Critical Success Factors

Business Transformation Lifecycle

Key Terms: Critical Success Factors, Event Management, Scorecards, Performance Metrics, Industry Scan

Today we are going to review Critical Success Factors as part of our Industry San. So, why is the identification of Critical Success Factors so important? Because they allow us to prioritise those elements that are crucially important to the running of the business and can be used to put some metrics and reports in place to monitor performance

So, let’s look at an example using our previously identified company “Bespoke Events”. This company operate in the Event Management space, so we’ll take a look at the industry.

A Quick Industry Scan

According to the article “8 Key Elements of Event Planning That Will Make Event a Grand Success”, the following success factors apply to Event Management

  1. Event Purpose
  2. Know your Audience
  3. Appropriate timing of the event
  4. Having a detailed event plan
  5. Ensuring event content can attract the audience
  6. Promotion: Design of the message you want to through the event
  7. Lead capture

Converting Critical Success Factors to Processes and Metrics

Let’s look at these in a table below, with a view to understanding the processes around them and how we want to track them

On the back of this piece of work we will now want to generate a report to track each of these and then setup a regular review. We’ll come onto that in a later blog

In general – Critical Success Factors

When looking at Critical Success Factors we want to:

  • Identify the things that really matter for success
  • Don’t do too many.
    • It’s important to be able to see the woods for the trees
    • You want a simple message to the team so that they are all pulling the right direction

From a Business Transformation perspective we will want to take a look at these metrics and add them to our Business Model Canvas in terms of future state goals.

For further reading developing Critical Success Factors read Critical Success Factors Simplified

Feel free to complete our free business model assessment if you want an insight into how you’re managing your business strategy

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