Transcription
[Music] is this the first time you're hearing about the three ps? If it is, I'm going to go ahead and explain it to you. If it's not, we're going to take a deeper dive on why the three ps are important.
Let's start with actually what it stands for. The three ps equal people, process, and product. It's the way I think about life, not just in business, but in everything that I do.
Imagine going to a Christmas party and walking in the room. Now, most people go there and have a good time. They have snacks and food and drinks and they talk to people. Not me. When I go into a room, I'm assessing the people that are in the room and what's actually happening, what's the process to execute the party, and most importantly, what's the product? What's the food or the entertainment that's there?
Now, that's the fun part of it. But when I go into a business, I look at it very differently. I want to understand who the people are that are actually running the business, not just the owners, but the frontline workers who make the business go. And what is their relationship with each other, with the owner, and with the customer?
The second thing I want to look at is the process. How does that particular company deliver their product or service to the customer? What's the process that they do it? The supply chain, how they make it, where they source it from, how they sell it, how they merchandise it, all the things that go around actually delivering the product or service.
The last thing I want to look at is the product itself and the relevance of it. Now, a product isn't just something tangible that you hold in your hand. It can be a service. In fact, one of my favorite businesses is the lawn service business. What's the product? Delivering a beautiful lawn to the homeowner who paid you.
People, processing, product is an easy and understandable mechanism that anybody watching this, including you, could actually use to assess your own business, somebody else's business, or even what goes on in your home.