“The 5 Key Success Factors of Business” book has been substantially updated in a new edition by business success expert E. W “Buck” Lawrimore. The 5 Key Success Factors is not just a list but a powerful system for total business success. That’s because it’s based on 50 proven success principles that drive success for any business or organization. The new book is available in all formats on Amazon at this link.
Many people are drawn to this website because this is where the 5 Key Success Factors of Business were first revealed in outline form a few years ago. The 5 key success factors were originally developed by Buck Lawrimore during his four decades of work as a success consultant to hundreds of business, nonprofit and individual clients. He studied a large number of successful businesses, large and small, including his own clients, to determine what are the key success factors that determine the difference between success and failure. His goal was to help his clients – and you – enjoy greater business success.
Beginning with a list of over 120 individual success factors, he clustered them into the 5 Key Success Factors of Business: Strategy, people, marketing, finance and operations. An original brief outline of those success factors is available on the Business Success Scorecard available as a free download on this website here.
Now after further study, Lawrimore has revised the 5 Key Success Factors into 50 action principles as outlined below. However, this outline will not adequately help you understand what you need to do to achieve each key success factor and principle. For all the valulable how-to details, to help you boost your business success as never before, get your copy of “The 5 Key Success Factors of Business” at amazon here. All formats including inexpensive ebook (Kindle) are available.
Key Success Factor No. 1: Strategy
- Leaders and managers are hard-working and capable.
- Focus on what you do best, a sustainable competitive advantage.
- Build your business on what customers value most, driven by objective research.
- Define and share your authentic core values.
- Get the book to read more success principles!
Key Success Factor No. 2: People
- Hire carefully based on talent and personal strengths.
- Organize your people with a structure that is clear yet adaptable to change.
- Give your people opportunities to develop their valuable skills and knowledge.
- Be sure your people understand overall company strategy and what is expected of them.
- Get the book to read more success principles
Key Success Factor No. 3: Marketing
- Define your target markets in which you can sustain a competitive advantage.
- Continuously monitor customer needs, values and satisfaction.
- Build a unique brand positioning on a sustainable competitive advantage.
- Attract new customers with targeted communications in multiple media.
- Get the book to read more success principles
Key Success Factor No. 4: Operations
- Align and fine-tune operations to deliver superior customer value.
- Document, measure and control operations with full employee input.
- Explain operations so that people understand their responsibilities for creating value.
- Encourage innovation and collaboration throughout the organization.
- Get the book to read more
Key Success Factor No. 5: Finances
- Plan for the capital and cash flow you need to be successful.
- Maintain competitive pricing to ensure customer value.
- Use sophisticated financial controls to monitor cash flow and ensure profits.
- Take time to understand and track key financial data regularly.
- Get the book to read more
Get your copy of the powerful new “5 Key Success Factors of Business” at this link now.