• Terry Dockery

4 POWERFUL P'S: PLAN, PEOPLE, PROCESSES, AND PROFIT

If you want to create lasting business success through sustained financial high performance, then here is a high-level road map. If you do a good job with the 3 leading indicators of the right plan, the right people, and the right processes for continuous innovation, then you will do well with the lagging indicator of profit.


The Right Plan


  • Create a strategic plan that differentiates your business from your competition and that builds on your unique vision.

  • Keep your plan simple and executable. Avoid the SPOTS syndrome: Strategic Plan On Top Shelf. This occurs when strategic plans are overly complex and wordy and are not updated regularly during the year.

  • Communicate your strategic plans well and often, and make sure everyone in your business knows their role in achieving the strategy.


The Right People


  • Recruit 90% "A" Players (top 10% in their roles) for your business. In the business world, if a team of "A" Players competes against a team of "B" Players, the result is pretty predictable.

  • Create a Profile For Success for every new role you add to your business and use background checks, testing, and behavioral interviews to get the right "A" Player in the role.

  • Rehabilitate or remove "deadwood" teammates. You're not doing anyone a favor by keeping them in a job in which they're failing, and you're penalizing yourself and everyone else on your team by dragging down the financial performance of your business.


The Right Processes for Continuous Innovation


  • Create an ongoing strategic planning team and schedule regular updates. You will wind up in trouble if the world is changing more rapidly than your business.

  • Create an ongoing strategic planning team and schedule regular updates. You will wind up in trouble if the world is changing more rapidly than your business.

  • Continuously improve your business practices based on customer needs. If you're not meeting these needs, then someone else will.


The Right Profit


  • Be sure you're making one...


Copyright Terry "Doc" Dockery, Ph.D. All rights reserved.

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