joint venture marketing
You might think your upcoming joint venture will be a boon to your business, but your staff may not be so sure. Most employees tremble at the thought of any sort of change to their current business status, especially a change that encompasses bringing an entire company onboard to increase your customer base and profits.
To ensure your joint venture is a success for everyone involved, it is a good idea to properly prepare your staff for the potential changes that are ahead. We have tips to help you help your staff transition into your new joint venture with ease.
Know Your Plan
Before you communicate your joint venture plans to the rest of your staff, know what those plans specifically entail. It may be best to approach your staff with the idea after you and your JV partner have put your strategies in writing. This includes knowing the precise reasons you entered into the agreement in the first place, so you can easily articulate the potential benefits to your staff.
It is also good to know what your overall objectives are and how the anatomy of the partnership will look to reassure your employees of their role in the process.
Adjust Your HR Philosophies
If the joint venture will affect your staff’s responsibilities or training, adjust your human resources procedures to match those changes. For example, train staff to properly manage customers that might come from your JV partner, give them the necessary resources to handle a larger customer load and communicate a change in corporate culture if one is to be expected.
It is also a good idea to develop incentive programs that reward current employees based on the success of the joint venture to help get them onboard with the partnership.
Acknowledge Your Staff’s Value
Changes in a business can always leave some employees feeling less than secure, so offer reassurances to your staff by recognizing their value and rewarding it accordingly. If you have an employee with specific skills that would be beneficial to the joint venture, talk to that individual about how he can become an intricate part of the process. Take the time to talk to your staff about their feelings towards the upcoming change and address their concerns as they arise.
Open communication will go a long way in showing your employees they are valued and that their positions will be secure throughout the endeavor.
The most important way to get your staff enthused about your upcoming venture is with communication. Let your employees know what is coming, so they don’t feel blindsided during the process. Appoint a leadership person to communicate the details regularly if you don’t have time to do so yourself. Exude a positive attitude toward your new partnership and your staff will be more likely to do so as well. An accepting staff is an important component to a successful joint venture, both now and well into the future.
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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