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For four blogs we have covered the Ps of starting and growing a successful business. And many of you have wondered why profit came last on the list of the 5 P’s when profit is the point, right? The answer is very simple, and we will explain it in the most understandable terms.
In general, the first four on the list, as you remember are the promise, products, process, and people, which are the setup points for your business. Without any of these, you cannot build trust with your customers. They need to know you have all four of these in hand.
The profit comes from the knowledge that you care about the experience, you have what they desire, you have the way for them to get those products, and of course, the infrastructure to facilitate the transfer to them. This is how you get paid and bring them back.
But profit has a hidden side you might not know.
The Unknown Side of Profit
Most entrepreneurs see profit as the money coming in. Beyond the profit and loss ratio, they only recognize the intake of new money and use that as a metric for success. This is tragically…
