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The 3P’s that business SHOULD be about

As we’re delving deeper into our MBA at MMU, sorry Manchester Met, we’re learning that if you want to develop a business theory or concept you need to be able to stick it in a box with 4 segments, a triangle or utilise alliteration. We’ve all heard of the 4P’s or 7P’s of marketing, Boston Matrix, Hierarchy of Needs etc. all great tools to help business development but more underpinning factors are required for success.

After seeing a fantastic talk by Andy Rubin from Pentland Brands and starting to read Delivering Happiness by Tony Hsieh it seems to me that the key ingredients are:

Passion, Purpose and Profits

Passion: Without passion in yourself, the business and your employees, businesses will struggle to bring value to your customers. Customers will also buy into your passion, take on the global stage individuals who’s passion has driven successful brands, the likes of Gary Vaynerchuk, Richard Branson and Steve Jobs who once said:

‘People With Passion Can Change The World’

That quote rings true on the local level too, I’ve met some amazingly passionate people who’ve had major local impact, my own MD included along with the likes of Michael DiPaola, Lisa Tse, Chris Marsh, Sandy Lindsay and many more in Manchester. The passion all of them have is infectious.

Purpose: As society evolves we’re moving away from companies who just to provide a service or product but to ones who have similar values to ours, a company who we can relate to. It’s vital in this “VUCA World”, (Volatile, Uncertain, Complex and Ambiguous), that companies understand their purpose and the wider role their business plays in society.

If a company can define their purpose, then customers with a similar purpose and values are more than likely to engage with them over competitors. The same goes for individuals, find your purpose and reap the benefits.

Profits: Without monetary profit a business won’t survive, however by bringing in the other two P’s your more likely to achieve higher customer satisfaction, higher engagement, higher retention and ultimately higher profits.

However profits aren’t purely fiscal, think of the way individuals, stakeholders and the wider community can profit from your passion and purpose. The two latest projects I’ve worked on recently won’t ever have a fiscal profit but their impact on society will leave a lasting legacy.

Feel free to comment below on what your Passion, Purpose and Profits are.

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