|
Author: Habiba Abubakar Article source: http://www.midwestconstructionlaw.com/. Used with author's permission.
Joint venture marketing is the fastest, easiest, and most profitable way to increase your client base and generate huge profits. But, one of the VERY FEW downsides is that you may run into unserious joint venture partners who can make the process slow, difficult, and unbeneficial.
"No-show" is the polite term for joint venture partners who make empty promises. Ever come across them? They are the all-talk-and-no-action types who seem to have all the enthusiasm in the world to joint venture with you in the beginning.
Initially, it looks as if there's a strong "connection" during your meeting. They come across as being very open to ideas, and they may even appear to have the same values as you. Then suddenly... they don't reply your emails, they don't return your phone calls, and they make several "I've been busy" excuses for their inappropriate behavior.
This often happens when your joint venture partner is someone you've just met. It can occur whether you approached the joint venture partner first or whether they made the initial contact.
So how do you avoid this "no-show" situation or rectify it? Here are some helpful tips:
1. Be Clear About What You Expect
Right from the start, don't be afraid to initiate a conversation about committing to the project. Without mentioning names, talk about your past experiences with no-show joint venture partners (or experiences you've heard of). Politely reassure your joint venture partner that you'll operate efficiently, and that you expect the same from them. They'll appreciate your direct and professional approach.
2. Make Them Commit To A Specific Date
Ask your joint venture partner for a convenient date that they can commit to for executing the venture. After you've finalized every aspect of the joint venture, send them a confirmation letter that outlines what has been agreed, including the date of commencement. Ask them to let you know whether the fixed date is still convenient for them. This gives them another thinking opportunity to ensure that they want to go ahead with the project.
3. Have A Contract In Place
Draft a contract with details of everything agreed. In the contract, insert a clause that explains what constitutes unacceptable behavior, and what will happen if such an "unlikely event" occurs. Make sure the both of you sign the contract. If you sign the contract and they don't, they are not bound by it. Note that even with a contract in place, a joint venture partner who is in the habit of making empty promises may still breach the contract. However, having everything detailed in a contract covers your back, and will certainly shame the unserious joint venture partner.
4. Stay At The Top Of Their Mind
Some joint venture projects are finalized months in advance, and the parties involved may not need to discuss the project again until the implementation date gets closer. In this case, it's easier to keep in touch with an old friend or associate than it is to do so with someone you've just met. If your joint venture partner is a new friend or associate, stay at the top of their mind by keeping in touch with them. For example, you may send them a birthday card or send information on an event you think they'll be interested in. This will make it difficult for them to disappoint you because each positive contact will make them know, like and trust you more.
5. Let Them Know Who You Know
Relationships are so important in business, and so is reputation. Your joint venture partner will not want to disappoint you when they know that you have a quality network. Why? Because they would want to tap into your network of influential friends, colleagues and associates, and they are fully aware that those in your network will hear about their bad behavior. Subtly mentioning who you know to your joint venture partner will encourage them to keep their promises. Something as simple as "Since you're a Chicago-based coach, you must know my friend Joe Smith," is good enough. Your joint venture partner may not have heard of your influential friend, but by the time you explain what he does, they'd realize why they need to know him.
6. Cross Them Off Your List
If all else fails, then you'll have to cross the unserious joint venture partner off your list of friends, colleagues and associates. After all, you want to ensure that you're hanging out with the professional, ethical and credible crowd. If your joint venture partner doesn't have the courtesy to reply your emails or return your phone calls, fails to keep promises, and can't give a reasonable explanation other than the "I've been busy" routine, then you should be concerned about the future of your relationship with them. Your aim is to find credible centers of influence that you can joint venture with over and over again. A habitual no-show joint venture partner is likely to keep doing so, and you don't want to go through such unnecessary headaches every time you plan a project with them.
When it comes to joint venturing, it's always wise to start with those you already have a relationship with or someone being introduced to you by your friends and colleagues. That's because it's more difficult for someone who already has a strong connection with you (or someone being introduced to you by your friends and colleagues) to disappoint you.
Copyright © 2005 by Habiba Abubakar and Emprez. All rights reserved.
Note: You are welcome to republish this article as long as the resource box at the end is included fully and unaltered. Habiba Abubakar, a.k.a. The Profit Diva, specializes in helping small business owners who are struggling to increase their client base and are tired of earning mediocre profits. The tips in this article have been excerpted from her home-study program, "Joint Venture Profits For Small Business Owners." To learn more about this step-by-step program, and to sign up for your FREE copy of her revealing Mini eCourse, "The Easiest Way To Skyrocket Your Profits In 90 Days Or Less," visit http://www.profitdiva.com
Pierced Ear Problems and Solutions
The practice of ear piercing dates back to thousands of years ago. From jungle tribes to desert nomads to royalty, pierced ears were indicators of both beauty a...
Ruidoso, New Mexico - A Mountain Paradise
Ruidoso, New Mexico is a wonderful Southwest vacation destination offering Skiing, Horse Racing, Theater, Fishing, Shopping, Hiking, Biking and so much more.
Conquering Your Acne - A Few Helpful Tips
Here are some great tips to help you conquer your acne and feel great about life again.
5 Rules for Effective Written Sales Communications
Most salespeople have great ideas, but when it comes to putting those ideas on paper for their prospects, they ramble on for pages and quickly lose their reader...
Fat and Obese Dogs Live Shorter Lives
Obesity is one of the most important health concerns facing dogs. You can do something about it. Fat dogs live shorter and less healthy lives and your enjoyment...
Freelancers, Subcontractors, & Creative Folks: Stop Charging By the Hour & Make More Money!
If you are charging by the hour and you own a creative business or freelance in a creative industry, then you are LOSING MONEY and not making the amount of mone...
Female Hair Loss: Finding a Hair Loss Solution
You see, in many cases, female hair loss is just a temporary occurance and hence, finding a hair loss solution to it is relatively easy.
Online Cell Phone Scams and Spam
This article offers some quick but crucial tips on detecting fradulent spam and scams from emails with special focus on the cellular and wireless industry. Webm...
ABCs for High Achievers
This is an example of a popular exercise that can be applied to any topic. Give it a try with a specific goal or project you are involved with. It's a great sel...
Planning Permission Tips UK - What To Show And What Not To Show On Your application Drawings
Many people when presenting drawing plans for Planning Permission show too much detail & obtain a refusal. You only need to show the works that actually need th...
Is Your Web Site Ready For Its Visitors?
There's a great interest among the Internet entrepreneurs about how to promote their business on the Web. There's always a quest for new and innovative ways of ...
Beat Angina Naturally
Beat angina naturally
Why Is Your Prayer Of Faith Lacking Results?
What is your prayer of faith missing? Have you lost any blessings from god lately? Are your blessings from God void of your hearts desire?
Life - The Journey
Life is like the reflection of the flowers in the mirror, and like the reflection of the Moon in the water. Though beautiful, yet it is not an everlasting thing...
Online Promotion Beats Traditional Ten-One
While traditional marketing can work for the book author or publisher, the return is dim for the huge effort it takes. You must promote 90% of the time to even ...
Dealing With your Pets Allergies
Find out which type's of allergins most commonly afflict your cat or dog and what you can do about it.
Search Engine Marketing: Choosing Keyword Phrases
Selecting the right keyword phrases is the key to a successful search engine marketing campaign. Industry statistics indicate that as many as 85% of all initial...
Dump Those Negative Tapes
Many of us have a negative view of ourselves from recurrent feedback in childhood. We perpetuate this view of ourselves by always hearing the negative tapes pla...
Publishing E-zines Via RSS
The exact how-to specifics of how to publish your e-mail e-zine via RSS.
Apply Online for Temporary Health Insurance
There are many benefits to temporary health insurance. Find out if it is something that might work for you.
Swotting for Success
Not so long ago, I impressed the daylights out of a friend, by showing him his face on my PC's screen. As I tapped away at the minus key, the picture slowly zoo...
How to Generate Extra Cash in an Instant
With so many out of work, laid off or staying in dead end jobs to make the ends meet, we need creative ways of generating extra income. Here are a few simple, i...
Importance and Necessity of Special Revelation - Part One
This article briefly exposed the bankruptcy of materialistic and empirical philosophy in particular and the worldview of non-belief in general. It was asserted...
Cash Advance Payday Loans: A First Time Users Guide
If you considering using a Cash Advance Payday Loan service for the first time, this article addresses the most frequently ask questions.
|
Print this page