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August 3, 2016

The famous 3 P’s and what they mean to your business: People, Product and Process

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Ever since Marcus Lemonis of NBC’s “The Profit” made a statement about the 3 P’s, I’ve heard about them from many of my colleagues. The 3 P’s are core components of practically every business, and are integral to a solid business plan.

Here’s a basic introduction to these 3 P’s:

People: Who are the people involved in your company? As automated as they get, businesses cannot survive without physical people. Making sure that you have the right people with the right strengths doing the right jobs is really important to getting the job done well.

When you’re looking to hire, define what strengths and talents the employee needs to have in order to succeed. You might be tempted to hire someone who has great talents, but if their talents aren’t the best for the job that needs to be done, you’ll all be unhappy.

Focus on capitalizing each individual’s strengths – forcing them to improve their weaknesses is a recipe for unhappiness.

Product: If you’re in business, that means you have a product. What services do you provide? What product are you selling? This is the goal of your business – this is what you sell.

Process: Your company is driven by your people and your product. The methods your people use to provide your product is the process. Take a look at what they’re doing and how they’re doing it. The more gaps you can eliminate, and the more you can make the process streamlined, the more your business will be able to grow.

As your business grows, you’ll need to keep tweaking your processes to account for the changes is your people and the volume of your product, so it’s important to revisit this often.

If you have your 3 P’s set up well, then you have the basis of a good business plan, and you’re ready to grow.

I’d love to hear any tips you’ve picked up or learned that helped you develop your 3 P’s – please comment!

August 3, 2016

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