13 Oct Critical Success Factors, What are yours?
What are your firm’s critical success factors? Please share your metrics here. For each type of firm— and each business within each type: law, financial, healthcare, non-profit, etc.— the CSF or critical success factors can be quite unique. Rather than take on industry-standard metrics, you might want to evaluate your current level of success. What has brought you to this point, what may have changed, what still works? What is no longer working?
Success factors such as client, referral source and vendor relationships as well as community involvement and leadership might be the hallmark of success for legacy firms. For newer firms or start-ups, creativity, flexibility and social networking may be part of the formula.
Consider the extent to which you inform or educate your “publics.”
Another factor may be the quality or nature of your marketing “message,” positioning, and the media and technology you use to communicate your value and connect/converse with your various target audiences.
Targeting is a key factor for success in this very individualized society in which we currently live and work. How relevant are your offers, pricing and services to your target audiences and how accurate is your targeting? How profitable is the market you chose?
Competency is a good one. Your firm’s dedication to associate education, certification and recognition is quite important in developing a long-term reputation within your competitive arena, especially for professionals.
And even your location… the client comfort and convenience you afford your clients when they meet with you. What does your office say about your practice?
Customization can be key. How specialized are your services and how flexible are your terms and agreements in meeting the changing needs of clients and prospects?
Client feedback and testimonials can fuel your success. When was the last time you asked your clients what they think of you? Be prepared. The jewels are in the negative comments. Compliments can be used as testimonials and to identify differentiators, but criticisms will tell you how to improve.
As for me, my critical success factors include my gobs of years of experience in both corporate and entrepreneurial roles and the relationship with my clients. Whether the relationship is positive or strained, the learning process helps me to leverage my strengths and improve or eliminate my weaknesses. What are your critical success factors?
Master the technology, conquer your market.