Tips To Coordinate A Successful Joint Venture
Joint ventures provide some of the best value for your marketing dollar today
. By riding the coattails of a larger company, or combining resources with a business similar in size to your own, you can exponentially increase your customer base and your bottom line.
The success of your joint venture begins at the outset with the establishment of your JV partnership. We have tips to help you coordinate a successful venture right from your first contact with a prospective partner.
The Screening Process
The right JV partners will set the stage for overall success. To ensure you find the best possible partners for your arrangement, consider the following:
- The nature of the partner's business and how well it relates to your own
- The reputation and history of the business
- The overall purpose and goals of the other business for the joint venture
- The ability to work well with and trust the partnering business
- The benefits both businesses will stand to gain from the joint venture
The more carefully you screen your potential partners, the more likely you'll be to embark on a successful partnership.
The Legal Process
Once you find a prospective partner that meets your pre-screening qualifications, it's time to deal with the legal aspect of the process. No matter how comfortable you feel with your JV partner, you want to have a full agreement put into writing and signed by both parties. Potential issues to address in the contract include:
- Management issues - who will manage what
- Availability and allocation of common resources
- Mutual gains and how they will be disbursed
- Accounting principles for the JV
- Taxes and potential deductions
- Specific business plan, including purpose and goals
There are a couple of options for drawing up a JV contract. First, look for templates online that have been specifically designed for this purpose. Second, hire the services of an attorney that specializes in business issues like joint ventures to handle the legal part of the process for you.
The Partnership Process
After the relationship is in full swing, there are a few factors to keep in mind to ensure your collaboration continues to motor along smoothly:
- Strive for regular communication between partners to assess the arrangement and make necessary changes
- Keep your word to your partner in all business endeavors, so a circle of trust is built
- Set a timeline to reassess your partnership and determine whether to continue or disband in favor of other potential arrangements
- Aggressively market your joint venture, using all possible Internet options, to ensure the partnership brings you the best return
Joint ventures are a popular method of growing a business today, but many companies are still shying away from the concept for fear of getting roped into an ineffective arrangement. With these tips in mind, you can rest assured your joint venture will be as successful and harmonious as possible.
by: Christian Fea
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