The three acronyms, in plain words
LCP is how long the biggest visible element takes to paint: usually the header photograph or the headline. If it drags, the person sees a blank screen and decides the site is broken.
INP measures how long the page takes to react when you press something. It replaced the old FID and it punishes script-heavy sites hardest: everything looks fine, but pressing the menu button does nothing for half a second.
CLS measures how much the content jumps while loading. It is why you go to tap a link, a banner slides in above, and you tap something else instead. It is fixed by reserving space for whatever is going to appear, and it is nearly always the cheapest of the three.
The five fixes that move the most
On a small-business site the breakdown is nearly always the same, and it is worth attacking in this order because the effort is very unevenly distributed: the first two usually matter more than the other three combined.
Images are first and by far the largest. A three-megabyte header photograph uploaded straight off a phone is the entire problem on many sites. Converted to a modern format and resized to the dimensions it is actually displayed at, that same photo weighs a hundred kilobytes.
Third-party scripts are second: every advertising pixel, every floating chat, every embedded map brings its own code and its own latency. On a small site, two of them already show.
What is measured versus what is felt
There are two kinds of measurement and they get confused constantly. PageSpeed Insights gives you a lab score, simulated on a theoretical device. Field data comes from people who have genuinely visited your site, and that is what Google uses.
You can have a lab score of 95 and poor field data, usually because your visitors are on a mid-range phone with patchy signal and you tested on fibre. The score that counts is the field one.
And a useful reminder: speed is a tiebreaker, not a dominant factor. A fast page with thin content does not beat a slow page with good content. What slowness does is make people leave before reading the good content.