All too often, small business owners worry that they haven’t got their bases covered. If you link your actions and decisions back to these three ideas then rest assured you are most likely on track.
The three P’s are:
PURPOSE – this encompasses who you are, what is important to your business and would like to achieve, and an outline of how you see you might get there.
PEOPLE – This idea is bigger than just employees as it includes all of your stakeholders.
A stakeholder is anyone who has an interest or stake in your business; this can be shareholders but also includes, your clients/customers, employees, suppliers, business partners, creditors, the surrounding community, your industry and maybe even the government or environmental/ special interest groups. Of course, these groups are not mutually important and at any given time, their demands will most likely be contradictory and complex. It is near impossible to keep everyone happy but rather you will balance their and your needs.
When you view your business through your stakeholders’ eyes, it can be a handy means of accessing likely impacts of your business decisions. Reaching out to your stakeholders and asking for feedback is an important engagement tool and will help to strengthen your relationship with them.
PROCESSES – Are the decisions that you put in place to track you from now to achieving your goals. They include the structure of your business, the big purpose broken down into bite sized steps breaking up the responsibility and resources needed to carry those out, and giving them to key stakeholders to make that dream the reality.
Part of solidifying and then growing your business is to be able to think about and articulate what you do in terms of your three P’s. Take some time to soundboard these with someone you know. You will be surprised at how the decisions you have already made around these are impacting on where you are now. As always, The Business Concierge welcomes you to come chat with us. We make a great sounding board.