I was recently watching the TV program featuring Marcus Lemonis as “The Profit”.
When Marcus isn’t running his multi-billion dollar company, Camping World, he goes on the hunt for struggling businesses that are desperate for cash and ripe for a deal. In the past 10 years, he’s successfully turned around over 100 companies. Now he’s bringing those skills to CNBC and doing something no one has ever done on TV before … he’s putting millions of dollars of his own money on the line. In each episode, Lemonis makes an offer that’s impossible to refuse; his cash for a piece of the business and a percentage of the profits. And once inside these companies, he’ll do almost anything to save the business and make himself and the other owners profit; even if it means firing the president, promoting the secretary or doing the work himself.
As you can imagine the drama unfolds each episode as failing owners struggle with letting go of stale ideas, failing business plans and poor vision. But when they finally stop thinking about what they want and focus on what’s best for the company, amazing things happen.
Marcus always narrows his focus to three areas that matter most:
People – (The right people in the right seats on the right bus)
Process – (Plan your work, work your plan)
Product – (Quality is number one)
Although he is “100% in charge” nowhere in his methods does he mention personal agendas, what’s best for him, or what he desires. It’s all about the success of the business, organization or project.
As we manage our own people, processes and products we can take a note from Marcus and magnify our fiduciary responsibilities. What’s best for your project, jobsite or organization? Here are 3 suggestions called the 3 keys to successful management by Jon M. Huntsman:
- Clearly understand your assignment – (write it down)
- Complete the task as quickly as efficiently as possible – (don’t procrastinate)
- Return and report your progress to your supervisor – (communicate, communicate, communicate)
Following these three simple steps will help you succeed in selecting a utility/ communications construction contractor or managing the project they’re working on. Being a fiduciary is not always popular or fun. In fact, at times it’s very difficult, especially when working with passionate, strong willed people. Being willing to listen and collaborate without lowering your standards will always pay off in the long run.
You get what you pay for! There may be a time when you will need to choose a contractor that’s a little higher in price because you know that the quality and service they offer far outweigh the chance of having to re-do poor workmanship or chase down the company to fix their “cheaper work”. Remember… “The bitterness of poor quality remains long after the sweetness of low price is forgotten”. A good fiduciary will personify that statement.
Matching the passion and focus of person like Marcus will take creative, bold and focused behavior on your part, but you will eventually gain the trust and respect of your colleagues and you will succeed largely in part to honoring your ethical, fiduciary responsibility.
Choose your partners wisely!
Dave Banbury is the Marketing and Business Development Manager for Americom Technology, Inc. in West Valley City, Utah.