joint venture marketing
Within any partnership, there will be conflict. That’s simply a natural facet of relationships. Hoping for zero conflict in a joint partnership is storybook thinking and can get you in trouble when disagreements arise, especially when two or more entrepreneurs with big dreams and egos are put together. However, when you approach a potential joint venture with the expectation that there may be conflict, you are already a step ahead in dealing and resolving issues.
Resolving conflict between joint venture partners requires the same amount of creative thinking as starting and running and entrepreneurial business. It also requires a large amount of personality to resolve conflicts in a genial and professional way. There are three major personality traits that will go a long way in resolving conflict:
Maturity – There is no need to revert to junior high pouting and tantrum tactics. It is an amazing sight to watch some grownups behave like a child, and it happens frequently. You and your JV partner are mature grownups and can handle conflict without the “drama.” A dose of maturity in a conflict situation can be the catalyst for solving the problem.
Maturity requires a careful balance of consideration for others and emotional management. Often during conflict, we get a rush of adrenaline, which tends to set our emotions in a tailspin. We transform into an attitude of “I’m right, you’re wrong,” and become defensive in order to protect our integrity and reputation. Always keep your emotions in check.
Give your JV partner the consideration that he is entitled to an opinion, especially when it comes to the success of his business. If you will resolve problems, walking a mile in the shoes of the other can give you a keep perspective in finding a solution.
Professionalism – No matter what occurs, you need to maintain your professionalism during conflict. That means keeping a check on your maturity as noted above, and behaving in a warm and professional manner throughout a conflict. That means allowing others to speak, remaining calm, and communicating in a diplomatic manner in order to convince others of your position. Never be pushy, arrogant, or abrasive. Professionalism sometimes requires practice to get it just right. But when you do you will have the ability to remain emotionally level, communicate effectively, and continue a good relationship.
Integrity – Throughout any conflict, you must keep your integrity if you wish to maintain your business reputation and image. That means keeping your promises, remaining loyal to those joint venture partners who have put their trust in you, and treating everyone with the same set of principles.
Integrity also means owning up to mistakes and taking responsibility for things that were in your control. Pointing fingers is never a good way to start resolving conflict. Resolution requires the parties to look at the situation and discover what went wrong without blame.
Your successful joint venture can happen not just with a solid plan, but also with the interpersonal business ethics noted above. Maintaining your maturity, professionalism, and integrity will get you a long way in managing your business relationships.
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.
To discover more joint venture marketing Strategies join his free joint venture marketing Wealth Report.