The 5 Commandments of Joint Venture Etiquette

by | Jan 18, 2009 | Building Relationships, Marketing & Selling

Joint ventures (JVs) are a powerful way to grow your business — whether on or offline. But, you need to come to the JV with the right mindset: A joint venture is not all about you. It is about creating value for all of those involved: your JV partner, your clients and customers, and your business.

So, to help you get started with creating — and benefiting — wildly successful joint ventures, here are some guidelines you should follow.

I. Thou Shalt Look Out for the Interest of Both Parties

Remember, the key word here is “joint.” This is a venture that will benefit both you and your JV partner. Always keep this in mind. “When you present your JV idea, you must be able to show your potential JV partner what the benefits for them are going to be,” writes Vickie Jimenez, personal and business development expert and author of Champagne Thoughts and Caviar Power the Science of Results Oriented Thinking. You must be crystal clear on what benefits your JV partner will gain by being a part of this alliance.

II. Thou Shalt Keep Your Promises

If you say you will deliver X on Y date, then you must deliver X on Y date. If you don’t do this, you will damage your credibility and your ability to develop JV relationships in the future. So, be sure that you can deliver what you promise, and be careful to promise only what you can actually deliver.

III. Thou Shalt Nurture an Attitude of Service

Be of service and you will prosper. Be of service to your JV partner. Listen to what their needs are and see if you can help. Be of service to your clients by bringing them value through your joint ventures. There is a difference between being a servant and being of service. The latter has much more power and abundance.

IV. Thou Shalt Be Fair and Reasonable with Profits

Be equitable in your dealings with profits. There is plenty to go around and being greedy will only undercut any good you may have created through the joint venture.

V. Thou Shalt Hold Your Prospects, Clients, and Customers Needs Above All Others

Creating a joint venture is all about growing your business. To do that, you must keep the needs of your ideal clients in the forefront of your mind. Be sure that any joint venture you enter or develop will, ultimately, benefit your ideal clients. Otherwise, it is just a waste of your time.

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