Introduction

Today I want to introduce you to the 8P Framework for building a smooth-running, successful business that can set you free.

The 8P Framework consists of the following eight components:

1. Planning/Strategy
2. Preparation
3. Promotion
4. Pulses
5. People
6. Processes
7. Performance
8. Problem-Solving

Working on these components takes time. Depending on the size of your business and whether you have a management team in place yet, this can be a one- to two-year process. There are no “quick fixes” in building a successful business.

I have organized these into four principal areas, using a car or vehicle analogy:

1. Chassis & Frame
2. Engine & Drivetrain
3. Fuel & Oil
4. Dashboard & Controls

Chassis & Frame

Your car’s chassis and frame are its foundation and essential for keeping it running smoothly and safely. Likewise, your initial planning and preparation serve as the foundation for your business and its future growth and success.

1. Planning – In the beginning, you will need a basic start-up business plan. As you stabilize and start to grow, you will want to implement a strategic planning process, resulting in an annual strategic plan. As you near retirement age, you will want to start a process culminating in an exit plan.
2. Preparation – Do not forget business basics! Pick a business name. Choose a legal structure. Secure business capital and funding. Register your business. Obtain tax IDs, licenses, and permits. Obtain business insurance. Set up professional bookkeeping & accounting. Brand your business. Create a professional website.

Engine & Drivetrain

Your car’s engine and drivetrain give your car the power and traction to “go.”  Your business derives its power and traction through its promotional efforts and meeting pulses.

3. Promotion – Promotional efforts include branding, marketing, and sales. The sooner you delegate these functions to team members who can focus exclusively on them the better. A big mistake founders make is to do the marketing and sales activities themselves. Create an “always on” promotion function in your business with a resolute team as soon as possible.
4. Pulses - A company’s meeting “pulse” or “rhythm” is one of the key routines that successful founders implement as soon as possible. The four main types of meetings are: 1) strategic planning meetings, 2) company meetings, 3) employee meetings, and 4) vendor meetings.

Fuel & Oil

Your car’s motor fuel or batteries provide power, and its engine oil provides needed lubrication. Your company’s people and processes provide the power and smooth-running operation for its ultimate success.

5. People – Assembling, training, rewarding, and motivating your team is one of the most essential functions in your business. As soon as possible, I encourage founders to get professional assistance with key HR functions: 1) talent strategy & planning 2) talent recruitment, 3) training & development, 4) compensation & benefits, and 5) performance management.
6. Processes – Making sure you get your company’s key functions documented is one of the most important things you can do as a founder. The main functions of a business are: 1) leadership, 2) management, 3) marketing & sales, 4) operations, and 5) finance & administration. Create a company systems list, prioritize, and start getting top recurring processes documented. This will free up your time as the owner for more strategic activities to grow and improve your business.

Dashboard & Controls

Your car’s dashboard and controls monitor and control your car’s operation. Likewise, your company’s performance and problem-solving systems make sure it is growing and improving along its journey.

7. Performance – Effective performance management includes: 1) creating a performance management policy, 2) setting goals & expectations, 3) monitoring progress, 4) implementing a performance appraisal process, 5) providing & receiving continuous feedback, 6) creating employee development plans, and 7) implementing an effective reward & recognition strategy.
8. Problem-Solving – At its best, problem-solving involves a continuous improvement process. Key questions to ask for any problem include: 1) What system is involved? 2) Is the system documented? 3) Has someone evaluated the documented system to ensure it works? 4) Have you fully trained your staff on the system? and 5) Is there a system in place to monitor and ensure staff are running the system as trained? If the answer to any of these questions is “No” then you have a system problem. If the answer to all these questions is “Yes” and you still have a problem, then you have a people problem.

Over the next eight weeks, I will be diving into each of the 8Ps in more detail in our Founder Coffee Break newsletters.

Stay tuned!

P.S. If you like what you read, go to https://www.calvincummings.com/coaching and book a free consult call to see if our Founder Coaching Program may be a good fit for you.

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