As a new financial year approaches, Cannabiz co-founder and chief innovation officer Kim McKay examines the four pillars businesses need to build to thrive in FY22 and beyond.

Once upon a time there was a thing called the Four Ps and every marketing student would conscientiously memorize them. The old school Four Ps were Product, Price, Place and Promotion.

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That was then and this is now. The Four Ps – or as I prefer to call them – Pillars have evolved with the rise of social media, ecommerce and remote work.

Cannabiz co-founder and chief innovation officer Kim McKay

The new pillars of business relate directly to how business is done today. These concepts are not mine – I first heard about them within the framework of Harvard Business Review’s Balanced Scorecard – but I have taken them and remixed them to suit business today.

Process

What do you need to nail in your business for it to really work? Processes should be easy to use and focused on efficiency. If a process is weighing someone down, is it a process you want to keep? I think of this as cutting out the treasure hunt in your business.

Whether it’s looking for files or communicating with the team, set up processes that make these actions simple. And be sure to prioritise important processes like onboarding that will flow on to all other areas of the business.

Perception

Ask yourself: how is my business perceived? How should my business look to customers, investors and stakeholders? Also ask yourself: who is my audience? Some people forget who their customers really are.

If you’re seeking funding, it’s investors. If you’re hiring, it’s existing and potential staff. Making sure you are perceived accurately and positively by the right people is critical to business success.