Ask a happy businessman or a department head, what are Critical Success Factors (CFS) and they can easily list them for you. It refers to the group of factors or key activities which can make or break on organization or the goals that you have set. They are of utmost importance if you want to be successful and hence you can also call them as eligibility criteria for success.
So how to know what these critical factors are? You get it through knowledge and experience. They depend and defer according to what your aim is.
Consider a successful entrepreneur, be it Bill Gates or a smoothly running local café. If they have not made their factors, then they are following it without realizing that they are doing it.
These actually cover a broad range of factors such as your business strengths, external uncontrollable factors, market conditions and environment that you are surviving in. The type of Industry and competition are also major points to keep in mind.
They can improve your abilities in more than one way. It does not matter whether you are an employee, team or an employer. Once you understand the meaning of CFSs, you will be able to identify them yourself for your company or group.
You may have to redo the list every year or every few years depending on market conditions. They are not permanent and will change over time. However some major factors may remain constant. We live in a dynamic world which changes every day. So these will help you keep pace with the rapidly changing environment. If you do not change, you will be outdated and become a loser.
The concept of What are Critical Success Factors is relatively new to the business world and now many professionals, Directors and business owners are focusing on it. It is also taught in business and professional schools. There are detailed strategies and analysis you can take on if you are interested.
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