Tips To Coordinate A Successful Joint Venture

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 very first JV partnership. We have tips to help you coordinate a successful joint venture right from your first contact with a prospective partner.The Screening ProcessThe right JV partners will set the stage for a successful joint venture overall. 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 partner's 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 ventureThe more carefully you screen your potential JV partners, the more likely you will be to embark on a successful joint venture.The Legal ProcessOnce you find a prospective partner that meets your pre-screening qualifications, it is time to deal with the legal aspect of the joint venture process. No matter how comfortable you feel with your JV partner, you want to have your full agreement put into writing and signed by both parties. Potential issues to address in your JV 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 joint venture- Taxes and potential deductions- Specific business plan, including purpose and goalsThere 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 ProcessAfter the relationship is in full swing, there are a few factors to keep in mind to ensure your joint venture 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 within the joint venture- Set a timeline to reassess your partnership and determine whether to continue the joint venture 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 returnJoint 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.

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