Skip to main content

Business Critical Success Factors:

Business Critical Success Factors


                The Strategic Planning is very important for every business and that’s the reason during the business operations every business management it is financial management teams are needs to more aware about those factors which are more critical for its success.

                After assessing many businesses performance and their processing activities it's come to know to us that the Value Chain analysis and the Supply Chain Analysis both are the critical success factors for every business. These both need more attention and more workings.

A business critical success factor is based on its performance and these are some key points which explain it very efficiently.

1.       Cost Reductions.
2.       Efficiency improvement.
3.       Customer needs and demands.
4.       Defects minimization.
5.       Production and CSR activities.
6.       Innovation and improvement.

Cost Reductions:

Value chain analysis and supply chain analysis helps the business to reduce the production cost and eliminate the defects from their final products. When the cost of a product is reduced and quality is more improve the product or service is considered more successful.

Efficiency improvement:

Customers need efficiency and improvement in the final product or service. When companies make its products or service more efficient in use that is the point their sales will be improved and they achieve more from the market and industry as compare to their competitors.

Customer needs and demands:

The Companies which focus on their customer demands and work over them to improve their production efficiency and effectiveness they achieve more. The CSR departments are formed for this purpose to make a key role in success.

Defects minimization:  

Companies need to minimize the defects from their products and services that’s helps them to achieve the best and respectable positions for their products in the market.

Production and CSR activities:

The efficiency in the production came through the direct link with the customer when you know the customers’ demands effectively they working over their demands helps to make more efficient products for them. The Feed back to customers through customer support services departments are very necessary.

Innovation and improvement:

Products and customers always demand innovation and improvement in the services and products also. The Success is always based on the continuous innovation and in the continuous improvement process.


These are the some of the critical success factors which help a business to reduce its costs, make more efficient products and services with continuous innovation and improvement according to the customer feedback and demands.

Comments

Post a Comment

Popular posts from this blog

Financial & Non -Financial Benefits from the Membership of Chamber of Commerce & Industry.

We know every business firm , commerce department, trading venture, and industrial unit always needs, Visibility to stand out and get noticed as an active participant in the society. The eventually prefer to avail growth opportunities through the provision of quality training and educational activities and through different events. They require Credibility through their production activities and services provision, which helps them in building a reputation. The holder of this membership can enjoy and avail members of member discounts to improve their purchasing power and all other offers and benefits as offered from time to time. That also helps them to build their communityNetwork and to make them socially powerful and these professional relationship helping them to get a plate forum that advocates on their behalf. This all means all industrialist, businessmen, and corporate identity holder (Only Owners of the Corporates or in some cases their partners and directors)   must ...
3 comments
Read more

ELEMENTS OF ACCOUNTS:

ELEMENTS OF ACCOUNTS:                 Accounting is the art of collecting, separating, analyzing and recording the financial transactions of the business in a certain economic period. There are two different methods or system to record the accounting transactions, one is Double Entry system and the other one is single entry system. Double Entry System is used by corporate accounting business and MNCs . Single Entry System is use by Nonprofit or Charitable Organizations.                 There are three elements of the accounting transactions and every business financial transaction must be fall in one of them. These Elements are Personal Accounts,  Real Accounts and Nominal Accounts. The Further explanation regarding these accounts are as follows: Personal Accounts:        ...
7 comments
Read more

Re-Engineering of Career in the Time of COVID19.

by Muhammad Salman Khan. In March 2020 here in Pakistan and surrounding countries of South East Asia and other regions of the world, governments announced their policies to prevent and control the pandemic of Coronavirus and almost begin with the lockdowns in cities or in strategic areas. That was a completely unexpected event, no one was ready for it, especially the progressive employees or those who were very near in time of request for their annual increments or revision in salary packages. Now many employees in shocked and disrupted, that’s a wakeup call to leave the comfort zone, control your personal expenditures and use your self-assessment skills with the big questions and professionally make your skillset more strengthen. That makes you able to be more focused and work with more devotion in your industry. But be optimistic this is an opportunity. Yes, the pandemic has increased the uncertainty and caught us red handily unprepared i.e. psychologically , financially ...
4 comments
Read more