This is an excellent post that guides the reader with a framework of 6Ps that really matter in the business world.
Small business owners and SME investors and managers can apply this simple but useful framework in their every day conduct of business and their personal life.
This is an unusual but simple and easy to remember framework the gets to the heart of how every business manager does the “art of business.
Most of us have learnt or heard about the 4Ps of marketing (Product, Price, Promotion and Place). The talented (but high pricedJ) consultants at McKinsey have come out with the McKinsey 7-S framework (Structure, Strategy, Systems, Skills, Style, Staff and Shared values). The good folks in brand and communications somewhere have the 7Ps of branding (Profit, Persistence, Planning, Performance, Positioning, People and Principles). I am sure that there are numerous others that I am not aware of.
Whilst all of these are relevant and reliable frameworks developed by real experts, I have framed my own set of Ps that I use in day to day management.
I apply this framework at almost every situation, campaign or initiative that I am involved in. I have what I call for easy reference and clarity versus the other Ps, the “Lincoln Ps”. Of course these are not mutually exclusive nor are they completely exhaustive. They are a set of Ps that I have sourced from various sources and are relevant, assorted and framed in an easy to remember framework to address most management issues ranging from day to day activities to implementing large scale projects.
So here comes the “Lincoln Ps”…
Purpose
What is the objective or purpose of a certain initiative, campaign or tactic? I am sure you will agree that there has to be a central issue or objective or out come that is expected. They may be multiple other significant factors that should or might be considered, however, there can only be a central issue.
Profit
Is there a profit to be made? Do the profits meet the required hurdle rates? Is it feasible? If some thing supposedly generates a high value but if its feasibility or probability of execution is low, then it is not profitable. Are short term profits, cash flow or positioning for growth important?
If these questions can be answered honestly, then you can determine if some thing is profitable or not.
Plan
Planning! Planning! Planning! – Do you have a feasible plan to implement the initiative, tactic or campaign? Have you taken contingencies into account? Does it require a multi scenario planning? If yes, do you have one in place?
Process
How are you going to get your plan implemented? Is there a set of systems and processes that you can rely on to deliver or implement the plan? Are the existing governance processes adequate to get resources, manage, track and report progress of the implementation?
Pacing
How are you going to communicate the initiative? Who are you going to communicate to? What level of details will you communicate? Often folks over-communicate too soon to the extent that an idea or an initiative gets shot down before it is given thoughtful consideration. On the converse, ideas lose momentum when it is under-communicated and very little buy in is a place. Do you have concerted and structured view as to what, when, where, how, why and to whom some thing is communicated to. Putting careful consideration to this often underestimated critical consideration could determine if a plan fails or succeeds.
People
Needless to say, people deliver results. Always pay full attention to your people. They truly are the biggest and most tangible asset that you (in your role as a manager) or that your company has.
Summary
So in summary, you need a business purpose that makes a profit and create incremental value for your shareholders. Always plan and make sure that a process is in place to implement the plans. You have to have a structured and deliberate way to pace the communications of your thoughts and ideas. Last but not least, people deliver results and they matter most.
A disciplined and deliberate application of the “Lincoln 6Ps” will at least enable your team and you to be like a pair of peas in a pod.
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Good stuff John and I expect no less from any thing you put out. Keep this coming.
Thanks Koren, I surely will try my best.
J
A pure Marketing Expert exploring his new Ps which surely are put in a very strategic marketing plan of his own … Keep it up
Hi Prof, good stuff….
however request if you could clarify as to where the following things would fall under:
Competition: strengths and weaknesses
Market Positioning – art of perception creation: that can often create or destroy massive value
Technology – threat of substitutes or enhancements
Capital – requisite of business (especially of critical importance in today’s times)
Thanks Manoj..I will ..all in good time..I have targets and a full time job as well
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