On his show "The Profit", Marcus Lemonis talks about the three keys to building a strong business.
In my own life as a freelance marketing consultant I have worked with a lot of struggling artists and arts organizations. In general, the problems they have can be placed in one of those three buckets. What makes correcting challenges in the arts so difficult is that the third P, Product is the most unpredictable part of the process.
If I'm making a widget and everyone wants the widget to be blue, then I can make it blue.
That's not how it works with art.
Since the Product is always unpredictable I believe that you MUST be strong in the other two P's, process and people.
So a theatre company needs to have a much stronger artistic/marketing/revenue generation process then a company that sells project management software.
An artist needs to work with more loyal/dedicated people then an accountant.
It's important to realize here that stronger doesn't mean bigger, or more famous, or more expensive. It doesn't take money to have a strong marketing process. It takes awareness, it takes a willingness to take some risks, it takes trial and error. Money helps, but it isn't vital.
Money isn't required to bring on talented people. A good work environment is required. Challenging and worthwhile tasks are required. Money helps, but it isn't vital.
When things succeed it's because those three P's are working in harmony. And if one P is sacred (and it probably should be) then you better be really damn strong in the others.