More Than “Profit” – Beyond The 3 P’s
The TV series “The Profit” which has aired for 4 seasons features Marcus Lemonis’ principles on how a successful business should operate.
He centers each business that he hope to strike a deal with and help succeed around his 3 P Principles:
These 3 P’s are a vital recipe for any organization to succeed. People are your core resource and by far the most important component. Their skills and talents will expand your own reach and be the face of the company. Product (and/or service offers) is the medium in which the business exists; having the right product or service that meets or exceeds the market need will perpetuate your impact in the industry. And your procedures of how you produce, serve, and sell dictate how you show up at the marketplace each day.
However, there are 2 key P’s that are even more vital and are an umbrella to these 3 foundation principles. Those are the principles of:
Purpose can be defined as mission, vision, culture, and/or core values. Simon Sinek has defined this as the “Why?” Purpose gives the reason for existing, selling, and serving your customers that elevates the work to a broader scope. Purpose will get your people engaged, drive goals, and dovetail the macro-purpose of the organization with the micro-purpose that your people willingly bring to their jobs. Your purpose may be to hire great people that manufacture great tech products that enrich other’s lives. It may be to provide quality training to industry professionals that causes a positive disruption in their lives or industry. Purpose should thread through every other core value you identify.
Promotion is a three-fold principle. It’s the building of the brand in a marketing sense, yes. Promoting the durability of a new tire, the flavor of a bold new recipe, or the attentive service in your hotel differentiate your brand, but it’s the other two arms of promotion that drive your business to greater heights. First is the promotion of your brand in it’s execution. Sometimes your most crucial marketing is how your procedures add to the value of your product or service. If you fail to have a reliable delivery schedule, or quality issues, no amount of marketing can compensate for that. Procedures executed consistently and successfully will give you confidence to market externally. Secondly is promotion of your people. Not just in the developing of your people into greater roles, but in the making of your people be the face of your company. Your frontline staff is who your customers see – sales, delivery, direct care personnel. By featuring them in your internal and external websites and being the ringleader that promotes their star acts, promoting your people will show how you value them and will pay dividends in their engagement of your company and your customers.
Making these 2 P’s as the wraparound of the central 3 P’s, you will ensure you can consistently deliver what Lemonis’s title states” profit.
Determine to give Purpose and Promotion to your People, Product, and Procedures. Connecting these parts will ensure an organization that performs well.