Defining your CSF
A Critical Success Factor (CSF) is a critical factor or activity required for ensuring the success of your company. Reporting on regular business factors like your income statement or balance sheet is important but determining the underlying CSFs takes a little more research.
To be effective, a critical success factor must:
- Be fundamental to your organisation’s success.
- Benefit the company or department as a whole – contributing to overall goals.
- Be synonymous with a high-level goal.
- Be influenced and changed by strategies within your control.
What works for one business may not be the key for success for another, even within the same industry. Your CSF might be cash flow from investing activities, increasing sales by 15% within twelve months or upping your employee satisfaction from a 64 to an 85-approval rating within eighteen months.
Everyone’s different which is why Sudburys tailors financial solutions to fit you.
What you can expect from Sudburys
Fundamental to measuring your performance is having a business plan in place. We can help you set your plan and ensure you have the right objectives.
Targeting poor performance
Considering whether falling sales or profitability can just be blamed on current market conditions? Talk to a Sudbury’s advisor if you are unsure of the underlying cause of poor performance. Our team can help you reassess operational performance, cut costs or rethink your approach.
As your trading environment evolves you need to reconsider your Strengths, Weaknesses, Opportunities and Threats (SWOT). We’ll help you bring your key business stakeholders together to carry out a group SWOT analysis and form action steps from the results.
Benchmarking your firm
We can help you benchmark your performance against similar industries. Weighing up your firm's position against competitors will help you identify gaps in your offerings, as well as in your market generally.
Schedule regular reviews
Your business plan shouldn't be shelved as soon as it is written – it should be reviewed regularly. We can help you assess your objectives and measure your success - especially when market conditions or operational performance changes.