Designing Plans For Current And Future Business - 930 Words

As a company is becoming established and constructing plans for current and future business approaches, one vital consideration for the company is identifying its key success factors, or KSFs. KSFs are the factors that determine a company’s ability to compete successfully in an industry. The specific KSFs for any given company are unique, but by using whichever metrics have been uniquely decided upon and focusing efforts on evaluating and maximizing performance based on these KSFs, entrepreneurs and business owners are often able to establish advantages over competitors and become leaders in their space. (Essentials of Entrepreneurship and Small Business Management , P80). The first step in this overarching process is for a company to identify what its KSFs are for the business in question. This process is unique and individualized for each business, but should generally consider trends within the specific industry, and how those can be personalized. KSFs may be based on competitive advantages available, such as those related to cost: manufacturing cost per unit, distribution costs, or development costs. However, KSFs may also be focused on less tangible areas that are just as important, such as product quality, customer service, business location convenience, availability of credit for consumers, relationships with vendors and distributors, name recognition, and a myriad of other considerations (Effective Small Business Management, 10th ed, P49-50). A successfulShow MoreRelatedThe Success Of A Company1706 Words   |  7 Pagesinvolves all levels of management, however the CEO has the authority to form the ultimate call for the organization. Orga nization has some one hundred twenty five workers that job along to deliver exceptional service to customers. Within the close to future, few would really like to expand operations by gap a replacement workplace in Columbus, South geographic area. 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