One of my favorite TV shows is “The Profit,” a CNBC production starring multi-millionaire entrepreneur Marcus Lemonis.
In each episode, Marcus evaluates a small business and decides whether to invest in its growth. The main tool he uses to make business decisions is called the “3 P’s of Business Success”: People, Process, and Product.
I was curious about who first developed this concept. Was it Mr. Lemonis?
It turns out this concept has its origins in Lean (a systematic processing method used to eliminate waste). After doing some research, I discovered 5 additional versions that can add depth to your understanding of how to run a successful business.
In this post, you will see each of the six examples and illustrations, along with ideas on how to increase your level of business risk intelligence.
Did a long-time employee just hand in their 2-week notice?
Are you worried about how fast you’ll be able to find a reliable replacement?
Hiring the right people is extremely important for every business owner. That’s because staff are the most important resource in any company. Replacing an employee can cost significant money, time, and effort.
To avoid making an expensive and frustrating hiring mistake, you need a way to evaluate your company’s turnover data.
In this post, I explain some facts about turnover, why it relates to organizational risk, and how to calculate the total annual cost of adding new staff.
Without a clearly defined processes to deal with unexpected turnover in your company, you will be facing a lot of unknowns. Risk Intelligence is the ability to perceive what could happen before it happens.
If you feel blindsided by a sudden resignation, or shocked by events that forced you to fire key staff members, then it’s time to boost your level of risk intelligence.
The book 60 Minute Operational Risk Management is a reference guide for leaders who want a practical framework for recognizing and responding to risk. It breaks down complicated, abstract concepts in easy-to-understand and visual concepts.