About this site
I believe that focusing on People and Process enables Profitability. I’ve been working in professional services for over 20 years with the past 12 years working at some of the largest interactive agencies on Madison Avenue. My passion is on the operational and project management aspects of the business and I devote this site to sharing my learnings and best practices.
Peopleprocessandprofit.com is run by P3 Management Group, LLC. P3 was created in 2008 and is run by Barry Goldberg. Barry has 22 years of professional services experience and has spent the past 15 years leading world-class delivery teams.
A primer on the three P’s.
The three P’s (People, Process and Profit) are the cornerstones of any agency or professional services business. The first P is about People. The key questions to ask are:
- Do we have the right people in-place? Do we know what defines the “right” person?
- Do people have the proper training and tools to do their jobs?
- Does everyone understand their roles and responsibilities?
- What are we doing to grow and retain our people?
- Have we identified and are we growing our Rising Stars?
- What are you doing to weed out the bottom feeders?
In today’s market, finding people is what will limit our growth.
The second P is about Process:
- Do we have repeatable, scalable and measurable delivery process in-place? Is it documented?
- Do we have sound project management processes in-place? Are they based on a standard project management methodology such as PMI or PRINCE2?
- How do we ensure quality at each touch point?
- Are our resources properly utilized? Are we under/over working our staff? Are freelancers costs out of control?
- If asked, what would our clients say about us?
- What is our vendor review program? How do we know that we are getting a fair price?
- How is senior management keep abreast of project issues? What is the escalation process? How transparent is our communications?
The third P, Profit, is about managing revenues and profit margins. Key questions include:
- How are we measuring profitability? Are we making our margins? On a project level? On a client level? On a practice area level? On an office level? For those areas where we are short, what is being done to turn this around?
- Where are the leakages? Where can we find efficiencies?
- How much should we charge? What is our rate card?
- Are we following financial best practices? Are we auditable?
- Do we recognize revenue correctly?
There is a fourth P, Product, which I do not focus on. However if one was to include Product, some of the key questions might be:
- Do we really understand the marketplace’s wants and needs?
- Are there partners that we should be talking with?
- Should we acquire someone to give us instantaneous expertise?
- How much are we ready to invest? What is the payback period?
- What is our risk tolerance level?
- How are we marketing ourselves?