvise the product or services they are providing, then
customers will not show interest in them. For a successful
business, a company must provide a good quality product or sevice
with nice aesthetics or proper price of the products, with
durability and reliability etc. Example -
Starbucks, focus on quality of the products and customer service.
Customers gets attracted to it because of the impressive quality
products they are serving.
- Cash flow management - One of the important
factors for succession of the business is to have proper finacial
records. Keeping record of cash flows or profits is necessary. The
finance department must keep a good communication with the
investors and lenders so in case the company needs any finance then
they can get help from investors. Example -
Accenture plc has a total of $ 56,708.6 billion market price. The
company keeps a close record on the profit and loss.
- Retain the customers - The company is said to
be successful if it can retain the customers by launching new and
attractive products. In this way they can also gain many loyal
customers. If a company fail to develop creative products of its
customers then it is impossible to get success in that business.
Example - Coco-Cola has been able to grow its
brand by acquiring multiple other drinks, such as Honest Tea,
Glaceau Smartwater, Fresca and Powerade Zero. Also recognized for
its unique marketing campaigns, Coca-Cola has made a global impact
with its customer engagement.
- Time Management - By working on the concept of
one-work-at-a-time and minimising the distractions will increase
the production rate with efficiency which in return will save a lot
of time. Example - Mckinsey is widely famous for
the time management skills. They donot waste time on distractions,
the employees learn quickly which saves a lot of time.
- Maintaining good customer relations -
Customers are the main assets for any company. So for a succesful
business companies must provide good quality products which can
fulfill the customer's needs and demand. By increasing quality
services to the customer company can gain a good relationship with
the customers. Example - Amazon's main motive is
to serve the customer with best products as well as a quality
services. They also promises customer with one day delivery in case
of urgency. Their shipping management is really impressive.