The 5 Key Success Factors Of Business – No. 3: Operations (2024)

This is the third in a series of posts on the 5 Key Success Factors of Business which can ensure your success and stand the test of time.

Today we want to give insights into what the world’s best companies do regarding operations – also called processes, or the work people do in your company.

As a reminder, the 5 Key Success Factors are:

• Strategic Focus (Leadership, Management, Planning)
• People (Personnel, Staff, Learning, Development)
• Operations (Processes, Work)
• Marketing (Customer Relations, Sales, Responsiveness)
• Finances (Assets, Facilities, Equipment)

Here’s what the world’s best companies do for Success Factor No. 3. Operations...

1. ...Are aligned and fine-tuned to deliver superior customer value.
2. ...Are documented, measured and controlled with full worker input.
3. …Are explained so that people understand responsibilities for creating value.
4. …Encourage innovation and collaboration throughout the organization.
5. …Are changed or corrected when something goes wrong so it won't repeat.
6. …Are continuously improved with enthusiastic participation.
7. …Are aided by effective computer information systems and programs.

How does your company stack up with these operations-management criteria? Think about it. In our next post, we’ll take a quick but penetrating look at the Marketing success factor. Meanwhile your questions or comments are welcome.