How To Reaffirm Your Jv Commitment
Small business owners and entrepreneurs need to work for a bigger picture or goal
. Simply going through the motions each day becomes monotonous and leads to a placid and stale work life.
The same holds true for a joint venture. When you formed your JV with your JV partner, you were most likely excited and enthusiastic about the idea. But even if you are accomplishing the goals you set for your JV, there is no place for complacency. If you feel that you are simply going through the motions with your JV, it may be time to reaffirm your JV commitment.
Revisit Your JV Mission Statement and Keep it on Display
What was your JV mission? Do you even remember? By simply revisiting a mission statement on a frequent basis, you feel the impact of what you set out to do. Sure, you probably wanted to make some money with your JV. But what else did you wish to accomplish? Expand your own skills? Educate yourself about new sales techniques? Perhaps you wanted to provide an essential service to a community in disrepair. Keep your mission in mind constantly and you will rejuvenate your enthusiasm.
What is the Value of Your JV to the Market and Community?
Remember that your JV was formed with the intent of providing added value with the combination of products and services from both you and your JV partner. Is that value still provided? How about to the community? Does your JV hire outside help and provide jobs? Remember to always keep value in mind when you reaffirm your JV commitment.
Make Your JV Stand for Something Important
If your JV is going to experience continued success, it needs to stand for something important. It could be personal, such as providing added income to you and your family, or maybe even a sense of accomplishment. It could also be external, such as providing a much needed community service. If you know your JV stands for something important, your commitment will easily be reaffirmed.
Encourage Your JV Partner and Employees
Remember that a JV requires at least two people. You are not alone. Include your JV partner and other employees who work toward the success of the JV with your reaffirmations. Encourage your JV partner by showing your enthusiasm for continued success. Reward employees for doing a great job and meeting goals.
Listen
As mentioned, you are not alone in your JV. Take time to listen to your JV partner, business associates, and employees and discover how they feel about the progress. Perhaps they are excited about the success and future prospects of the joint venture. Or maybe by listening, you find out that your joint venture partner wishes to go in a new direction with his business that doesn't include your JV activities. Be perceptive and mindful of how your JV affects others.
Reaffirming your commitment to your JV doesn't have to be a constant activity. But every now and again it is important to remember why you formed a joint venture in the first place and what you need to do for its continued success.
by: Christian Fea
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