The 5 Key Success Factors Of Business – No. 2: People

smart-business-people-listening-to-confident-man-while-he-explaining-something-on-whiteboarIn our last post, we introduced the 5 Key Success Factors of Business which can ensure your success and stand the test of time. Then we provided details on the first Key Success Factor, Strategic Focus.

Today we want to give insights into what the world’s best companies do regarding managing people.

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. 2:

  • …Are carefully hired based on talent and personal strengths.
  • …Are organized with a structure that is clear yet adaptable to change.
  • …Are given opportunities to develop their valuable skills and knowledge.
  • …Understand overall company strategy and what is expected of them.
  • …Are rewarded for desirable performance, individually and as a team.
  • …Are regularly surveyed in terms of satisfaction and improvement ideas.
  • …Are given autonomy to make decisions aligned with strategic goals.
  • …Are motivated by focusing on their strengths and given positive feedback.
  • …Are kept informed of new developments with frequent communications.
  • …Cooperate with each other to achieve customer satisfaction and profits.
  • …Are open to change when new challenges or strategies require it.
  • …Have real input into decisions or changes which affect them.

How does your company stack up with these People-management criteria? Think about it. In our next post, we’ll take a quick but penetrating look at the Operations success factor

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