Making The Most of a Joint Venture

Making The Most of a Joint Venture

When we collaborate or partner with other professionals, we do it because we believe that it will provide us something that we can’t achieve by working on our own. Belief by itself won’t get us improved result. If we want to really make the most out of a joint venture (JV), there are some actions we need to take to control the outcome and experience. In our blog below we discuss 3 things you can do to make the most out of a joint venture.

Set Responsibilities Up Front

If you want to be successful with a joint venture, you need to split responsibilities and make sure that all parties are accountable for their portion of the work. Joint ventures can work even when you fail to set responsibilities up front, but ultimately, they’ll fall far short of what they could have been if everyone is crystal clear up front on what they need to do. Nobody wants to relive being the kid doing all the work for the project and splitting half the credit.

Make Sure The JV’s are Complementary

While there’s nothing wrong with working along side someone that does the same thing as you, it doesn’t make nearly as much sense as finding a partner that complements the work that you do. Whether it’s bringing in an audience when yours is weak or establishing strong credibility as you build your own authority, it’s going to make a much greater difference in positive results to work with a complementary business.

Address Problems Head On

Open communication is one of the most important aspects to have a successful joint venture. Besides setting of responsibilities we need to make sure we address friction with partners head on, problem solve together and express gratitude when possible. Ultimately, any partnership requires two or more people and businesses to work together and the best results always come from active communication and strong EQ.

Have you had success or failure with joint ventures?  Let us know in our private Facebook community, the EML!  You can join here!  

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