Learning to have good joint venture etiquette will increase your ability to have joint ventures and increase the popularity with which others would like to create a JV with you. It is important to learn JV etiquette because it helps a joint venture agreement go much easier. Here are 3 tips to help ensure your success and your partner's success.
Make sure you understand who is responsible for what.
It helps to make sure that job duties for the joint venture are spelled out in specifics. This helps the partnership have accountability as well as smooth interaction. It also creates balance so that one partner is working 10 times harder than the other partner to get the venture off the ground. If you are clear about duties and responsibilities then you will lower stress and have a successful out come.
Make sure you know who is going to follow up on what
There can be many things to follow up on in a joint venture. Many of these things can be customer care related and it helps the partnership decide in advance as to how customer care is going to be serviced by the two companies. If you are providing a list of names and the other company is providing your list a widget, make sure your customers know who to contact for widget technical support.
Be up front with your Joint Venture Partner
If you are waiting for manufacturing or are not ready because of some challenge make sure you are honest and work together to find a solution. When you create a joint venture you are not simply trying to have one business transaction. You are creating a working relationship with your JV Partner. You are creating an alliance so that you can work together in the future.
Joint ventures are not just a business rage. They will be the way business is conducted for now and in the future for a long time. Building your network no longer is just a client network. Building your network means building a business and client network along with a business network. If you have joint venture etiquette you will succeed now and well into the future.