The Sponsor for this Episode is B.E.T. A business platform that gives you all the information and tools you need to advance your business as well as the understanding of how to run your business most effectively and profitably.
To learn more check out the:
For our listeners, we are offering a 50% Discount on the entire program. Just enter the Code MYP50
Four P's of growth
Ellen J Harris, co-host of Make-Your-Pitch is an Executive Management Consultant who describes in basic detail four ‘P's of growth a startup team or startup founder can develop easily. The market you reach will bring the data want to grow their business like an entrepreneur.
Ellen defines Process, Procedure, Policy and Profit in simplistic terms such that listeners have a foundation formula that will influence how to define the structure and growth of their company.
A basic formula is P1, P2 P3 = P10x.
P1, is process which is defined as a series of actions or operations conducing to an end. Means in business how you approach customers, the marketplace, the process you go through in order for the customer to decide to buy your product or service.
The process includes a system you develop and define. You determine the process in your business, what the service is you will offer, how you will attract potential customers. In business the process is a set of steps the owner uses in the business, how the owner handles the business this is the foundation of the business, the target market.
The process is a system developed by the owner and what the owner defines as the process and how delivery will be conducted. In Business the owner must be able to pivot, to turn around from one direction to another. The process is a system that helps a business owner define and decide the optimal direction for the business to take.
P2 is a procedure an owner implements in the business. It is a series of steps followed in a specific order. A procedure is a technique that can be used flexibly in a business. According to Harris a business owner does themselves a great service by documenting the business and the systems employed. The helps the owner give new hires or teams something from which to work and deliver on the expected outcomes.
P3 the policy in a business is critically important. Without a policy or policies in your business it is like a ship without a rudder going around and round in circles. A policy is a method or course of action selected from among alternatives considering given conditions to guide and determine present and future decisions. Policies are found at every level of business. Owners define how their company is going to work. Policies help owners formulate the quality assurance in their company, that they sell quality products and services and delight their customer base.
P10x aggregates the P's where P1 + P2+ P3 = P10x
The formula means each P is measured during a specific period. Ninety days is ideal as a start, a benchmark. There is more to this formula which we will bring to you in future holiday broadcasts.
In the meantime, enjoy thinking about your business differently so you can Make-Your-Pitch.