In an effort to bring additional clarity to organizational development and entrepreneurial growth consider the differences between Critical, Vital and required for Sustainability. My own set of questions are as follows. Critical Success Factors define what activities are required for success. These can be viewed at three levels:
1. What activities are critical? What “must” we do to exist? Reverse: What things, if left undone, could cause us to be shut down?
2. What other vital activities exist? What things, if left undone, would not bring about our immediate demise, but would lead to a slow death?
3. What activities are necessary for sustained success? What must we do to remain a relevant player in the world of central Vermont and economic development?
Critical Success Factors will bridge operational goals (the things we know we have to do) with strategic goals (means by which we extend our performance levels and areas of competency).
Outlining our Critical Success Factors will help us avoid unnecessary measuring/tracking and unbounded strategies.
Once the Critical Success Factors are identified they are rearranged in accordance with the following four perspectives:
1. Financial – support efforts aimed at growth, profitability and risk from the perspective of the owners/shareholders/stakeholders
2.Customer – support efforts for creating value and differentiation from the perspective of the customer
3. Internal – establishes priorities for various business or operational processes that are critical in creating customer and shareholder/stakeholder satisfaction
4.Growth & Learning – activities that create a climate supportive of change, innovation and growth
If fundamental objective analysis and hard work are attractive to you, contact us here in Middlebury, Vermont. We can help you bring definition to “success.”