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Critical Success Factors

Home > Topics > Plan > Getting Started > Critical Success Factors

Critical success factors are the 'must haves' for your business. They guarantee your competitive advantage.

They're so critical to the success of your business that you won't achieve a competitive advantage without them.

What are the 'must haves'?

Business resources include:

  • your raw materials (such as stock and equipment)
  • people in your business (including the quality of their skills)
  • funds available to your business (for example, working capital and access to additional funds).

Processes and systems include:

  • your operating procedures
  • the processes and procedures you use to train your staff
  • the systems you use to deliver services to your customers.

There are five components to your products and services (the 5 Ps of marketing). They are:

  • the right product
  • the right price
  • effective promotion
  • the right place
  • the right people.
These are discussed in further detail in the Market section of the Toolbox.