The 4P’s of Business Success

We all want to be our own boss and call our own shots when it comes to how we make our money and live our lives. But not everyone has the knowledge or resources to make their dreams come true right away. Luckily, there are proven formulae that lead to success, and the 4P business model has proven to be one of the most effective. We’ll be going over how the 4P system can change the way you run your company today.

BEFORE WE BEGIN:

Assume that you now have the capital and resources to put up a business on your own. Ask yourself questions related to preparedness, choice of industry, the amount of time and effort it will take to grow the business, and all other relevant information. These questions boil down to the most important concern that the 4P business model is designed to address: “How will I get my business to succeed?”

The 4Ps of Success, which was originally presented as the 3Ps of Success many years ago, was a well-received business principle in the numerous seminars conducted across the U.S. and Asia. The 4P process is essentially composed of the key ingredients for business success that you can learn and apply before you become your own boss.

1. Setting Up A Professional Business

The first P of success in the 4P business model is “Professional”. Being professional in business means you provide real value to the community, and your venture has a genuine mission of presenting a solution to a complex problem. Typically, owners who build and enjoy carrying out the mission of their business oftentimes tend to get the most fulfillment out of their venture. As a result, this fulfillment will boost your morale and that of your workers, and inspire you to provide better service.

2. Improving Your Personal Life

The second P of success in the 4P business model is “Personal”. The personal angle of our life remains a solid component of our success in business. There’s nothing wrong with giving it all you’ve got for your company, but maintaining a healthy work/life balance is also essential to success.

You’ll want to structure your business in such a way that after a certain amount of time, you won’t always have to be physically present to supervise its daily process, which will leave you the time and space to cultivate your own life as well. Bear in mind that the 4P business model can only work when you commit to it: when things go wrong in your personal life, it can hamper the way you run your business, and no level of intervention from the 4P process will be able to help if you falter not just as a business owner, but as a human being as well.

3. Profit

The 3rd P of success in the 4P business model is Profit. Setting up a 5-10 year goal and sticking to it will help you grow your business and optimize profit. But if you want to grow it further and keep it sustainable, then you need to be smart with how you plan to use the money you gain from your business. A few of your best options would be to invest it in your business, expand your operations and hire more personnel, or to allocate the money to investments to further increase your business’s worth.

If you spend your profit wisely then your business can continue to grow in the long term, and the 4P business model can help you to execute your business exit strategy as deemed appropriate.

4. PESTEL Analysis

The reason the 4th and last ‘P’ was added to this system is that not all businesses are actively aware of what is going on in their industries, causing them to lose sight of important trends and updates and start trailing their competition. Hence, this is an important “P” in the 4P business model that shouldn’t be overlooked.

The 4th P in the 4P process stands for PESTEL (Political, Economic, Social, Technological, Environmental, and Legal) ANALYSIS. This works hand in hand with any strategic planning session like SWOT (Strengths, Weakness, Opportunities, Threats) Analysis, market analysis, and knowledge of the competition. Failure to do a PESTEL analysis has dire consequences, as you will learn from some examples below.

hands of business people on bench with tablet

What Happens When Businesses Don’t Do Their Homework?

Blockbuster Video, Motorola, and the taxi industry have failed or are struggling without the 4P business model right now because they did not assess the business landscape well enough to adjust, strategize to face the challenges, and adapt to the changing market. Many businesses have failed to catch up technologically with their competitors like Netflix, iPhone, and Uber respectively, who are now thriving and have largely eaten their market share.

Another good example of business failure due to not having a PESTEL analysis is small to medium-sized healthcare companies who neglected the political and legal aspects of their industry. This neglect of the crucial 4th element in the 4P business model eventually led to their closure due to their violations of labor laws, licensing, state regulations, assembly bills, and minimum wage compliance.

Here’s a link to a good resource if you want to learn to conduct a PESTEL analysis for your business, then study past businesses that failed and avoid the pitfalls. The 4P process isn’t just about coming up with a good theory; it’s about proving it in real life!

man with briefcase walking away

The Bottom Line

To conclude, it is important that you find the right business that suits you, but it is equally important that you apply the 4P business model for success that I’ve presented to you if you want your business to grow and profit. With your diligence and commitment to these 4P’s, you should be on your way to the prosperity and success that you’ve always dreamed about.

You have several options if you’re still choosing the kind of business you intend to set up. You can either build your own independent start-up business, buy an existing business, or better yet, acquire a franchise business from an established company to help you get started right away with understanding their brand and operating system. The 4P business model has worked wonders with many entrepreneurs who have started their own franchises, and 1Heart Franchise can be a wonderful jumping-off point for success. To get started with bringing the 4P process to life, get in touch with 1Heart to see how we can make a difference for you today.

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