From my experience working with many companies leaders that disable new growth opportunities ascribe to one of two strategies: Strategy du’ jour, a new strategy for new growth seemingly every day. This “seat of pants” approach creates activity but rarely results in accomplishment. On the other end of the spectrum is Paralysis by analysis, companies that measure and monitor everything. Solid strategy to analyze and monitor past performance but creates a risk adverse culture unwilling to try new and different ways to grow the business. It is important to identify key business drivers are critically important factors that determine, or cause, an increase in value or major improvement of a business. A key business driver is something that has a major impact on the performance of the business… and needs to be constantly updated to be in sync with the latest trends in their markets, and technology. A whole range of internal and external factors affects the performance of every business and the secret is to focus on a handful of key drivers. For most companies key business drivers are related to– major cost-efficiency, growth-effectiveness, and customer satisfaction. The four fundamental drivers for success are; innovation, quality, speed, cost competitive.
Each of these four drivers is important for business success.