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3 Ps of Business Success

Hi everyone, thank you for joining me! I hope everyone is having a fantastic day. I’m glad to have you all back for another amazing blog post. Today we’re going to look at something really simple yet extremely important. We’re going to delve into the 3 Ps of business success. I’m sure you’ve heard of at least one of them before, but let’s cover one thing at a time for simplicity’s sake.

1. Purpose

Do you have a purpose for your company or organization? The underlying question here is: Why does your business exist? Your response to this question will tell you your purpose. Some people use this response as a mission statement. It functions as a driving force and deciding factor in how decisions are made. If you want to experience success in business, you have to answer this question and let your response guide everything you do.

On a side note, this is a great question to ask yourself on a personal level as well. Do you have a personal mission statement for yourself as a human being? If not, ask yourself why you’re here. What would be missing from this world if you weren’t in it? What do you feel called to do? These are all deep and powerful questions. It takes time to really think them through. As coaches, we work with many people on developing their business and life purpose. Words can’t express how crucial they are to success.

2. People

Think about your team members and who’s around you in your work environment. For today, I’d like you to think about outsourcing and break it down into this quarter. In these next 90 days, what person or people do you need to add to your team to experience greater success? Who do you need to outsource something to? Maybe you need someone who’s good at a particular element of marketing, someone you can pay on a contractual basis to help you. Or perhaps it’s something with your bookkeeping or general business finances that you need to outsource.

Maybe you need to look at who you currently work with in some of these areas. It could be that you’re experiencing (or want to experience) extremely fast growth and wish to outsource some work with a business coach, à la what EntreResults does. You should also examine this personally. Perhaps you can leverage outsourcing in your personal life. Maybe it’s something to do with your yard or your home. What can you outsource that will bring your greater personal success?

3. Profit

Do you know your profits for each different product or service that you sell? Maybe you have 2 or 3 different product lines or a few different services? Or perhaps you have many of them. Either way, you have to know the bottom-line or profit percentage on each of those products or services. We’ve gone into businesses, especially businesses that generate $500,000 to $15 million in revenue, and have sometimes discovered that some products and services actually lose money. Analyze each product or service, consider the time, money, and labor you invest in each, and make sure you’re profitable in each of those three categories.

So there you have it. Purpose, people, profit. Dominate those areas, understand them, and take action on them today. Please join me again for the next blog post and have a better than amazing day!