As a business entrepreneur, if you happen to miss the TV show The Profit of NBC, then youve been missing a valuable business training that could help you succeed in your business and possible expansion. The billionaire entrepreneur, Marcus
As a business entrepreneur, if you happen to miss the TV show “The Profit” of NBC, then you’ve been missing a valuable business training that could help you succeed in your business and possible expansion. The billionaire entrepreneur, Marcus Lemonis gave emphasis on the actual improvement of the business rather than its details of the investment deal. He stated that a successful businessmen is made up of these 3 things: People, Process and Product. He defines a good investment if it has at least 2 of the 3 P’s covered. This is what he considered when investing in a business or he applies this philosophy in repairing a failing business.
Determining the 3P’s
There are many 3P’s in every industry, like Patience, Persistence and Perspiration of entrepreneurship success. 3P’s stand for Production, Preparation and Process in the manufacturing industry. They’ll come interchanged but it all comes down to profit making and how to make it big.
Understanding and utilizing these 3P’s will surely help businesses failures and potential, learning the 3P’s ensures a business growth and mass expansions.
1. People
A good business is managed by good people with a happy and satisfied working individual, compensating each and every one of them to grow. The “right” people makes business profitable, the wrong ones definitely don’t. To be successful, your management must be in good shape to be able to lead the business.
Things to Ponder:
- Always audit your people, watch your people work, how they interact to determine their attitudes and efficiency.
- Question or encourage them to voice out their problems or any suggestions for them to work happily and productively.
- Conduct training for employee to help them improve
2. Process
Process is about efficiency. Success on a large scale is all about process. A business process is a systematically linked tasks which find their end in the delivery of service or product to a client. Also define as a set of activities and tasks that once completed, will accomplished an organizational goal like profit. Oftentimes, a successful business doesn’t mean you’re actually making money. Having a poor process makes you losses, so improvements in the process is a must, like upgrading machinery to increase/decrease production time, using a better systems (IT, managerial, supply chain, etc), negotiating as lower cost of supplies or product sourcing see Product Sourcing in China: A How-To-Guide for Small Business and making a more streamlined sales process.
Things to Ponder:
- Hire and bring in the right people to audit your process
- Identify a business process that suits best your company
- Frequently audit the process to improve ways
3. Product
A good product or service that most closely meet the requirements of a particular market and yields enough profit. Constantly, improving the product to give utmost satisfactions to consumers like adding a new element to it, revamping, re-strategizing entirely gives you ultimately a successful product.
Business successes evolves mainly from the people involve to the workloads they do up to the development of all products. Re-vamping employees to improve them helps in the productions of products to gain an excellent profits for your company.
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