Forming a partnership with another company can be a great marketing injection into the revenues of your business. By combining your strengths, you will become a greater force in your industry. However, making it a win-win situation does require careful consideration.

Creating the joint venture groundwork First you will have to know your company, inside and out. That means that you have a clear understanding of your own vision, and you also know how the public receives you. Once you have determined these elements, it will be the rock on which you are founded. When searching for the right partner, your vision cannot be compromised – and if that means moving onto the next candidate, then that is the only option in a win-win joint venture.

Analyzing prospective partners

Next, do your homework to find a company that is genuinely interested in a joint venture. If you are a small business, you can look for other small business to team up with – allowing you to become a competitor of a larger company. Both of you will win in this situation. However, small and large companies should both be open to a joint venture together, as this too could be a benefit to both.

Consider the separation

Once you have found the company which compliments yours, plan your divorce. That’s right, plan your divorce. This is a business tactic used by many, where in forming a united front, you carefully consider everything and anything that could go wrong. You cover all of your bases up front. This ensures confidence in each entity and gives you both a clear future because you have removed the fear of the worst case scenario.

Open the lines of communication

Now that you have formed your marriage/joint venture remember that relationship will require quality communication. Set up weekly conferences to monitor progress as a whole, as well as check in on how each entity is feeling about the partnership.

Chances are, as with any relationship, there will be issues. Staying on top of any problems is crucial. These issues can grow into such a large problem that they ultimately destroy the joint venture unnecessarily. Communicate on a regular basis. The agenda should include the issues in your planned divorce to make sure you are still in agreement.

Create the business plan

Now form your business plan. Once you have known each other’s strengths and weaknesses and have shared ideas and compromises, make a plan together. Agree upon suppliers, your structure, and allocations. Be sure to do this together.

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If in completing any of the steps you run into a multitude of conflicts, then it may be time to move on and find another partner. Negotiate on the things that are less crucial to fulfilling your own vision. If you stay grounded in the fundamentals, the company you joint venture with will form a win-win situation.

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