The Three P’s: Process And Policy Lead To Profit – Episode 1 – Part 1
In this course on the Thrive15 business school platform, Clay Clark sits down with World War II veteran and award-winning entrepreneur Jack Nadel to discuss portions of his book, The Evolution of the Entrepreneur. Jack’s big idea in the book surrounds the “Three P’s.” Nadel is known for his work as the founder of Nadel International as well as a writer with 5 Global eBook Awards for business to his credit.
Nadel’s the concept of the Three P’s is simple: Process and policy lead to profit. Nadel suggests that business owners review their policies and procedures and try to poke holes in them. Nadel equates running a business with coaching a football team in his principle of the Three P’s. The fundamentals are blocking and tackling, in business this would equate to a business’s policies and processes. Touchdowns, consequently are profits. As a business owner, you have to be able to execute your workflow and develop strong internal policies and processes. It is important to probe for weaknesses and assume that the worst things in your business will happen.
Nadel recalls a situation in his own business with a bookkeeper was working many hours of overtime due to an unnecessary procedure or policy that was in place. By examining that process and the policies surrounding it, Nadel found that it was unneeded and could be simplified in a way that led to the desired goal of the bookkeeper not acquiring so much overtime.
Are your business’s policies and procedures breaking down in your business? Do you need a business coach to help you find these weak points or breakdowns in your workflow’s linkage? Reach out to one of our ThriveTime Show business coach specialists and see how our team of coaches, designers, developers, search engine optimization gurus, and salespeople can help you take your business to the next level.