3 P's Of A Business: Building Stones Of Any Organization

An organization is a build-up of a mixture of various elements. Numerous factors are there that add to the success of an organization. If you want your business to grow higher and achieve a commendable place in the industry, you will have to make sure that all the contributing factors such as customers, products, government policies, price, employees, market conditions, etc. are appropriately mixed. The most important factors for any business are the 3 P's i.e., people, process, and product. If you blend the 3 p’s of business correctly, your organizational goal can be achieved easily. 

These three factors are building stones for your business. Whether you want to start a business, revamp your existing business, or maintain the growth of the business, you must look after these three factors. If you are thinking about why these 3 P's is important for any business then the answer is there within the name itself i.e., people, process, and product. You start a business with an idea and a motive. To achieve that goal, you need a strong workforce, an effective yet efficient organizational process, and of course that idea in form of the product and services. 

What are the 3 Ps of Business?

The 3 P’s of business are the building stones of an organization. These are the factors that make a business stand strong and go higher. The 3 P's stand for people, process, and product. If you built these three elements properly, it will be a boon for your business. The people of your organization are the most important element. If you have a strong, honest, trustworthy, effective, and efficient workforce and customer base, nothing can stop your business from flying high. If the business process of your organization is not effective and productive, you will not be able to produce a product that helps you cover your production cost and make a profit.

Last but not the least, the product and services your business is rendering should be following the market demand. Customer needs and market trends should be taken into care while making a product. So, you should take care of the 3 p’s of business to make it grow more and reach higher.

People 

The first “p” of 3 P's is the people of the business. So, who are the people of the business? They are the employees of the organization. Employees are the most important aspect of any organization. If your employee base is effective and efficient, your organization can achieve every goal with ease. If you can build a strong team, you can cross every hurdle and win every game. Therefore, you should make sure that you recruit the best employees for your business. While hiring the employees, you should first go through the resume of the candidates to get a glimpse of their skills, knowledge, and qualifications. Then after shortlisting the candidates, you should focus on a few qualities that a good employee must possess. 

You must look for an employee who is a dreamer, an optimistic person, who can change plans into action, whose interpersonal skills are amazing, who can solve problems, and who has a friendly nature. These skills are very important for an employee to possess because it helps them in achieving their objectives along with fulfilling organizational goals. For maintaining an effective workforce, you should make sure that you interact with your employees, try to understand their problems, provide them with a good working environment, appreciate them for their work and properly remunerate them as per their work performance. This will help them remain motivated to work productively.

Process 

Your business must have an effective process so that you can deliver a product that is of great quality. If the business process is complex, your workforce will not be able to work effectively and efficiently. For creating an effective business process, first, you must set your objectives. Then make plans for achieving that objective. Create alternatives and analyze them properly so that you have backup plans ready for yourself. Once planning is done, assign the duties to the people of the organization and test that process to evaluate its pros and cons. Once testing and assigning is done, move further and implement the process in the business for producing the products and at the end analyze the result of the process. There are three types of the process i.e., operating process, managing process, and supporting process. 

The combination of these three helps a business in achieving its objective. For producing a customer-oriented product, you need to focus on the operational process because this is the primary process. It includes analyzing the demands, making the product, and providing it to the customers. To maintain a good workforce and keep them motivated to achieve a target objective, you should focus on managing the process and lastly, you should focus on supporting the process by hiring prospective candidates, keeping a check on the accounts of the organization, etc. These three processes will help in the proper functioning of your organization.

Product 

Every business starts with an idea. That idea describes the product and services that will be provided by the organization. Therefore, you should make sure that the product your business provides is customer-oriented. Your focus should be on providing products of good quality and reasonable price. Also, it should be profitable and practical for the business. You should venture into new markets to grow your business and must maintain close contact with your customers. This will help you in understanding their needs and expectations which are the most important factors to be considered while making any product. You should make sure that you produce a product that is environmentally friendly, trendy, profitable for the business, and affordable for the customers. If your product stands out among the rest, your business will grow higher.

Conclusion

They 3 P's are the backbone of any organization. The proper mixture of these three can help you in taking your business to a higher level. These 3 P's of business support and compliments each other. If your organizational setup is not good, it will create hindrances in the proper establishment of these elements. Hence, you should make sure that the organizational setup is well-structured so that every activity in the business moves smoothly.

When you have a strong base of these three factors, you can take risks in the business to get exceptional returns. You can take effective decisions and make your business stand out in the industry. Therefore, you should pay special attention to these three p’s of business i.e., people, process, and product to achieve the organizational objective.