Flexibility in Entrepreneurship: A Framework from Peter Mohr

Brought to you by Salim Omar and special guest Peter Mohr on the Straight Talk about Small Business Success podcast.

Who is Peter Mohr?

Peter Mohr is a lifelong entrepreneur with experience in franchises, retail, and business brokering, and has a solution for you. Mohr shares his framework for success in managing multiple businesses.

With over three decades of entrepreneurial experience, Mohr has a wealth of knowledge to offer. He believes that entrepreneurs should simplify their business processes to achieve success and freedom.

The "Five Ps" Framework

1. Promise: Know what your business promises to deliver to customers.
2. Product/Services: Align your products or services with your promise.
3. Process: Establish efficient processes to support your promise.
4. People: Hire the right people to support your promise.
5. Profit: When everything is aligned, you will have the right amount of profit.

With the five Ps in place, entrepreneurs can focus on what they love in their businesses and leave the rest to their team. The end result is the freedom to do what they want with their profit, whether it's reinvesting in their business or splitting the risk and investing in something else.

Mohr's success in managing multiple businesses is a testament to his framework's effectiveness. By following the five Ps, entrepreneurs can simplify their processes and achieve the freedom they desire.

Are you ready to start simplifying your entrepreneurial journey and achieve the freedom you deserve? Start implementing Peter Mohr's five Ps framework today!

1. Promise

The promise is the foundation of your business and it's essential to understand what your customers need and want, and how you can solve their problems in a unique and valuable way. Keeping up with changing customer needs and preferences is key to staying ahead of the competition. Making sure that your business aligns with your promise and delivers what your customers expect will lead to a strong, satisfied customer base and ultimately, success for your business.

2. Products/Services 

Peter Mohr's advice is that it's important to regularly review and assess your products or services to ensure they are still providing value to your clients. Just because you've been offering something for a long time doesn't mean it's still relevant or profitable. He suggests using the 80/20 rule to evaluate your offerings. 80% of your products should be assessed, addressed, and advanced. This means making them cheaper, faster, quicker, or easier to access, so they continue to provide value to your clients. The next 10% should be new and innovative offerings that you are exploring and testing with your clients to see if they are of interest to them. Finally, the last 10% should be discontinued, as they are no longer providing value to your clients. This approach allows you to focus your resources on what's working and what's likely to be successful in the future.

3. Processes

Having well-defined processes in place is crucial for the success and growth of a business. When processes are in place, it ensures that everyone in the organization knows what they need to do and how they need to do it. This results in a more efficient and effective work environment and helps to reduce the burden on higher-level decision-makers. As you mentioned, processes are never perfect and there will always be room for improvement, but having a documented and accessible process is a great starting point. By having a process in place, decisions can be made at the lowest possible level, allowing for a more decentralized decision-making process and freeing up time for higher-level executives to focus on other important tasks.

4. People 

Peter Mohr has divided people into three categories in his framework. 

• The first category is the ideal client, and it's important to understand not only who you want to attract, but also who you want to repel. 
• The second category is the ideal teammate, and it's essential to identify the characteristics of your best ever employee, as well as the worst ever employee, to ensure that you are attracting the right people to your team and repelling the wrong ones. 
• The third category is your outsource suppliers that help deliver your promise. It's important to identify the best ever and worst ever suppliers and to align with the best to deliver the best results to your clients. 

By focusing on these three categories of people, you can magnify the good and minimize the negative to build a strong team and deliver the best results for your clients.

5. Profit

The profit is the key to unlocking the freedom that every business owner desires. It provides the resources and financial stability that can allow you to focus on the things that matter most to you, whether that be your health, relationships, purpose, or personal life. When a business is aligned in its product and services, processes, and people, it is much easier to focus on growing the profit and improving the bottom line. This, in turn, provides more freedom to the business owner and allows them to spend their time in ways that align with their goals and desires. It is essential for business owners to regularly evaluate their goals and their progress towards achieving those goals so that they can adjust their strategy and make sure they are on the path to the freedom and success they desire.

What Entrepreneurs Need To Know 

According to Mohr Entrepreneurs need to provide clarity to everyone in their sphere of influence. This includes suppliers, clients, and team members. It's important for the business owner to be clear about what they expect from each of these groups, and to communicate that effectively. "Clarity and accountability go hand in hand, and entrepreneurs should strive to create a culture of accountability within their organization. Communication is key, and the business owner should ensure that there are clear processes in place for communicating expectations and holding people accountable. If there are problems with communication, the entrepreneur should examine their meeting structure and find ways to improve it. By providing clarity, setting expectations, and creating a culture of accountability, the business owner can free themselves from frustration and increase their freedom to grow their business," says Mohr.

What's a Small Step An Entrepreneur Can Do To Move In The Direction of Communication?

Peter Mohr advises that entrepreneurs who have not been meeting with their team on a regular basis, a small step they can take to move in the direction of communication is to start with a half hour meeting once a week. During this meeting, they can go through the five P's (people, process, priority, problems, and progress) and discuss what needs to change, what's working well, and what isn't.

Final Words of Wisdom

"The idea is to be in full communication within the accountability chart, so everyone is aware of what's going on in the team," says Mohr.



The best way for someone to reach out to Peter Mohr is by visiting his website, simplifyingentrepreneurship.com. He can also be reached on LinkedIn and is always happy to make a connection.

Closing Statement

Straight Talk about Small Business Success podcast is brought to you by Salim Omar, CPA. Straight Talk CPAs is a firm which provides individuals with tax return preparation and tax planning. If you are a business, we have a unique approach when providing Virtual CFO, Accounting services, and Tax Planning and Tax Preparation services. Contact us today.

Peter Mohr

Peter Mohr is a lifelong entrepreneur with experience in franchises, retail, and business brokering. He helps business owners create turnkey businesses so that they can have more freedom.