Business Drivers - Revision history

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User: A business driver is a resource, process or condition that is vital for the continued success and growth of a business. A company must identify its business drivers and attempt to maximize any that are under their control.

2018-12-05T22:28:11Z

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A business driver is a resource, process or condition that is vital for the continued success and growth of a business. A company must identify its business drivers and attempt to maximize any that are under their control. There are always outside business drivers that a company cannot influence, such as economic conditions or trade relations with other nations.<ref>Definition - What does Business Driver mean? [https://www.techopedia.com/definition/28013/business-driver Techopedia]</ref>

Identifying and monitoring the key drivers of your business is critical to boosting profitability. A key business driver is something that has a major impact on the performance of your specific business. A whole range of internal and external factors affects the performance of every small business. The secret is to focus on a handful of key drivers that:
*reflect the performance and progress of your business
*are measurable
*can be compared to a standard, such as a budget or last year's figures, or an industry average
*can be acted upon
The range of business drivers varies enormously from business to business. For example:
*sales leads in a capital goods or service business
*sales per square meter in a retail business
*machine downtime in a factory
*'first time fix' in a maintenance business
Even direct competitors may use different drivers to improve their business performance. For example, prime location is not a key driver for an internet-based business selling computer parts, but it is for a 'bricks and mortar' competitor that relies on well-located retail stores to attract foot traffic.<ref>Identifying your Business Drivers [http://www.nab.com.au/business/small-business/cashflow-planning-and-tax/identify-business-drivers NAB]</ref>

===References===
<references />

===Further Reading===
*How to identify the Business Driver of my company? [http://evolvedesign.ie/visual-communication/identify-business-driver-company/ evolve design]
*Strategic Planning: Developing Business Drivers for Performance Improvement [https://insights.sei.cmu.edu/sei_blog/2012/11/strategic-planning-developing-business-drivers-for-performance-improvement.html cmu.edu]

@@ Line 1: / Line 1: @@
-A '''[[Business|business]] driver''' is a resource, process or condition that is vital for the continued success and growth of a business. A company must identify its business drivers and attempt to maximize any that are under their [[control]]. There are always outside business drivers that a company cannot influence, such as economic conditions or trade relations with other nations.<ref>Definition - What does Business Driver mean? [https://www.techopedia.com/definition/28013/business-driver Techopedia]</ref>
+A '''business driver''' is a resource, process or condition that is vital for the continued success and growth of a business. A company must identify its business drivers and attempt to maximize any that are under their control. There are always outside business drivers that a company cannot influence, such as economic conditions or trade relations with other nations.<ref>Definition - What does Business Driver mean? [https://www.techopedia.com/definition/28013/business-driver Techopedia]</ref>
 Business drivers are the key inputs and activities that drive the operational and financial results of a business. Common examples of business drivers are salespeople, number of stores, website traffic, number and price of products sold, units of production, etc. In order to make internal choices about [[Business Strategy|business strategy]] or build a financial model to value a company, it’s critical to gain a solid understanding of the main drivers of a business.
@@ Line 6: / Line 6: @@
 *reflect the performance and progress of your business
 *are measurable
-*can be compared to a [[standard]], such as a [[budget]] or last year's figures, or an [[industry]] average
+*can be compared to a standard, such as a budget or last year's figures, or an industry average
 *can be acted upon
 The range of business drivers varies enormously from business to business. For example:
-*sales leads in a [[capital]] goods or [[service]] business
+*sales leads in a capital goods or service business
 *sales per square meter in a retail business
 *machine downtime in a factory
@@ Line 35: / Line 35: @@
 == See Also ==
 <div style="column-count:2;-moz-column-count:3;-webkit-column-count:3">
-*[[Business Strategy]]
 </div>
@@ Line 52: / Line 45: @@
 ===Further Reading===
 *How to identify the Business Driver of my company? [http://evolvedesign.ie/visual-communication/identify-business-driver-company/ evolve design]
-*[[Strategic Planning]]: Developing Business Drivers for Performance [[Improvement]] [https://insights.sei.cmu.edu/sei_blog/2012/11/strategic-planning-developing-business-drivers-for-performance-improvement.html cmu.edu]
+*Strategic Planning: Developing Business Drivers for Performance Improvement [https://insights.sei.cmu.edu/sei_blog/2012/11/strategic-planning-developing-business-drivers-for-performance-improvement.html cmu.edu]

← Older revision		Revision as of 14:38, 8 December 2022
Line 1:		Line 1:
−	A '''[[Business\|business]] driver''' is a ~~[[Resource\|~~resource]], [[process]] or condition that is vital for the continued success and growth of a business. A company must identify its business drivers and attempt to maximize any that are under their [[control]]. There are always outside business drivers that a company cannot influence, such as economic conditions or trade relations with other nations.<ref>Definition - What does Business Driver mean? [https://www.techopedia.com/definition/28013/business-driver Techopedia]</ref>	+	A '''[[Business\|business]] driver''' is a resource, process or condition that is vital for the continued success and growth of a business. A company must identify its business drivers and attempt to maximize any that are under their [[control]]. There are always outside business drivers that a company cannot influence, such as economic conditions or trade relations with other nations.<ref>Definition - What does Business Driver mean? [https://www.techopedia.com/definition/28013/business-driver Techopedia]</ref>

	Business drivers are the key inputs and activities that drive the operational and financial results of a business. Common examples of business drivers are salespeople, number of stores, website traffic, number and price of products sold, units of production, etc. In order to make internal choices about [[Business Strategy\|business strategy]] or build a financial model to value a company, it’s critical to gain a solid understanding of the main drivers of a business.		Business drivers are the key inputs and activities that drive the operational and financial results of a business. Common examples of business drivers are salespeople, number of stores, website traffic, number and price of products sold, units of production, etc. In order to make internal choices about [[Business Strategy\|business strategy]] or build a financial model to value a company, it’s critical to gain a solid understanding of the main drivers of a business.

@@ Line 1: / Line 1: @@
-A '''business driver''' is a [[Resource|resource]], [[process]] or condition that is vital for the continued success and growth of a [[Business|business]]. A company must identify its business drivers and attempt to maximize any that are under their [[control]]. There are always outside business drivers that a company cannot influence, such as economic conditions or trade relations with other nations.<ref>Definition - What does Business Driver mean? [https://www.techopedia.com/definition/28013/business-driver Techopedia]</ref>
+A '''[[Business|business]] driver''' is a [[Resource|resource]], [[process]] or condition that is vital for the continued success and growth of a business. A company must identify its business drivers and attempt to maximize any that are under their [[control]]. There are always outside business drivers that a company cannot influence, such as economic conditions or trade relations with other nations.<ref>Definition - What does Business Driver mean? [https://www.techopedia.com/definition/28013/business-driver Techopedia]</ref>
 Business drivers are the key inputs and activities that drive the operational and financial results of a business. Common examples of business drivers are salespeople, number of stores, website traffic, number and price of products sold, units of production, etc. In order to make internal choices about [[Business Strategy|business strategy]] or build a financial model to value a company, it’s critical to gain a solid understanding of the main drivers of a business.
@@ Line 35: / Line 35: @@
 == See Also ==
 <div style="column-count:2;-moz-column-count:3;-webkit-column-count:3">
-[[Business]]<br />
+*[[Business Strategy]]
-[[Business-to-Business (B2B)]]<br />
+*[[Business Mission]]
-[[Business Application]]<br />
+*[[Business Model]]
-[[Business-Driven Development (BDD)]]<br />
+*[[Business Goals]]
-[[Business-to-Business Gateway]]<br />
+*[[Business Objective]]
-[[Business-to-Consumer (B2C)]]<br />
+*[[Business Capability]]
-[[Business Accelerator]]<br />
+*[[Business Operations]]
-[[Business Activity Monitoring (BAM)]]<br />
+*[[Chief Executive Officer (CEO)]]
 </div>

@@ Line 36: / Line 36: @@
 <div style="column-count:2;-moz-column-count:3;-webkit-column-count:3">
 [[Business]]<br />
-[[Corporate Strategy]]
+[[Business-to-Business (B2B)]]<br />
 </div>

@@ Line 16: / Line 16: @@
-Key Business Drivers<ref>5 Key Business Drivers [https://www.ivyexec.com/career-advice/2018/5-key-business-drivers/ Ivy Exec]</ref><br />
+'''Key Business Drivers<ref>5 Key Business Drivers [https://www.ivyexec.com/career-advice/2018/5-key-business-drivers/ Ivy Exec]</ref>'''<br />
 According to Ivy Exec’s top executive coach, Dr. Susan Bernstein, the 5 key business drivers that leaders focus on the most are as follows:
 *[[Profitability]]: Are we continuously driving revenue up and costs down?
@@ Line 23: / Line 23: @@
 *[[Customer Satisfaction]]: Are we making our customers happy enough to become and remain loyal fans?
 *[[Stakeholder]] Impact: Are we performing in a way that benefits stakeholders at all levels?
@@ Line 30: / Line 38: @@
 [[Corporate Strategy]]
 </div>

@@ Line 1: / Line 1: @@
-A [[business]] driver is a resource, [[process]] or condition that is vital for the continued success and growth of a business. A company must identify its business drivers and attempt to maximize any that are under their [[control]]. There are always outside business drivers that a company cannot influence, such as economic conditions or trade relations with other nations.<ref>Definition - What does Business Driver mean? [https://www.techopedia.com/definition/28013/business-driver Techopedia]</ref>
+A '''business driver''' is a [[Resource|resource]], [[process]] or condition that is vital for the continued success and growth of a [[Business|business]]. A company must identify its business drivers and attempt to maximize any that are under their [[control]]. There are always outside business drivers that a company cannot influence, such as economic conditions or trade relations with other nations.<ref>Definition - What does Business Driver mean? [https://www.techopedia.com/definition/28013/business-driver Techopedia]</ref>
-Identifying and monitoring the key drivers of your business is critical to boosting profitability. A key business driver is something that has a major [[impact]] on the performance of your specific business. A whole range of internal and external factors affects the performance of every small business. The secret is to focus on a handful of key drivers that:
+Identifying and monitoring the key drivers of your business is critical to boosting profitability. A key business driver is something that has a major impact on the [[Organizational Performance|performance of your specific business]]. A whole range of internal and external factors affects the performance of every small business. The secret is to focus on a handful of key drivers that:
 *reflect the performance and progress of your business
 *are measurable
@@ Line 12: / Line 13: @@
 *machine downtime in a factory
 *'first time fix' in a maintenance business
-Even direct competitors may use different drivers to improve their business performance. For example, prime location is not a key driver for an [[internet]]-based business selling [[computer]] parts, but it is for a 'bricks and mortar' competitor that relies on well-located retail stores to attract foot traffic.<ref>Identifying your Business Drivers [http://www.nab.com.au/business/small-business/cashflow-planning-and-tax/identify-business-drivers NAB]</ref>
+Even direct competitors may use different drivers to improve their business performance. For example, prime location is not a key driver for an internet-based business selling computer parts, but it is for a 'bricks and mortar' competitor that relies on well-located retail stores to attract foot traffic.<ref>Identifying your Business Drivers [http://www.nab.com.au/business/small-business/cashflow-planning-and-tax/identify-business-drivers NAB]</ref>

← Older revision		Revision as of 13:50, 11 June 2021
Line 13:		Line 13:
	*'first time fix' in a maintenance business		*'first time fix' in a maintenance business
	Even direct competitors may use different drivers to improve their business performance. For example, prime location is not a key driver for an [[internet]]-based business selling [[computer]] parts, but it is for a 'bricks and mortar' competitor that relies on well-located retail stores to attract foot traffic.<ref>Identifying your Business Drivers [http://www.nab.com.au/business/small-business/cashflow-planning-and-tax/identify-business-drivers NAB]</ref>		Even direct competitors may use different drivers to improve their business performance. For example, prime location is not a key driver for an [[internet]]-based business selling [[computer]] parts, but it is for a 'bricks and mortar' competitor that relies on well-located retail stores to attract foot traffic.<ref>Identifying your Business Drivers [http://www.nab.com.au/business/small-business/cashflow-planning-and-tax/identify-business-drivers NAB]</ref>
		+
		+
		+	== See Also ==
		+	<div style="column-count:2;-moz-column-count:3;-webkit-column-count:3">
		+	[[Business]]<br />
		+	[[Business-to-Business (B2B)]]<br />
		+	[[Business Application]]<br />
		+	[[Business-Driven Development (BDD)]]<br />
		+	[[Business-to-Business Gateway]]<br />
		+	[[Business-to-Consumer (B2C)]]<br />
		+	[[Business Accelerator]]<br />
		+	[[Business Activity Monitoring (BAM)]]<br />
		+	[[Business Analysis]]<br />
		+	[[Business Analytics]]<br />
		+	[[Business Application]]<br />
		+	[[Business Application Programming Interface (BAPI)]]<br />
		+	[[Business Architecture]]<br />
		+	[[Business Asset]]<br />
		+	[[Business Capability]]<br />
		+	[[Business Capability Modeling]]<br />
		+	[[Business Ethics]]<br />
		+	[[Business Case]]<br />
		+	[[Business Centric Methodology (BCM)]]<br />
		+	[[Business Continuity Management (BCM)]]<br />
		+	[[Business Continuity Plan (BCP)]]<br />
		+	[[Business Continuity Planning (BCP)]]<br />
		+	[[Business Cycle]]<br />
		+	[[Business Diversification]]<br />
		+	[[Business Driven Technology]]<br />
		+	[[Business Drivers]]<br />
		+	[[Business Ecosystem]]<br />
		+	[[Business Environment and Internal Control Factors (BEICF)]]<br />
		+	[[Business Excellence]]<br />
		+	[[Business Expansion]]<br />
		+	[[Business Function]]<br />
		+	[[Business Function Model]]<br />
		+	[[Business IT Alignment]]<br />
		+	[[Business Impact Analysis (BIA)]]<br />
		+	[[Business Incubator]]<br />
		+	[[Business Insurance]]<br />
		+	[[Business Integration]]<br />
		+	[[Business Intelligence]]<br />
		+	[[Business Interruption Insurance]]<br />
		+	[[Business Life Cycle]]<br />
		+	[[Business Logic]]<br />
		+	[[Business Management System (BMS)]]<br />
		+	[[Business Model Innovation (BMI)]]<br />
		+	[[Business Model for Information Security (BMIS)]]<br />
		+	[[Business Motivation Model (BMM)]]<br />
		+	[[Business Objects]]<br />
		+	[[Business Operations]]<br />
		+	[[Business Oriented Architecture (BOA)]]<br />
		+	[[Business Mission]]<br />
		+	[[Business Vision]]<br />
		+	[[Business Model]]<br />
		+	[[Business Goals]]<br />
		+	[[Business Objective]]<br />
		+	[[Corporate Structure]]<br />
		+	[[Corporate Social Responsibility (CSR)]]<br />
		+	[[Chief Executive Officer (CEO)]]<br />
		+	[[IT Strategy (Information Technology Strategy)]]<br />
		+	[[IT Governance]]<br />
		+	[[Enterprise Architecture]]<br />
		+	[[IT Sourcing (Information Technology Sourcing)]]<br />
		+	[[IT Operations (Information Technology Operations)]]<br />
		+	</div>
		+