3 P’s to Business Success?
You may have never heard that term before, but I am sure have heard about the 4 P’s of marketing. They are product, place, price, promotion. Just like marketing, there are keys to business success as well. I call them the 3 P’s to Business Success. Passion – Plan – Profit. Let’s take a deeper look at these core principles.
The first core principle is Passion. You have to start here. You have to have a PASSION for what you are doing and WHY you started your business. Who does it help, what value does it bring, what solutions does it provide? What makes you LOVE this entrepreneurial journey and your purpose for starting. You know you have found your passion when every day your work makes your heart happy. You;re excited to start a new day. You can speak easily about what you do and the transformation and results it provides. It’s important to understand your bigger vision for your business and where you see it in 1 year, 3 years or even 10 years.
Let’s move to the second one, PLAN. My focus is always on strategic planning. Putting together a strategic plan that is customized to you and aligns with your PASSION. This is where the “work” begins. Every business needs a plan and more importantly one that is EASY to execute. Devise a plan that feels GOOD to you, that makes you excited to dive in and get to work. One that takes away the overwhelm and guides you step by step. One mistake I see business owners make is they spend ALL their time on this step. Planning, planning, planning…
You must EXECUTE the plan for the results to come. Try not to get wrapped up into planning out every single “what if”. Focus on the bigger items and execute.
Last but certainty not least, we have Profit. Profit is important. It’s what we all need to make sure we can support ourselves while being and entrepreneur, right? We are ALL in business to make money. And we all have different reasons WHY we want to make money (passion). But we aren’t just here to make revenue – my goal is to make you PROFITABLE and grow your profits month by month, year over year. Do you know the difference between revenue and profit? Many business owners focus on revenue, but my core principal focuses on Profit. The bottom line after all of your expenses are paid. Earning 100K per year in revenue means nothing if you expenses are over 80K. That only is netting you 20K in profit. Understanding HOW you are making money to be sure it is bringing in profit and not just revenue is crucial to business success. Operate your business in the black, not the red.
I encourage you to take some time and sit down to try to identify the first of the core principles. You must know your passion before the other principles can be put into effect. Ask yourself WHY you got into business. Ask yourself how your business helps others. Who does it help? Understanding your passion and all the aspects of that passion leads to being able to complete the Plan and Profit stages of these core principles.
Related articles: Why you need a strategic plan as an entrepreneur, 3 Signs You Are Lacking Clarity in Your Business, Goals without Action are just Dreams, More Than a Niche…Finding Your Ideal Client, What Business Empowerment Means to Me