The 5th P is not enough, we need a 6th one
The 5th P is the newest addition to the four Ps of marketing. But we think that there is a need for a 6th P for a company to be successful: Philosophy on top of Product, Price, Place, Promotion, and People.
The 6th P is like a sixth sense, invisible but able to determine the success or failure of a company.
We believe the first step in creating an HR and leadership strategy of a company, and more broadly, to create a company at all, is answering the question: WHY?
What is the underlying philosophy of creating your company and of being in business?
In current business practices, the closest thing to a company philosophy can be found in the company’s objectives and the mission/vision statement to some extent. Most of the time, this is done without ever reflecting upon the philosophy apart from the fact that the company is created to make profits. And even that is sometimes unclear, which becomes visible especially in employees when they start spending more time browsing the Internet than being productive or in any way interested in the success of the company.
Once the philosophy is clear, it is much easier for employees to decide whether or not they want to be part of this company and help achieve its large-scale goals.
We are convinced that the clearer and more coherent the philosophy is, the longer the life cycle and the stronger the success of a company.
If the philosophy is clear from the beginning, it will be reflected in every single team members commitment and effort. It will be present in the heads of managers and co-workers. In fact, this will attract only talents who feel aligned with the company philosophy and therefore stay longer and create faster and better results.