Table of Contents
The power of 4 P’s (Plans, Preparation, Productivity, and Profitability)
The power of the four Ps, plans, preparation, productivity, and profitability. In today’s competitive business world no one who wants to succeed in the long run can afford to ignore the importance of plans. Plans represent the road map of your organization.
It explains how you plan to achieve your mission, vision, and goals. Then it is followed by a step-wise strategy or action steps which is your preparation. Preparation is the base upon which all your efforts are based. Productivity is then the combination of your plans + preparation + execution. Profitability as a result of all this is what whether you like it or not!
The power of the four Ps is not the magical formula or a get-rich-quick scheme (well, it depends on your definition of quick). It’s a simple strategy for effective management and execution.
Put your plan in writing (Plan)
Ever since I can remember, my father’s whole philosophy and the philosophy he tried to teach me was “If you fail to plan, then you’re planning to fail”. Having good business plans is very important for any business and especially for entrepreneurs, but unfortunately, most businesses don’t develop detailed business plans.
Failing to plan is planning to fail. – Benjamin Franklin
Plans are simply the best ways to remove obstacles, keep you on track and increase your success. The four Ps (plans, preparation, productivity, and profitability) can help you succeed in business.
Your business plan is one of the most critical components to your success. It is a strategic outline that can help you organize your thoughts and help clarify the necessary steps for getting your business off the ground.
Get everything ready before you start (Preparation)
Do you feel like it’s time to make a change in your life, that an upcoming period will bring you a lot of opportunities – but you’re not sure how to make the most of those opportunities? Luck and chance will – eventually – reach out to everybody. However, there are certain things you can do to increase your chances of ‘catching’ their attention: get prepared!
When starting a business, it’s easy to get caught up in all the excitement and enthusiasm of the moment. We think, “How much money can I make?,” “Wow, this is really going to be awesome,” etc… However, how often does this happen? Not very often. It’s important you sit down and put together a plan for your business before you start operating it. You need a plan before you begin in order to avoid making some common mistakes. You also need a plan if you hope to be successful with your business and make the most money possible!
Business plans can seem like a very dull and boring thing to write. For some people, it’s a necessary evil that they have to go through. They do it only because they want to get their business off the ground or know that they will look serious if they ever have to show their business plan in the real world.
Develop a system that makes you as productive as possible (Productivity)
Systems make the world work, and when we look at the biggest most successful companies in history, they all have one thing in common – a strong system.
Experience shows that successful people do NOT rely on inspiration. They rely on a system! We’re going to create such a system for you — a system for consistency of productivity.
You may already be developing systems for your business and life in general. Once you’ve reached a certain level of success, it’s common to ask: How can I be more productive?
What should I do first? How can I get more done in a short amount of time? You probably deal with these issues. One way to deal with this is to implement a system that provides structure and order that is easy to follow and understand.
Maximize profits by knowing when to quit (Profitability)
It’s not what you start with, but what you finish with. It’s not the action that matters, but the outcome. Here are 4 P’s you can employ to help you lead a successful business growth curve and have a profitable business.
You may have heard the old saying, “If it’s too good to be true, then it probably is.” The same can be said for business opportunities. However, if you would have listened to this important saying before you started your business venture, you wouldn’t have wasted time and money on a new business that never made any money at all.
4 P’s are the cornerstones of success and drive the engine behind all progress.
The 4 P’s of business success: Plans, Preparation, Productivity, and Profitability are basic concepts of successful business ownership. To succeed in a small business, you have to make daily plans that are set up with the primary goal of increasing revenue and profit.
There are many theories and strategies of how to become more successful. The general consensus is that in order to be more successful you need to focus on 4 P’s:
1. Plans – Successful people have goals and realistic plans to achieve their goals. They don’t just dream about what they want, they set out a plan to get there.
2. Preparation – Successful people properly train and prepare for the task at hand before starting it. They know the importance of proper preparation so that the outcome will be successful.
3. Productivity – Successful people minimize wasteful activities or behaviors that consume their time but produce little or no value.
4. Profitability – Successful people understand how to make their businesses profitable and grow them over time by adding new products and services, increasing revenue from existing products, increasing selling prices, and reducing costs.
Successful people are constantly looking for ways to improve their skills through education and training on how to increase their chances of success.