Do you take care of business? Do you put the common cause before your own agenda? Do you think big picture? If you said yes to these questions then you could be a fiduciary.
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 property.
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 our property, organization or department? Here are a few suggestions that have worked well for me called the 3 keys to successful management:
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 – (over communicate)
Following these three simple steps will help you succeed in any organization, relationship or assignment. Being a fiduciary is not always popular or fun. In fact, at times it’s difficult, especially when working with passionate, strong willed people.
There will be a time when you may need to recommend a vendor that’s a little higher in price because you know the quality and service they offer will be worth it in the long run while others are only concerned about cost at the time. 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 enthusiasm of others 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.
Manage with integrity!
Dave Banbury is the Marketing Director for Morgan Pavement
