Identification And Discussion Of Critical Success Factors

1432 WordsJun 2, 20166 Pages
Identification and Discussion of Critical Success Factors According to Blocher, Stout, Juras and Cokins (2016), “One of the first steps in implementing strategy is to identify the critical success factors that the firm must focus on to be successful” (p. 35). By identifying core competencies and opportunities, the organization can choose a competitive strategy that allows them to focus on what they do best in order to provide an advantage over their competitors. Equally important, is understanding a firm’s weaknesses, and the environmental threats facing an organization, in order to correct, improve, or better align the management strategy. Knowledge of the industry also helps to pinpoint key factors of strategic importance for the company to succeed. Brief History of Storage Industry Self-storage is a relatively new industry, with the first self-storage facility located in Corpus Christi, TX in the sixties, and the first ‘portable’ storage operation originating in Clearwater, FL in 1989 (Sonne, 2013). Due to the short history available, comparable to many industries, there is not a great deal of statistics and analytical information on the storage industry. What is known is that in less than 60 years, there are over 50,000 storage businesses in the United States (three times the number of Starbucks) according to Lieberman (2015), and these businesses generate in excess of $22 billion as stated by Sonne (2015). While self-storage facilities require low capital
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