Joint Ventures: Inspect What You Expect

I was 23 years old and managing a large, private hotel. One morning, I was having breakfast with my then wife and my baby son, when I saw the owner of the hotel go by the door carrying a table. Strange, but I continued to eat. Then he passed with an armful of tablecloths. When he staggered past with a baine marie insert, I finally realized that something was amiss. I asked him what he was doing, and Mr. Honey, the best manager I ever met, calmly relied, “Oh, Robin, don’t worry – you have your breakfast with your family. I’m just helping set up the conference room – we have twenty minutes before the guests arrive. I’ll be fine.” I nearly died. I NEVER forgot a function again. He didn’t embarrass me, attack me or reprimand me – he just intervened. He saved my skin and taught me a very important lesson.

Any good manager knows this – once you have delegated a task, make sure you regularly check progress, activity, and results. Make sure the person to whom you delegated the task is on track, much as you would check road signs and the gas gauge and
Odometer in your car when you’re on a journey. Inspect what you expect, so that if / when things go awry, you can step in and make corrections. Like a guided missile – constant, small corrections are made to stay on target. That’s what a good manager does. Most restaurant managers have never heard of this, that’s why he’s hiding in his office while his waiters stand with their backs to the guests, discussing their dates, but I digress.

Just as one would regularly check up on an employee, the same principle applies to Joint Venture partnerships. Naturally, we have a contract or a Memorandum of Understanding going in to the JV, and we usually have an action plan with specifically stated responsibilities, timelines, expectations, payment systems, etc, but you STILL have to inspect what you expect. We have to manage the JV. Take responsibility for that, and you will be surprised how many people do not deliver what they promise, forget what they agreed to, make mistakes, fail to communicate and play games. Don’t think that everyone else is as disciplined, committed, and hard working as you are.

The most successful managers are very good at subtle, random spot checks. They have a way of checking up without seeming to snoop. They can motivate and inspire while checking on progress. They can tactfully steer one back on track without embarrassment or hurt feelings. When I did my Underwater One scuba training, we were taught the mantra, “Equalize early and often” to protect our eardrums. In Joint Ventures, inspect early and often to protect the JV and the bottom line. If you’re off course just two degrees, it may not seem like a big deal right now, but over time that two degrees becomes 180 degrees. Inspect early and often. Manage the JV and you will do yourself and everyone else a favor. Communicate regularly, discuss challenges immediately and be available – don’t hide away when things are out of kilter.

Robin J. Elliott www.DollarMakers.com