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The 5 “P”’s to Delivering Value

Starbuck’s CEO, Howard Schultz:

“Passion is, and will always be, a necessary ingredient. Even the world’s best business plan won’t produce any return if it is not backed with passion and integrity.” “Good to Great” author, Jim Collins:

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“Nothing great can happen without beginning first with passion. If you’re not passionate, you can’t possibly make it great!” I personally am a passionate person and gain my energy and derive satisfaction from tackling challenges and complex problems. As a leader or individual performer, I strive to serve as a role model and catalyst for instilling passion and sense of purpose with those I work with.

Passion,  People,  Planning,  Process, and  Performance

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There are many versions of the 5 “P”’s.   From my experience, I believe the following serve as key enablers for delivering value.

 

assion

eople

At the end of the day, people make things happen ..  or not. People are human. Give them a sense of purpose and they will excel … give them no purpose and they will tend to wither and wander.

Teams need talented people and require leadership to win. Leadership needs talented and committed people to support goals of the team. An established, simple principle to “doing good business.”

Leadership is responsible for:

  • Identifying talent needs

  • Ensuring the “right people are in the right chairs”

  • Providing clearly defined goals, objectives and execution plan

      People and Teams need to aspire to:

  • Taking pride in their work and continually strive for success

  • Improving how their work can be accomplished more efficiently 

  • Supporting team goals and serve as an advocate for their company

     and everyone is responsible for treating each other with honesty, respect and integrity.

lanning

Planning is not a new science or particularly complicated.  Whether it is project or operational planning, the challenges are similar – to achieve stated goals and objectives within the provided constraints: Time, Cost and Scope. Troubled projects or operational issues typically stem from:

  • No clearly defined objectives and SMART goals 

  • Not properly planning the needed resources, costs and timeline (who, what & when) –

  • Not having the right people to perform the work when needed

  • Not having experienced people and tools in place to be able to factually assess progress and status

rocess

Processes be it management, operational or support define the manner in which people accomplish their work. As a result, processes directly impact opportunities for creating “Value” - customer satisfaction, operating and product costs, product/service quality, employee satisfaction, shareholder value, etc.

Process Challenges

  • Enterprise systems have created cross functional process adding complexity to executing business processes

  • People inherently are not perfect and make mistakes. People change.

  • Technology often changes without consideration of  process impacts

Process Opportunities

  • “Key” processes should have a process owner responsible for establishing and monitoring controls and measurement

  • Processes should be designed with controls and measurements that align and support with business goals and objectives

  • Individuals performance plans and reviews should include defined responsibilities and expectations for the processes they support

While none of the above are new, in today's world, businesses and technology are changing rapidly. The key is sustainability. Implementing programs such as Six Sigma, Total Quality Management, etc. can help establish a culture and method for executing sustained and continuous process improvement.

erformance

While at the end of the day it is about execution and results, I believe how you play the game is important. Every company has its own culture which is defined by the collective values and behaviors that influence actions of their people. 

An organization’s culture plays a significant role in its ability to successfully execute as a organization. Establishing an organizational culture that defines company’s values, operating principles, vision, and goals is essential. This must start with the companies senior leaders and flow down through the organization to all levels. 

I have been involved in several companies where formal culture shaping programs have been initiated to serve as a catalyst for transforming the business and building a high performance culture. This requires great commitment in time and resources but can pay significant dividends by:

  • Creating a shared vision for the company

  • Understanding organizations strengths, weaknesses, opportunities, and threats

  • Alignment on long/short term goals and priorities

  • Implementing tools and techniques for creating a high performance culture

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