Have you always aspired to become a successful entrepreneur and grow your business to international levels? It all starts with an idea and for you to realize the dream, you must do things right.
Good market research, professionalism, and proper procedures are major determinants of any business success or failure. Have you started a business and its stagnating or falling down? Maybe you have not adhered to these 3Ps which form the backbone of any business thus, determining whether it is viable or not.
In the business world, the 3Ps stands for People, Product, and Process. They are key elements that give any business a competitive edge making it stand-out from the rest. Therefore, this article aims to enlighten entrepreneurs about the meaning of 3ps and their significance.
Despite the continuous process of business automation, there is no single time that business can operate without human beings. Your employees are important components of your business success.
Therefore, for every successful business, there must be skilled, motivated and passionate employees behind.
But the hard question that you must ask yourself is that; do you have the right people in your business?
This is a crucial aspect that every entrepreneur must adhere to because skilled people are likely to deliver good results when placed in the right departments whose responsibilities match their skills.
Ensure that you have hired only skilled people who possess the right skills for the job from the beginning. Hiring the right people for the job will guarantee smooth running of the business.
It is also advisable that you should develop a performance evaluation technique so as to gauge employees’ productivity and efficiency.
As an employer, you will also find out the challenges that your employees are facing and come up with appropriate measures so as to create a conducive working environment. When you discover employees’ potential, you will also feel motivated to offer them more and better training so that they can deliver to their level best.
What product/service are you offering in the market? Is there any market gap that you are trying to fill? Such questions are essential in determining whether your business idea is viable or not. You must ensure that your product or service is meeting a particular need in the market.
Ensure that you have already identified the need of your target audience and then create a product/service that is able to create a solution to that need.
It’s also necessary to make your product unique so as to distinguish yourself from the other competitors. Always assess your point of difference because this is what will give your business a competitive edge in the market.
Consider offering unique packaging styles, competitive pricing and quality products. When you identify the customer needs, you are likely to offer customized products that will fit every market segment.
You can set your products or services in a unique manner by either packaging in different sizes, colors, flavors or even re-branding so that customers can easily identify your products/services.
Process refers to clear guideline or systems that stipulate the right procedures and process in order to create efficiency.
If the systems are not set right, the work environment becomes stressful and employees are not motivated to work under such conditions which eventually leads to low productivity.
It is advisable that you establish clear procedures and processes in your business so as to ensure smooth operations along the supply chain.
When processes are set right, there is less duplication of duties, conflicts, and multiple commands because the business entity is run as per the established business/organization structure.
Creating various departments in your business can help in improving efficiency. It allows easy job delegation as well as job supervision because you will have departmental heads that will be answerable in case of any concern.