Robin J. Elliott: Joint Ventures with the Prophet of Profit, Training, Strategic Alliances

Isn’t that a powerful, compelling, and exciting promise? That the achievement your goal is ASSURED the moment you commit yourself? Now that assurance is based on the premise that you COMMIT. We need to define the context and nature of that commitment in order to make such a grandiose offer. In my mind, there are only two types of commitment. The most common form of commitment is not really “commitment” but a fragile promise, frequently broken, twisted, and reneged on. That’s not commitment. Real commitment, however, is something entirely different from what we commonly encounter in today’s world, where talk is cheap.

Real commitment is a pledge, a promise, a certainty. It is your word and your honor. It’s not some fragile, half-hearted, apathetic, lackadaisical suggestion that you throw out there. I heard a very good description of commitment at a DollarMakers Joint Venture Forum Convention we held in Edmonton, Alberta. One of the speakers said, “You’re here because you committed to being here. Anyone who is not here, but said they would be here, was never really committed to being here. They are committed to being where they are now.” What you DO is what you are really committed to. When you act on your commitment you build there is congruency and trust.

In today’s world, there are too many people whose promises are flippant, unreliable, fickle, and erratic. They lie, cheat, and deceive easily in this mediocre world where there is seldom a visible consequence to dishonesty. When you break your word, you reveal yourself as a loser and a thief. True commitment means, “Whatever it takes. I’m there for you. I am dependable, reliable, and solid as a rock. I will not quit. I will not be swayed.” People, who regularly cancel appointments, renege on agreements, under deliver, and make excuses are sending us a very clear message: “Don’t trust me. I am a loser, a pretender. I have a poor self-image. I don’t like or trust myself. My word is worthless. I have no honor. Don’t back this horse.”

Here’s the good news. Your success and the amount of money you make are in direct proportion to your self-esteem and self-respect. And that self-respect is in direct proportion to your level of self DISCIPLINE. When you discipline yourself to be steadfast, to pay the price of keeping your promises, to be honorable and congruent, success will follow you like a shadow on a hot, summer day. When you truly COMMIT, nothing and nobody should be allowed to distract you, dissuade you, or deter you. And then you will attract likeminded people with similar values, whose words are their honor, and whom you can absolutely rely on under all circumstances.

W. H. Murray taught us that, “Until one is committed there is hesitancy, the chance to draw back, always ineffectiveness. Concerning all acts of imitation (and creation), there is one elementary truth, the ignorance of which kills countless ideas and splendid plans: that the moment one definitely commits oneself, then providence moves, too. All sorts of things occur to help one that would never otherwise have occurred. A whole stream of events issues from the decision, raising in one’s favor all manner of unforeseen incidents and meetings and material assistance, which no man could have dreamt would have come his way. I have learned a deep respect for one of Goethe’s couplets: Whatever you can do, or dream you can, begin it. Boldness has genius, power, and magic in it.”

Make the commitment and the attainment of your goals is a done deal. Watch how you will attract success like a money magnet. See how wonderful people of integrity will be drawn into you life. Be strong and courageous. Walk your talk. To thine own self be true.

Robin J. Elliott www.DollarMakers.com

Recently Rika and I took a long walk along the beach and the pier in White Rock, BC. Afterwards, we walked past perhaps twenty little restaurants before deciding on one where we would have lunch. While some of the restaurants were pretty busy, we were the only people at this particular restaurant. The food was excellent. Prices were reasonable. Service was acceptable. Will we ever return? Maybe, maybe not. And therein lies my challenge to small business owners.

Let’s use this restaurant as an example. If you owned this restaurant with forty competitors within walking distance, what would you do to differentiate yourself and insure that your guests eagerly returned, passionately told their friends about you, and planned to enjoy all future special occasions at your restaurant? Would you even be interested in achieving this goal?

Our experience at this restaurant is the same we’ve had for nine years in Vancouver restaurants. The managers / owners/ Maitre D’s are usually AWOL. (Army term: Absent Without Official Leave). They make no effort whatsoever to build relationship, obtain your information (if they do, they don’t use it) or give you any reason, however remote, to return. The same goes for the “Hostess” who seats you. The servers are notoriously untrained. They have no idea how to serve and they have no idea how to make guests feel good. They call you by your first name, treat you as an equal and disappear forever after drawing a happy face and writing some inane message like, “Thanks, Tracy” on your bill. No added value, no incentive to return, minimal service, minimum value. The term, “Vending machine” springs to mind. My loyalty to such a restaurant is about at the same level as my loyalty to a candy vending machine. And it’s not the employee’s fault – they don’t know any better. They have no training and no idea what service is.

Imagine if we were made to feel very special as soon as we graced the restaurant with our presence. Imagine if we were treated like royalty, and if we were given the opportunity to build a relationship with the establishment. What if we were to receive valuable, unexpected gifts worth hundreds of dollars (at no cost to the restaurant)? And what if we were given a really compelling reason to return as soon as possible? What would happen if that restaurant had a way to communicate with us on a regular basis and pre-empt any special event that required the use of a restaurant or catering service? And imagine if all this additional value added thousands of extra dollars to the bottom line of the restaurant! Seeing that NOT ONE restaurant that I know of in this city does that, do you think that this restaurant would possibly do exceptionally well as a result of implementing these special, simple systems, at no cost or risk? And perhaps that I would be naming that restaurant in this article, which will be read by thousands of people?

Regardless of the type of business you own, these simple yet highly effective systems can be added quickly, at no cost or risk. In addition, you can jump-start your bottom line with 100% pure profit from Joint Ventures, using your existing resources! I challenge you to consider the use of Joint Ventures. Before your competition does, that is. Right now, most businesses provide such mediocre service that you probably don’t have much competition. Until they start to wake up and start to use these systems, that is…

Robin J. Elliott www.DollarMakers.com
(Robin J. Elliott is a trained and qualified Hotel Manager and spent seven years managing hotels and restaurants. He has also trained hundreds of restarant owners and managers in the use of Joint Ventures.)

After 19 years of working with the owners of small and medium sized businesses, I know that cash flow and time are your biggest challenges. How many of these challenges are you facing?

1. I have to work harder and harder to maintain my profit levels. That means working longer and longer hours, just to keep pace.

2. My competition forces my prices down.

3. I always seem to be just above or below the line – seasonal business slumps eat into the profits I make during the good times, then tax time comes along…

4. It’s hard to find, and then keep, good staff. They seem less interested and productive than ever before. And, if they’re really good, they become my competition!

5. Advertising is more expensive and risky than ever before.

6. It’s hard to differentiate myself in the market – there are so many people who do what I do.

7. Customer loyalty is a thing of the past – It’s hard to get them and keep them.

Joint Ventures are the missing link in your business success. Let’s look at the JV solution to each of the above.

1. All the profit from JV’s is 100% margin. You can leverage your existing resources and drive pure, unadulterated profit straight to your bottom line with no cost or risk, and very little time.

2. You can use JV’s to blow your competition out of the water and also work with your competition to double your sales. It’s not about price but value. JV’s can help you double and even triple the value you offer at no cost to you!

3. You can remove seasonal slumps, ups and downs and geographic market influences by using JV’s to create multiple, pure profit income streams from diverse industries and geographic areas.

4. You can create a simple profit sharing, JV process that will lock high performers and top

producers in to your business with a vested interest and unprecedented loyalty.

5. Use contingency advertising and JV’s to remove all the cost and risk from getting more business. Pay for results, not promises. Access underutilized resources for fast, real results.

6. With JV’s you will be able to differentiate yourself overnight. You can stand head and shoulders above your competition with a few, simple JV’s. Make an indelible impact on ever customer.

7. Customers are not loyal because you don’t give them a good reason to be loyal – think about that. Take responsibility. Joint Ventures are the tool that can create unheard of loyalty.

When you understand and use Joint Ventures, time and money problems dissapear like mist in front of a blowtorch. To attend a JV Broker Bootcamp or for JV products, please visit www.dollarmakers.com now.

Robin J. Elliott.

When initiating any Joint Venture, it’s important to “lead it”. By that, I mean you understand that you have to manage it, direct it, control it, and sustain it. Don’t think you can just set the JV up and walk away – in most cases it will simply shrivel up and die on the vine. There are a few stages to this process and all the stages are equally important.

1. Ask for what you want. Be very specific. Tell the other partner exactly what you want them to do, why, when, and how. Discuss the time frame, the exit strategy, the payment method, when payment will take place, the tracking method. Dates, times, amounts. If you are both in agreement with everything, move to stage #2.

2. Create a simple but complete Memorandum of Understanding. There are many templates available on the Internet. Simply Google “Memorandum of Understanding”. This outlines exactly what your agreement is, who will do what, by when, and what the consequences are if either party does not perform, including an exit strategy. Include dates, minimum production, the wording of letters, sales and marketing tools, samples, everything you can possibly think of, so that there are no misunderstandings later on. Is the percentage paid to the JV partner a percentage of gross income or of net income? How is net income determined? If you use the old “After Costs” plan, specify exactly what those costs will be, in advance, so that there are no games later. When and how will you be paid? Should tax be added or not?

3. Manage the process. Communicate regularly. Keep in touch. Monitor progress, payments, promises. Make sure everyone is doing what he or she agreed to do. Set up regular, dated and timed meetings, minutes of meetings if necessary, conference calls, and / or e-mails. Maintain the relationship but be businesslike and strict. Always be prepared to walk away from JV partners who do not stick to the agreement.

4. Look for ways to enhance your JV – can you add additional income streams, improve on the process, change the system for the better, or bring in more partners? A JV is a dynamic process. Be flexible and open-minded.

5. When you encounter dishonest JV partners, burn your bridges. Walk away and warn your friends. If the defaulting partner is a Member of the JV Forum and did not abide by our Code of Ethics, let me know.

By nurturing, managing, and monitoring a Joint Venture, you establish strong relationships and optimize the potential of the JV itself. As the JV develops, the integrity and professionalism, or lack of it, of all the partners will be revealed. Joint Ventures are the ideal business opportunity and you should always remove cost and risk and minimize the time invested.

Attend our next Joint Venture Broker Bootcamp and join the DollarMakers Joint Venture Forum – Click here now.

Robin J. Elliott www.dollarmakers.com