How To Handle No Show Joint Venture Partners
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
Article Source: http://EzineArticles.com/