This is the tool for you to use if you need to work out what you need to be focusing on in your business. It will make you feel good about what is going well, identify exciting opportunities, and things that you need to take care of, or they may become a problem. Then you can set your priorities and create an action plan.
Completing the 4Ps
First name and date it so looking back you’ll know when you did it. Putting your name on it or the name of the specific business increases the level of commitment.
I find it best to start with powers which will be things you are great at, resources you have, things you feel pride in. It makes me feel good and it is important to build on what is going well.
Often as you complete a power box it prompts a peril something that you aren’t doing to capitalise on the power or a resource you don’t have. If the peril directly links to the power then it is useful to put it in the next box and use an arrow but if it links to several things use the numbers so you can understand the links.
Look at the video to see an example.
Inevitably this is likely to lead to a potential to address the peril and build on the power. Make sure at this stage that you look into the wider world for potentials such as technology or social trends which can help.
Often this directly leads to actions to put in the priorities column.
Think across the different elements of your business
- Your business model i.e. what you do, for whom, and how you get paid
- Your marketing and the wider market and competition. Think about price, products, promotion and routes to market
- Your finances
- Your personal abilities and workload
- Any physical issues like where you work, equipment, communications
Once you have completed the 4Ps prioritise your priorities and put them into an action plan. Identify you top three priorities for the next three months.