Regardless of industry or field, all businesses must manage change to keep up with a shifting marketplace. Successfully managing the difficulties of markets, supply chains or client interest requires a particular skillset, mindset and understanding of how to assess an organization’s direction. Determining these factors is key for business leaders to make important decisions regarding the business landscape and adapt to volatility in the business world.
An online Master of Business Administration (MBA) concentration in Management and Change from Carleton University’s Sprott School of Business equips students with the knowledge and skills to effectively lead and manage change at the individual, team, and organizational levels. Graduates of this online degree program can emerge as evolutionary, future-oriented leaders with the knowledge and skills to drive success.
What Businesses Should Know About Critical Success Factors
Critical success factors are goals an organization must meet for its business strategy to succeed. Operating and growing a business can be difficult if management and business leaders lose sight of important objectives. A changing marketplace, unexpected challenges or adjusting to changes with an evolving workforce can trigger a break with a strategic business plan. Embracing change is how businesses grow, and stepping outside established comfort zones can catapult an organization to new heights.
Success factors give the whole team a goal to work towards to achieve greater success. When there are clear success factors, an organization can focus on critical performance measures and eliminate factors that don’t positively impact the business. Prioritizing resource allotments can lead to improved performance strategy and management. By mapping out the requirements to achieve its goals, the company can stay ahead of the competition and meet customer needs. Key success factors include operations, marketing, labour, leadership and finances. The five major success factors are strategic focus, people, operations, marketing and finances.
Best practices business leaders can use in marketing for success include training for the management team, setting clear leadership goals and improving the recruitment process to hire visionary leaders who can monitor current trends in the field. Focusing on employees and encouraging unique and creative ideas by incentivizing work performance and offering adequate compensation can inspire employee loyalty and increase productivity. Documenting all marketing ideas and having an easy-to-use and efficient office communication system and comfortable work areas can improve the organization’s overall operations.
In addition to building a strong environment of internal employees, creating the right marketing campaign requires understanding clients’ needs. Determining their target audience by creating client profiles with their needs can help the business reach the right audience. Important financial success factors include having an easy-to-use payment processing platform for clients, incentivizing fast payments or utilizing marketing promotions or discounts.
These are all examples of how a business can develop a systematic approach to deal with changes to its goals or a fluctuating marketplace.
How a Degree From Carleton University Can Help
Since change is a constant in the business world, having the knowledge and skillset to maximize the opportunities of globalization and rapid change can inspire proactivity and responsiveness to dynamic business conditions. The online MBA concentration in Management and Change program from the Sprott School of Business at Carleton University is accredited by AACSB International and prepares graduates to effectively lead teams and manage organizational change. In addition, program graduates will be able to apply people and change management tactics to resolve conflicts and appreciate the global nature of business and how to respond to changing international conditions.
Learn more about Carleton University’s online MBA with a concentration in Management and Change program.