joint venture marketing
Along the path of your joint venture, you are likely to experience a difference of opinion and possibly conflict in the methods of your JV business plan or strategy. Conflict can lead to dissolution of the partnership if not handled properly. However, if you and your JV partner take an approach to conflict resolution using these tactics, you may well continue on your way to great success.
1. Identify the Problem
The first step in resolving conflict is finding out exactly what the problem is. The problem could only be on one side of the JV partnership. For instance, you could be enjoying a wonderful and successful outcome of a joint venture, while your partner, while sharing the success, is unhappy for some reason. Your job is to find out what the core of the problem is. And if it is you that is unhappy, it is your job to express your feelings to your JV partner in order to work on a solution.
One key factor in problem identification is keeping the problem separated from the person. Don’t assume that your JV partner is the problem. Realize that there may be other motives for your partner, or perhaps external forces that cause a conflict with your partnership.
2. Discover What You and Your JV Partner Want
In order to solve a problem, you need to know what it is that both you and your JV partner want. In talking with your partner from the example above, you discover that although he has increased revenue through your combined efforts, he is unhappy because his business goal included expanding into other service arenas, but the amount of time spent on the JV has prevented him from working on that goal.
3. Create and Evaluate Alternative Solutions
You and your JV partner are creative people. As entrepreneurs, you have the ability to generate multiple ideas and solutions. Arrange a meeting with your partner where you can sit down and brainstorm solutions to the problem.
Your solutions should focus on mutual gain. Bending over backwards for the benefit of others may be a short-term solution, but raises inner conflict for you and sets a precedent that you are a pushover. Come up with creative ideas that can benefit you both. And keep in mind that may ultimately mean dissolving the JV partnership as a solution.
4. Make a Decision
When you have a set of potential solutions before you, narrow your possibilities and choose the best one that works for both you and your joint venture partner. If you are both comfortable with the solution, then set it in motion.
Following up and evaluating your decision is also important. Set up a follow up meeting with your JV partner to go over how well your solution is working. Additional creative steps or even a new solution may be required. By following up, you ensure that both you and your joint venture partner are enjoying a successful venture.
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.