Thursday, September 23, 2010

Top 7 Critical Success Factors for Business - Part 2

This week I discuss number 2 on my list of 7 Critical Success Factors for Business:

  1. Plan
  2. Competitive Velocity
  3. Customer Satisfaction
  4. Network
  5. Technology
  6. Culture
  7. Global thinking
To maintain an advantage in a highly competitive world a company must move faster and more effectively to outpace its rivals and grow as a business.

Successful businesses not only provide a better product or service than their competition but continue to innovate, by adding new functionality to old products or creating new offerings.

As a result of the GFC many businesses cut R&D costs and are now finding it hard to maintain market share as their products are old and tired.

Jeff Immelt of General Electric said recently that "only optimism creates growth". This is a fabulous statement and for any business that has put off any innovation they should heed these words and create!

Time to gain velocity!

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