The three P’s of business apply to every business from airlines to furniture manufacturers to home cleaners. These P’s or Pillars of Business are: People, Process, and Product. These pillars hit every facet of business and should be on the top of every business owner and manager’s mind when looking at ways of improving their business. Most businesses can survive with only two of the P’s but the best companies, the companies that are top of their industry, make use of all three Ps.
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“Businesses are based on relationships and relationships are based on people” Marcus Lemonis stated in an interview with Forbes Magazine.
Dick Albu President & Founder of Albu Consulting Inc. stated, “two-thirds of success is the result of getting the full buy-in from key employees.” This statement by Dick Albu is correct and, more importantly, is saying that businesses need to recruit and retain employees that are capable of buying into the culture and the business itself. Often, business owners and management figures will have plans and the ability to conduct great programs and create new products; however, they often fail because the employees and team members are not on board.
The product of any business, whether a piece of furniture, an airline seat, or a cleaner, is one of the three P’s that does not have to be changed once it is perfected; however, when adding a service or new product, Ivan Widjaya stated that “If you’re going to innovate or improve, often that’s a matter of launching a totally new product or service to compliment your existing one.” The product should be constantly reviewed and data should be collected in order to ensure that the product is meeting the needs of the customer.
Ever gone into a restaurant, placed your order with the waiter and when it got to your table it either was cold or it took two hours to get there? This is a failure on part of the business and it had two of the P’s but not the processes.
Processes are very different from industry to industry and many processes give discretion to the team members or employees that are following them. In order to create processes, some business owners or managers go through the process themselves and write down all the steps, while other managers have the employees performing them attempt to come up with the process themselves.
The three P’s of business often take time to get down and most business can be successful; however, those businesses that utilize all three P’s will be at the top of their industries and will be the next Apple and Exxon Mobile.