Let these five points guide you whenever you go looking for a business partner!
Are you to the point in your business evolution cycle, that you need to start looking for a business partner?
Well, as you begin to really grow your business, sooner or later you will. You often hear this term “joint venture partners” or JV’s for short.
JV partners can and will save you lots of time and money. Because you get exposure to incredible business leverage. For ex: suppose, there is a key contact that you desperately would like to make.
When You’re Looking For A Business Partner! (Make Sure You Know What To Avoid As Well!)
The right JV (Joint Venture) partner(s) can make that happen in no time flat! Thus shaving years off your potential acquaintance curve.
However, the wrong JV partner can and will mean (temporary) or long term disaster for your business!
With that in mine, let’s quickly discuss:
Five Things To Consider Whenever You Go Looking For A Business Partner!
1.) Trait # one: What is the specific (short and) long term vision of the owner(s) of the business, your seriously considering partnering with?
And does there vision of how you properly conduct business, reflect your type of vision as well? If not, this could be a red flag of potential problems down the rod!
2.) Trait # two: how do they resolve and order deal with conflicts? do they have an established track record of previously dissatisfied customers/clients, that they made whole, after a minor or major conflict arose.
You’d better (kinda) know what to expect going in! And not find out after the fact!
3.) Trait # three: What is this potential JV partners “values?” And are they truly similar to yours? If not, are the differences small enough, that the two of you can still have a profitable partnership of some kind?
Before You Seriously Go Looking For A Business Partner!
4.) Trait # four: Make sure you have a pretty good idea, about where they stand, when it comes to their overall integrity! ask around, and see what type of overall feedback that you get. And don’t let one really negative situation stain their overall reputation!
Because anybody can have a really bad situation occur! But if there is a really negative story floating around, try to gather as many factual details (from both sides) as you can! Before you render your final decision.
5.) Trait # five: And you definitely want to have some idea of what your potential partners reputation is, when it comes to their overall “work ethic!’
In other words, when a project needs that burning of the midnight oil! what’s his companies reputation for doing so!
You don’t want to get tied to a company that routinely sticks it’s partner(s) with the heavy lifting, in order to meet a deadline and save face! (Hey, it happens far more than you might initially think!)
Follow these five specific guide lines, whenever you go looking for a business partner! And you be okay.
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Don’t Be Too Quick To Accept A Potential Business Partner!
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