Do you measure lead or lag indicators? As managing partner I know you use them. Because you pride yourself on getting what you measure.
Moreover, you give your partners “room”, room to be entrepreneurs.
That’s what partnership is all about, right, driving the business, delivering on promises, meeting targets? So far, so good.
But what if you don’t see the results you’re seeking despite measuring like crazy? And I bet you measure like crazy. You’ve got all the measures in place but no results.
And if you don’t fix it, it may lead to an unpleasant awakening.
Year end lag indicators are high risk
I’ve seen managing or lead partners who won’t actively engage with their fellow partners.
Instead, they measure lag indicators: partner results at year-end. “Because the scorecard doesn’t lie!”
One of my recent contacts told me:
“Max, evaluating partner performance is straightforward. At the end of the year, we sit down and check: achieved/not achieved. Easy. Nothing to discuss.”
I was stunned. I mean, that’s one way to do it.
Evaluating final results at year-end is a high-risk proposition for all involved — your partner and you. It means “game over”. You can’t impact it anymore and have wasted opportunities by not even watching.
Take a combined approach
You need a combination of lead and lag indicators. To stay with my game analogy: Assess the activity on the field at specific points and note the score at intervals.
So, check-in with your partners regularly throughout the year. Ask how they’re going on.
Probing questions like, “What’s your marketing like these days? What’s working for you?”
Help them reflect on activities, so they conclude whether their approach has been or will be successful or if they need to tweak things to hit the year-end targets.
Don’t be fooled, though – you need to engage properly, or you won’t get what you’re watching.
And if you’re not prepared to do that, maybe your role is not quite right for you?
Want to find out where you are at with your partner powers? And get some tips on getting there? Perhaps my PartnerPowers Scorecard is for you. It will take you 2 minutes to find out where you stand with the market, your team, as a leader.