All businesses are dependent on 3 Ps and no, none of these P refer to
profit! All the 3 Ps are in fact people, but different groups of people.
The first group of people who are critical are the team, people who work for the organisation. You need to look after your team as an absolute priority.
The second group of people are your clients. People who believe in your products and services and who spend their money with you.
If you are the publically traded company then the third group of people are the shareholders, the investors. And if you look after the first two groups of people the third P takes care of itself. Profit becomes by product of taking care of your team and your clients.
In this difficult time of the pandemic, the companies who treat their teams will define if they will succeed when things go back to normal. And I am sure we will have a normal society going forward. This too shall pass.
Saw it in the news yesterday at the football clubs have sent their wider group of support staff on furlough but are paying the insanely overpaid footballers are paid their full salaries. (I have no issues with the footballer salaries, they must create that kind of value to be paid that salary, is how I understand it.) My issue is, if you look at the outgoings of a company as a cost and apply the Pareto rule to it, then the 20% of their employees are responsible for the 80% of their costs! And this 20 % are the footballers and senior staff. This group of people are already well to do! So the focus should be on paying 80% of the team whose salaries account for only 20% of the Club’s budget.
But sadly, this is not the case.