joint venture marketing
Most people are very liberal with their estimations of self-worth. In many cases, a person may think they are the most highly qualified worker and candidate for a promotion, but are simply passed over. How does one truly estimate their value to a company, and in the case of a joint venture, their worth toward the success of the JV?
Your value toward the effectiveness and success of your JV may be analyzed in a number of different ways. Most JVs are 50/50 between the partners, but many are weighted differently such as a 60/40 or a 70/30 split. In any case, it’s important for each partner to pull his own weight in relation to the agreed contribution. Here are some aspects that can give you an idea of how effective you are toward the JV’s success and your value to the bottom line.
Profit – This is one of the biggest value indicators. How does your contribution affect the profit capability of the JV? Is profit dependent upon your role within the JV? Usually sales and marketing are a big factor in determining the profitability of a JV. But other ways can contribute to profit such as price determination, production efficiency, or expense reduction.
Purpose – What is your purpose within the JV? Are you there as a contributing partner, or do you take a back seat approach and observe and let things happen? Do you contribute ideas for improvement and strategy? Are you an action person who carries out the strategy?
Problem Solving – Are you a creative problem solver? Solving problems may not seem to have a direct effect on profit, but when solutions create faster and more efficient production, quicker market response time, or a better product, then value is certainly realized.
Speed – Can you perform work more efficiently in less time? Many people are valuable because they get things done. They know the shortcuts necessary to get an action complete, or perhaps have the contacts to call and get things completed faster.
Motivation – Many people are valuable because of their personality. They are catalysts for others to get things done. They may be the enthusiastic motivator for productivity, creativity, and ultimately, a part of the success of the JV. Their personality never wavers between ups and downs. Rather, they are consistently optimistic and cooperative and are able to get people to respond to them in positive ways.
Pride – Are you someone who takes pride in your work? Ultimately, if you are proud of the work you create and perform for a JV, then your value is intrinsic with its success. People who take pride are more effective and have a stronger desire to see success.
How does your value quotient add up? Do you feel you contribute enough? Too much? Not enough? Ultimately, if you want your JV to be successful, you must realize your value to the partnership and contribute your share of value. In doing so, you will feel good about your part in the JV and realize the potential profit for your added value.
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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