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Variables that Influence Successful Joint Ventures
- Create an agreement among the project stakeholders – the team, customer and management – on the goals of the project.
- Document a plan that demonstrates what is possible, shows an overall path and clear responsibilities, contains the details for estimating the people, money, time, equipment and materials necessary to get the job done and will be used to measure progress during the project and act as an early warning system.
- Promote constant, effective communication among everyone involved in the project in order to coordinate action, recognize and solve problems, and react to changes.
- Communicate "stakeholder expectations" to ensure everyone involved understands exactly what can be accomplished within a given time frame and budget. Use systematic process for establishing realistic goals for deliverables, cost schedules, quality of service, as well as techniques for keeping the goals consistent throughout the project life-cycle.
- Contact upper management support and guiding the upper managers toward timely decisions that keep the project moving – to supply people and other resources, make policy decisions or remove organizational obstacles.
The Coprofit Philosophy
Our Philosophy
Build relationships with clients that help them grow their business beyond expectation. "The perfect joint venture," says CoProfit Founder Michael G. Perry, "embraces the strengths of two or more parties who consolidate knowledge and resources to achieve common goals through focusing on and executing a clearly defined strategy... Continued...
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Inevitably, when done correctly, it can increase your bottom line.
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How to Joint-Venture With Experienced JV Partners Using a Simple, Five-Step Process
Starting relationships with an unknown JV partner can be a risky proposition if you're not plugged into the variables that influence the outcome of a project.
Below are five simple steps you can follow to engaging a prospective JV partner...
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How to Build Your Joint-Venture Business - Simple Steps to Successful Growth Models
As you look at your advertising budget for the upcoming year, think about allocating some of your funds to joint-venture projects. As you build your business model, know that you can grow your business faster when you consolidate your knowledge, company resources, as well as other company assets with other businesses that have complementary attributes to grow each others' businesses.
