Critical Success Factors For Business Growth

David Mitroff, Ph.D.
David Mitroff, Ph.D.Business Consultant | Marketing Expert | Professional Speaker | Connector | Mentor um Piedmont Avenue Consulting, Inc.
Presented By David Mitroff, Ph.D.
Find more at www.PiedmontAve.com/Resources
@DavidMitroff Copyright Piedmont Avenue Consulting. All Rights Reserved.www.PiedmontAve.com
FOR BUSINESS GROWTH
CRITICAL SUCCESS FACTORS
4 THINGS EVERY BUSINESS OWNER
NEEDS TO KNOW
The profitability of the business depends on how well
the employees consistently perform critical activities
Employees perform best when they understand how
their performance effects the bottom line, and how their
performance is measured
Small changes in critical areas can have a great impact
on the bottom line
What gets measured gets done, and what gets
rewarded gets done again
ASSESSING YOUR BUSINESS
- IDENTIFY KEY SECTORS
1. Marketing & Sales
2. Financial
3. Operations & Production
4. People
5. Suppliers
6. Innovation & Technology
Which Is Your Companies
Strongest Sector and why?
SECTOR 1: MARKETING &
SALES
 Market Share
 Brand Awareness
 Referrals
 Customer Loyalty
 Lifetime Value of a Customer
Cost of acquiring a new customer: 6 to 7 times more than keeping
existing customer.
“The problem with
competition is that it takes
away the requirement to set
your own path, to invent your
own method, to find a new
way.”
- Seth Godin
FORM AN ALLIANCE
WITH A SIMILAR BUSINESS
 Can be a powerful way to
expand quickly.
 Can generate positive PR
& possibly another
business name to
associate yourself with.
–Tariq Farid,
founder and CEO of Edible Arrangements
“When I was 17 years old and
just starting the business my
mother said to me, ‘Don’t
chase the money. It runs
really fast. Do the right thing
and it will follow you.” After
that I spent all my time
perfecting the model.”
SECTOR 2: FINANCIAL
FINANCIAL
 Revenue
 Profit Margin
 Gross Margin
 Cash flow
 Bad debts
 Depreciation
SECTOR 3: OPERATIONS &
PRODUCTION
Cost Per Unit
– Number of Employees
• Response Time
– Quality Data
» Timeliness
• # of orders failed before delivery
• # of orders not delivered on time
“All things being equal, people
want to do business with their
friends. All things being not quite
so equal, people STILL want to
do business with their friends.”
- Jeffrey Gitomer
SECTOR 4: PEOPLE
MOTIVATING YOUR TEAM / EMPLOYEES
 Help inspire employees to identify what
they are passionate about at work, then
provide them with projects in their area
of interest.
 Make sure everyone understands the
key role they play in contributing to the
success of the department; creating
positive team energy.
 Empower your employees to succeed
and provide them with opportunities to
learn and grow.
MOTIVATING THE BUSINESS
OWNER
 Identify & remind yourself what you are passionate
about at work
 Be open to growing & expanding your vision, but also
a strong leader who knows how to focus on the key
vision at all times
 Make time to take care of yourself
SECTOR 5: SUPPLIERS
Satisfaction with Suppliers
– Responsiveness
• Costs compared to competition
– On-time delivery
» Overall satisfaction
• Defects (#,%)
Supplier Satisfaction
– Opportunity for profits while providing quality
• Responsiveness
– Payment
SECTOR 6: INNOVATION & TECHNOLOGY
 Online expansion to leverage a
strong online presence and
footprint
 Establish efficient ways to keep in
contact & interact with new or
existing clients
 Design content marketing strategy
based on user behavior
“Key Performance Indicators (KPI) are
quantifiable measurements that reflect the
critical success factors of an organization.”
Key Performance Indicators (KPI)
KPI—DIFFERS DEPENDING ON THE
ORGANIZATION
 A business may have one of its
KPIs be the percentage of its
income that comes from returning
customers
 A school may focus its KPI on
graduation rates of its students
 A KPI for a social service
organization might be number of
clients assisted during the year
KEY PERFORMANCE INDICATORS
 Reflect the organization's goals
 Are key to its success
 Are quantifiable (measurable)
Without a way to accurately define and measure, there’s no value to
a KPI.
For example, "Generate More Repeat Customers" would not work
as a KPI without some way to distinguish between new and repeat
customers
Define your strategy
Audit existing measures
Develop new measures
Analyze and Report
Continuous Improvements
STEPS TO IMPLEMENT
A KEY PERFORMANCE INDICATOR
Step 1 – Define
Strategy
 Strategy reflects Vision, Mission & Values
 Set Goals
 Align team members on strategic issues
 Identify barriers
Step 2 – Audit Existing
Measures
 Identify available data
 Review measurement processes
- Accuracy
- Timeliness
 Identify gaps
QUANTIFIABLE MEASUREMENTS
 What is measured?
 How often it is measured?
 What does the measurement tell us?
 How is the measurement used?
 Action plan?
Step 3 – Develop new measures
 Bridges the gap identified in Step 2
 Measures must reflect performance and progress of business
 Must be quantifiable
 Must be comparable with another number
- Last year
- Budget
- Goal
- Trend
Step 4 – Analyze and report
 Written summary and graph of actions to be taken
 Easy to read
 One page summary
 Graph
Step 5 – Continuous
improvements
 Set priorities based on strategy
 SMART goals
 Assign accountability
 Track improvement
 Set new goals!
Define your strategy
Audit existing measures
Develop new measures
Analyze and Report
Continuous Improvements
STEPS TO IMPLEMENT
A KEY PERFORMANCE INDICATOR
KPIs AUDIT
 Marketing & Sales
 Financial
 Operations/Production
 People
 Suppliers
 Innovation
Sectors: Quantifiable Measurements:
 What is measured?
 How often is it measured?
 What does the measure tell us?
 How is the measure used?
 Comments action plan
1 von 25

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Critical Success Factors For Business Growth

  • 1. Presented By David Mitroff, Ph.D. Find more at www.PiedmontAve.com/Resources @DavidMitroff Copyright Piedmont Avenue Consulting. All Rights Reserved.www.PiedmontAve.com FOR BUSINESS GROWTH CRITICAL SUCCESS FACTORS
  • 2. 4 THINGS EVERY BUSINESS OWNER NEEDS TO KNOW The profitability of the business depends on how well the employees consistently perform critical activities Employees perform best when they understand how their performance effects the bottom line, and how their performance is measured Small changes in critical areas can have a great impact on the bottom line What gets measured gets done, and what gets rewarded gets done again
  • 3. ASSESSING YOUR BUSINESS - IDENTIFY KEY SECTORS 1. Marketing & Sales 2. Financial 3. Operations & Production 4. People 5. Suppliers 6. Innovation & Technology Which Is Your Companies Strongest Sector and why?
  • 4. SECTOR 1: MARKETING & SALES  Market Share  Brand Awareness  Referrals  Customer Loyalty  Lifetime Value of a Customer Cost of acquiring a new customer: 6 to 7 times more than keeping existing customer.
  • 5. “The problem with competition is that it takes away the requirement to set your own path, to invent your own method, to find a new way.” - Seth Godin
  • 6. FORM AN ALLIANCE WITH A SIMILAR BUSINESS  Can be a powerful way to expand quickly.  Can generate positive PR & possibly another business name to associate yourself with.
  • 7. –Tariq Farid, founder and CEO of Edible Arrangements “When I was 17 years old and just starting the business my mother said to me, ‘Don’t chase the money. It runs really fast. Do the right thing and it will follow you.” After that I spent all my time perfecting the model.” SECTOR 2: FINANCIAL
  • 8. FINANCIAL  Revenue  Profit Margin  Gross Margin  Cash flow  Bad debts  Depreciation
  • 9. SECTOR 3: OPERATIONS & PRODUCTION Cost Per Unit – Number of Employees • Response Time – Quality Data » Timeliness • # of orders failed before delivery • # of orders not delivered on time
  • 10. “All things being equal, people want to do business with their friends. All things being not quite so equal, people STILL want to do business with their friends.” - Jeffrey Gitomer
  • 11. SECTOR 4: PEOPLE MOTIVATING YOUR TEAM / EMPLOYEES  Help inspire employees to identify what they are passionate about at work, then provide them with projects in their area of interest.  Make sure everyone understands the key role they play in contributing to the success of the department; creating positive team energy.  Empower your employees to succeed and provide them with opportunities to learn and grow.
  • 12. MOTIVATING THE BUSINESS OWNER  Identify & remind yourself what you are passionate about at work  Be open to growing & expanding your vision, but also a strong leader who knows how to focus on the key vision at all times  Make time to take care of yourself
  • 13. SECTOR 5: SUPPLIERS Satisfaction with Suppliers – Responsiveness • Costs compared to competition – On-time delivery » Overall satisfaction • Defects (#,%) Supplier Satisfaction – Opportunity for profits while providing quality • Responsiveness – Payment
  • 14. SECTOR 6: INNOVATION & TECHNOLOGY  Online expansion to leverage a strong online presence and footprint  Establish efficient ways to keep in contact & interact with new or existing clients  Design content marketing strategy based on user behavior
  • 15. “Key Performance Indicators (KPI) are quantifiable measurements that reflect the critical success factors of an organization.” Key Performance Indicators (KPI)
  • 16. KPI—DIFFERS DEPENDING ON THE ORGANIZATION  A business may have one of its KPIs be the percentage of its income that comes from returning customers  A school may focus its KPI on graduation rates of its students  A KPI for a social service organization might be number of clients assisted during the year
  • 17. KEY PERFORMANCE INDICATORS  Reflect the organization's goals  Are key to its success  Are quantifiable (measurable) Without a way to accurately define and measure, there’s no value to a KPI. For example, "Generate More Repeat Customers" would not work as a KPI without some way to distinguish between new and repeat customers
  • 18. Define your strategy Audit existing measures Develop new measures Analyze and Report Continuous Improvements STEPS TO IMPLEMENT A KEY PERFORMANCE INDICATOR
  • 19. Step 1 – Define Strategy  Strategy reflects Vision, Mission & Values  Set Goals  Align team members on strategic issues  Identify barriers
  • 20. Step 2 – Audit Existing Measures  Identify available data  Review measurement processes - Accuracy - Timeliness  Identify gaps QUANTIFIABLE MEASUREMENTS  What is measured?  How often it is measured?  What does the measurement tell us?  How is the measurement used?  Action plan?
  • 21. Step 3 – Develop new measures  Bridges the gap identified in Step 2  Measures must reflect performance and progress of business  Must be quantifiable  Must be comparable with another number - Last year - Budget - Goal - Trend
  • 22. Step 4 – Analyze and report  Written summary and graph of actions to be taken  Easy to read  One page summary  Graph
  • 23. Step 5 – Continuous improvements  Set priorities based on strategy  SMART goals  Assign accountability  Track improvement  Set new goals!
  • 24. Define your strategy Audit existing measures Develop new measures Analyze and Report Continuous Improvements STEPS TO IMPLEMENT A KEY PERFORMANCE INDICATOR
  • 25. KPIs AUDIT  Marketing & Sales  Financial  Operations/Production  People  Suppliers  Innovation Sectors: Quantifiable Measurements:  What is measured?  How often is it measured?  What does the measure tell us?  How is the measure used?  Comments action plan

Hinweis der Redaktion

  1. Seminar description: This seminar will review the essential strategies and best practices a business or organization should understand in order to successfully get started with social media marketing. We will talk about:   What social media marketing really is and why it’s important; Various social media networks and tools: how they interact, ways to leverage their strengths, and how to evaluate them for best use for your business or organization; How other businesses are using these low-cost tools to gain visibility, develop relationships, and drive sales and engagement; How to incorporate it into your business life without losing productivity.