COACH'S CORNER
By Barry Knepper
As Seen In Queensborough - The Magazine of the Queens Chamber of Commerce

Identifying the Driving Critical Success Factor for Your Business

Every once in a while, good luck may come your way. However, if you base running your business on good luck, you are more than likely going to find yourself out of luck or possibly even out of business. In these difficult economic times we are facing it's more important than ever to have your greatest efforts be focused on your Driving Critical Success Factor (DCSF). Your DCSF is the success factor currently strategically most important for your company to excel in, for it to succeed.

Once you've identified your DCSF by yourself, with key executives or people you trust, you can share this with your entire team so they too have clarity and know in which direction the company is heading. This will be one of the greatest benefits you can give your employees because it will allow them to clearly identify their priorities.

A key element to achieving your DCSF is helping your team see how their efforts and contributions are directly impacting the DCSF and the success of the organization. Don't assume they understand how important of a role they are playing; take the time to communicate this with them. To keep employees driven, it's a good idea to tie-in incentives—typically something that is short-term and related to the DCSF.

Benefits of identifying your DCSF include: reduced stress level through elimination of work that isn't critical, better communication to your stakeholders as to where your company is headed, providing a sense of accomplishment which inspires employees to move forward and by making decision making easier by allowing you to decide what projects you do and do not take on based on whether or not they support your DCSF.

Be sure your DCSF is measured frequently with you and your team and adjustments are made accordingly to keep your company moving in the right direction—this is most critical in these challenging economic times.

To find out more about how your company can identify its DCSF and create a strategic plan contact me at 516-724-0351 or bknepper@tab-queensny.com

Barry Knepper is the certified facilitator and coach in Queens for The Alternative Board® ("TAB").TAB Board members meet monthly to learn from one another's successes to grow their businesses to the next level through a combination of peer advice and coaching He also serves a part time chief financial officer ("CFO"), utilizing his 30 years of full time CFO experience to help business owners maximize the profitability of their business through the development of a budget, business plan and monitoring of financial operations.