Marcus Lemonis is an accomplished business influencer and the chief executive officer of Camping World. Known for his work on the CNBC business program The Profit, Lemonis also provides his take on the “3 Ps,” three keys to business success.
People, process, and product make up the 3 Ps of business. People are paramount to the success of any business. Every business thrives on relationships, internally and externally. It is essential to staff a business, especially a small startup, with quality hires coming from diverse backgrounds. Gathering the right people is only the first step. Then, companies must ensure they place new hires in the right roles and give them the tools to succeed long-term.
People ensure that business processes operate smoothly. Effective processes allow employees to work in as efficient and productive a manner as possible. Businesses should constantly evaluate operational processes from the top down, always searching for opportunities to streamline. Companies must understand their cash flow and how operations support or hinder the core business.
Finally, quality people and efficient processes will mean nothing if a company has failed to develop an attractive product that benefits the consumer. Business-to-consumer and business-to-business operations alike must identify the developing needs of the customer base and provide those consumers with a solution that is practical and effective while remaining profitable for the company.
