joint venture marketing
Are you working at a rat race pace? American culture and norms dictate that we should give 100% to our jobs, 100% to our family, 100% to our religious and spiritual life, and the list goes on. Our culture is so dependent on overworking that it should be a
Constitutional amendment. But how can we possibly sustain such a pace with so much focus being sent in too many directions?
Each one of us feels a need for speed in getting things done. Certainly in business, it is no different. Your joint venture must be proactive in procuring business and react to various daily business stimuli. And any business owner and JV partner recognizes the importance of quick and decisive action, especially in a down economy.
You Can Afford To Slow Down
The fact is that you can accomplish more in less time when you focus and consciously direct your attention and efforts toward a specific task. Of course sometime’s quick decisions need to be made and put into action in the course of business. But are you really taking adequate time to come up with and compare alternative solutions? Sometimes a quick decision is not the best decision.
By taking time to reflect and weigh potential consequences in your business and JV decisions, you are able to make decisions with more confidence with more effectiveness.
How Slow Should You Go?
Of course, you want your JV to succeed and do everything you can to keep it moving along to produce profit for you and your JV partner. But how do you take the time to become more effective in less time? How do you decide how much time you need for major decisions?
- Determine a timeline – First, with each decision you need to make consider when your decision must be made. A quick decision may be required to satisfy a customer or react to a business situation. But take a moment to consider whether more time may be more beneficial in the end. With additional time, you may be able to brainstorm and come up with a better solution for your customer or a better response to a business question. Sometimes it may be a few minutes or perhaps it may take weeks. But with any business question, consider the impact of your bottom line if you decide too hastily.
- Reflection – Once you know you have some time, take the time to reflect. Reflection is an important part of pacing yourself. Taking quiet time to think and analyze the possibilities and alternatives gives you an important tool in making decisions, and that is confidence.
- Use your experience – In the writing realm, the common adage is “write what you know.” The same holds true in business. Use your experience and expertise that you’ve accumulated over the years to come up with solutions and make decisions. You may know that a strategy will not work based on past experience, or you may know what works like a charm.
Recognize that you must take risks and make decisions that may not work well. However, by taking the time to consider the possibilities, you allow your JV to take calculated risks – and that is how you succeed in business.
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.