It’s official. The public’s buying behavior has changed. Every major marketing firm on Madison Avenue now has an Internet Marketing division; and many experts believe online marketing is even more powerful than TV, Radio and Print marketing is for many products and services. Everyone from grandpa to toddlers is becoming more tech savvy; and consumers are making buying decisions based on social and environmental responsibility.
What do You Do?
Well, totally changing your business model is out of the question for a multitude of reasons. However, a new joint venture can quickly gain you access to new customers, more capital, more technological resources; and give you more credibility in the modern marketplace. However, joint ventures are complex business arrangements. Though they are often highly beneficial, you should never enter one lightly and as a business professional, you really do not have the time to build one or maintain one as effectively as you need to.
Why You Need Help Choosing the Right Partner
When it comes to merging your business with someone else’s you don’t want to wear rose-colored glasses. As a business owner or manager, a joint venture is an exciting time for your business financially; and in many cases, for members of your corporation, personally and socially. However, no matter how seasoned you are, it is hard to effectively spot potentially mismatched expectations and cultural differences between you and your potential power partners, during this honeymoon phase. An impartial party can come from an incredibly valuable, impartial, third person perspective here.
Adding Long Term Planning to the Mix
Though you might be very adept at “closing the deal,” a deal is only a short-term tactical merge. You should plan for a joint venture or alliance that lasts five years or more. In order to do this, you have to take the time to thoroughly investigate your potential partner’s reputation; and decide also whether your corporate climate, company morals and values, customer relations and decision making practices are compatible.
Help with the Awkward Goodbye’s
A third-party will help you to plan for the end of your alliance in the beginning. If you both decide you want to extend the alliance, you can always draw up a new agreement. However, planning for the end takes the pressure off both parties. There is an end in sight; and even if one party feels dissatisfied, they might be willing to wait a year or two until the formal agreement dissolves on its own; instead of initiating a random termination that could cause ill will between parties, and instability for one partner. Contact us. We can help you find the right partner and structure an agreement that is beneficial for everyone involved.
— by George Tyler