A Business’s Key Success Factors (KSFs) are those things that most affect the industry’s ability to prosper in the marketplace. They concern the product attributes, competencies, competitive capabilities, and market achievements with the greatest profitability. It is imperative that these factors be given proper attention and are adhered so as to attain the desired objective. KSF may also be major flaws that need to be addressed before other goals can be completed or strengths that must be preserved.
They are the combination of important facts that are required in order to accomplish one or more desirable business goals. Combining foremost facts that are essential to achieving certain business goals is called key success factors. For example, one of the key success factors in promoting animal food products might be to advertise than in a way that appeals to those consumers who love animals.
The KSFs may vary from an organization to an organization. Common suggestions for Key Success Factors –
- Effective Leadership in Business
- Improving Your Product
- Cash Flow Management
- Retain Your Customers
- Maintain Good Customer Relations
- Time Management Increases Productivity
- Team Building Activities for Work.