The Mantra of Business - 6Ps
Passion : A strong feeling of compelling enthusiasm, intense emotion or extreme excitement, whether we are contemplating to start a business or to pursue a career path, it is very important to know is whether it is derived out of our passion. When we think about what is needed to be successful be it in personal life or professional work environment, we usually think about characteristics like value, talent, ambition, intellect, discipline, persistence and education. What many of us often fail to include in this recipe for success is passion and this ingredient could make the biggest difference of all.
Passion is the powerful feeling of enthusiasm we all have inside us. We are all enthusiastic and passionate about something, whether it is finance, food or a favourite sport. That enthusiasm is very powerful. When we can combine it with our work, we are setting ourselves up well for achieving true success in life.
When we are enthusiastic and proud of the work we do, the better equipped we'll be to overcome many obstacles that will surely arise in the process of starting a business or moving up in a career. The more enthusiasm we have, the more inclined we are to work harder at improving ourselves. The passion we have for our work can be the difference between making a living and making a killing.
People : "If you want 1 year of prosperity, grow grain. If you want 10 years of prosperity, grow trees. If you want 100 years of prosperity, grow people.“
This old Chinese Proverb which brings out the essence of the importance of having a happy and satisfied workforce. As leaders in any field, it is vital to have motivated teams to achieve results. The right people at the right place at the right time will do wonders to the organization. Your employees are the biggest asset you have and your most Important Business resource to build business. Their performance and attitude can result in the success or failure of your business.
The most difficult part of any manager's job is people management. Good managers need to lead, motivate, inspire and encourage people. Managers to learn how to hire, fire, and discipline to evaluate employees.
That's especially true when you're in a management or leadership role. The importance of having solid people skills transcends industry and profession; so, whether you lead people, aspire to lead people, or work within a team of professionals, you need to apply people skills to achieve your objectives.
Process : Process is so critical that it's often overlooked as a technical item. Processes are the steps you'd take to perform a function, such as making a sales presentation, delivering a service or rendering advice to clients. Process is vital for the competitive business. It's the difference between the occasionally outstanding and the consistently good.
Business process management (BPM) is a systematic approach to making successful business or set of activities that will accomplish a specific organizational goal. Process is a simulation that allows modelling of process designs before actually implementing them, thus minimizing disruptions.
Processes eliminate questions like, “How do we do X," or "When do we do Y?" Having a process or set of processes in place gives your team the power to operate on their own and in the same manner that you would. Sound Processes provides the organization the right environment to practice business in. In the broking industry, revenue may be market linked, having said that, operating in the right business process environment, may shield the organization during times of volatility.
Practice : "Practice as if you are the worst; perform as if you are the best.” You can learn skills, but you’ll never realize your full potential unless you practice. Perform (an activity) or exercise (a skill) repeatedly or regularly in order to acquire, improve or maintain proficiency in it. When hard work trains and refines your body or your mind to perform a single task beautifully, effortlessly, strongly and gracefully, then it is called a practice.
I think one of the most important principles of success is the concept of PRACTICE. Remember when you were once a beginner at something, whether it is a sport, dancing, driving, writing, talking, or whatever else you're currently proficient at. How did you become good at it? How did you improve and attain that level of mastery that you have today? The answer is simple. There is no limit to growth if you practice!
Learning something new is hard, especially at the beginning when we’re likely to struggle and make mistakes. The reality is, the only way to learn something new is to practice. Practice can be the one gap you have to close between yourself and your goals. It can make the difference between good and great, mediocre and magnificent.
Productivity : An economic measure of output per unit of input, inputs include labour and capital, while output is typically measured in revenues and other GDP components. Productivity is essentially the efficiency in which a company or economy can transform resources into goods, potentially creating more from less. Increased productivity means greater output from the same amount of input.
Business Productivity is the ability of an organization to utilize its available resources in order to produce profitable goods or services as desired by customers and this determines how competitive a company is and how well they use their resources. Manager is primary responsible is to achieve the productive use of organizational resources.
Employees who have the resources and flexibility to do their jobs more efficiently are likely to boost productivity; this frees up management's time to focus on more critical business functions. Productivity matrix is looked at very closely by the management when it comes to Rewards and Recognition for an employee. Higher the productivity of an employee, higher will be the performance linked bonus, or incentive scheme.
Empowering employees can increase productivity and the targets are pertinently achievable only if the employees are productive enough to carve out niche. Make efforts to rekindle the dormant potential of the employees by being an empathetic leader to them.
Profitability : The degree to which a business or activity yields profit or financial gain. Profitability ratios are a class of financial metrics that are used to assess a business's ability to generate earnings compared to its expenses and other relevant costs incurred during a specific period of time.
Profitability is the ability of a business to earn a profit. A profit is what is left of the revenue a business generates after it pays all expenses directly related to the generation of the revenue, such as producing a product, and other expenses related to the conduct of the business activities and Profitability is, of course, critical to a company's long-term survivability.
To be successful and remain in business, both profitability and growth are important and necessary for a company to survive and remain attractive to investors and analysts. That being the case, the measurement of a company's profitability, both current and future, is critical in the evaluation of the company. For this purpose, various profitability ratios are set in place and reviewed time and again to ensure the business is in the right direction to achieve the desired profitability.
All the above stated points; Passion, People, Process, practice and Productivity have a direct correlation to your business Profitability.
