Do you have the 3P's to drive profitability?

People, Process and Performance- all essential to a businesses ability to be profitable and grow.  How a business utilizes their resources can make the difference between draining revenue from the business or accelerating growth.

Let's say you have four people in your organization who actively manage projects and/or initiatives in your organization who are paid an average salary of $45,000.  On a low side of the estimate, assume 25% of their time is spent on tedious and/or manual tasks, which equals 2,340 hours a year by these four employees at a cost of $45,000 or equal to the salary of one of your employees making that same salary.  Can you think of other work that could be done by freeing up the equivelant of one employee's work in a year's time?

Now the market rate for an experienced certified project manager ranges $90,000 on the low end and up to $145,000.  So, consider what the average pay is for your employees that are running the important projects in your organization and you can quickly come up with how this could be impacting your bottom line.

Existing in chaos is familiar.  Change can bring many unknowns without a clear plan that is tied to measurable outcomes.  It all comes back to choice, as most things do.  No two organizations are identical, so every organization attempting to develop a workplace strategy that emphasizes consistent and repeatable outcomes in both your products and business functions.  

P1- People

Your Employees are your most important asset.  They can provide you crucial insights into the Voice Of the Customer (VOC).  Too often, employees are overlooked even though they are often the ones making critical, time-sensitive decisions that contribute directly to the customer experience.

P2- Process

Achieving optimal efficiency in the workplace- how does information flow within your organization between employees, customers, vendors and other important stakeholders?  Effective processes have become intertwined with the technology used to run the daily operations of the organization.  Employees are using operational data and continually adjusting activities to improve business performance.

P3- Performance

Some of the essential key performance indicators (KPIs) for measuring the success of your organization include customer service, engagement, response time, conversion, loyalty, and advocacy.  Selecting the right KPI's will depend on your industry and which part of the business you are looking to track.  The KPI's will need to reflect the specific business goals and targets of your organization.

The KPI's will use your inputs, processes, outputs and outcomes to measure your success.  Examples may include increasing brand awareness, customer retention, employee retention, inventory waste- just to name a few.