joint venture marketing
The term “business architect” is a relatively new one that refers to professionals who work directly with businesses to create positive plans and strategies designed to benefit an organization. This individual can be particularly helpful in the area of joint ventures because he can effectively bring together two companies with a big picture in mind.
This article will explain in more detail what a business architect does and why this professional might be an asset when forming a joint venture partnership.
The Role of a Business Architect
Business architects may work within a single company, or they may get hired from the outside to work as independent contractors. These professionals create, but not in the traditional sense of an architect who uses blueprints and floor plans to create buildings. Instead, the business architect works with managers and employees of a company to learn about the corporate philosophies of the business. He then creates new plans and strategies to enhance the corporate environment and improve the company’s standing in the market.
In a joint venture, a business architect can serve as the middleman between the JV partners. This professional will take the time to analyze each company’s strategies and goals, creating a single objective and plan for the joint venture. The business architect will come up with an overall strategy specifically for the joint venture that each partner can implement to his own benefit. This experienced professional is responsible for building a solid foundation for the joint venture that can be built upon by each partner in the process.
Benefits of Working with a Business Architect
Joint venture partners may enjoy numerous benefits by getting a business architect involved at the beginning of the JV process. These benefits might include:
- An objective determination of whether the businesses in question will make symbiotic joint venture partners
- The development of accounting principles to track assets and expenditures of the joint venture
- A standardized decision-making process that will help all the JV partners navigate their partnership successfully
- An establishment of rules to govern the joint venture, including a hierarchy of authority and steps to manage potential conflict
- An unbiased listing of the pros and cons of embarking on the joint venture in the first place
- Negotiation of terms of the joint venture agreement, including intellectual property, profits and dissolution of the agreement
Because business architects typically have the gift of communication, they may be particularly adept at formulating a joint venture agreement when business owners do not have the same ability to convey their thoughts and concerns about the process. Business architects also bring an objective element to the process that more effectively protects the interests of all involved parties, while ensuring the greatest benefits can result.
While a business architect is not a necessary element of a joint venture, it can be a helpful one. Of course, JV partners will have to factor in the cost of these professional services to determine if the potential benefits outweigh the expense. In many cases, the skill and objectivity a business architect brings to the joint venture table makes him worth the cost to ensure a successful agreement.
christian fea is CEO of Synertegic, Inc. A joint venture marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.
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