People, Profit, Process, Experience: 3PX
There are so many reasons to start a business—doing what you love, working for yourself, enjoying more freedom, and, of course, making more money. Once you get started, though, you might soon find yourself caught in a web of long hours, increased responsibility, and an overall lack of clarity.
We know because we’ve been there. It’s precisely because we’ve been there that we’ve been able to help businesses like yours break through these barriers one step at a time. It doesn’t matter what business you’re in, either—every business has to focus on the same fundamental components to achieve sustainable success. We call these internal components the three “P”s: People, Profit, and Process. Honing in on these components should ultimately lead to a better customer experience. Taken together, these elements form an operating system we call “3PX,” which stands for People, Profit, Process, and Experience.
But what does 3PX look like in practice? Let’s break it down.
It might sound cliché, but your business relies on your people to function and thrive. And finding the right people for your company is only half the battle. You must also work to ensure your people are happy, comfortable, and aligned day in and day out. Failing to adopt a people-first mentality makes your business vulnerable to turnover, productivity decline, and reputational damage. Conversely, keeping your people first cultivates a culture of trust, teamwork, and forward momentum around specific core values. It’s about understanding who you and your people are to maximize everyone’s strengths toward a common goal. Everything else stems from this first component of 3PX.
You want to make money. There’s no shame in it. After all, the only way to keep your business afloat for the long haul is to start turning a profit. To do this, you need a strong sense of your cash flow and assets. How much are you making? What are you spending? And how should you be reinvesting back into your company? These are questions every business owner has to grapple with, but gathering the data and finding the best answers isn’t always easy. That’s why you need a process.
Successful businesses don’t get there by accident—they become successful by refining and adhering to their processes. Developing a process for your business provides structure and clarity where there once was confusion. When cash comes in or goes out, you know exactly what it means and where it’s headed. When people have issues, you’re locked and loaded to resolve them and take away key insights. And if you feel a shift in alignment, you’re ready to get everyone back on the same page, even if it means a significant organizational pivot.
The final part of our 3PX system focuses on the customer experience. No matter how tight your internal processes may be, if your customer base (or business partners, vendors, etc.) aren’t happy, the whole thing can fall apart. So, make this a part of your process. Maintaining an experience-focused mindset will help inform your decision-making and help you achieve those positive profit margins.
How Can Foreword Companies’ 3PX System Serve Your Business?
People, profit, process, experience. With 3PX in your arsenal, you can begin to make meaningful, positive changes to your business model. Foreword Companies is here to help you implement this process. We can’t run your business for you, but we can give you the insights to achieve your goals.