Have you heard, “Don’t delegate and then abdicate?” Even worse than that is delegating tasks to incompetent people.

When you set up a Joint Venture, bearing in mind the potential residual income, and the fact that all JV income from triangulated deals is 100% profit, it behooves you to manage it responsibly in order to glean the maximum benefit for all parties concerned.

8 Pointers to Manage Your Joint Ventures to Their Fullest Potential

Here are a few pointers that will help you maximize your Joint Ventures and open the doors to new opportunities and bigger and better deals:

#1 – Investigate Partners & ONLY Work with the Successful

Only work with JV partners who have a successful track record and who have committed in writing to their part of the deal, including their duties, input, contribution, and specific, measurable responsibilities. This will improve the chances of a successful JV.

#2 – Think the Deal Through & Then Put It In Writing

Set up your JV’s carefully – take time to do your due diligence and think through the “What if?” scenarios.

#3 – Communicate Regularly

Monitor, manage, measure, and, maximize the JV.

1. Remain up to date on new developments, marketing materials, benefits, opportunities, and options.
2. Track results carefully, and, more importantly, track the income and charge-backs, if any.
3. Hold regular conference calls and/or meetings with your JV partners to maintain, secure, and build the relationship.

#4 – Continually Build Your Joint Ventures and Joint Venture Network

Continually look for ways to improve your existing JV’s, link them with others, and upgrade them. Find ways to enhance the value to the recipients. Bear the relationships with your JV partners and the Big Picture in mind at all times.

#5 – Remain Detached

5Be prepared to walk away from JV’s that don’t work, and from JV partners that don’t live up to their promises. That makes place for more JV’s of better quality.

Don’t make promises you can’t keep, and set your JV’s up with an option to quit at any time without recourse or repercussions. This helps you retain your leverage and freedom, but also your integrity.  Being involved in a JV with dishonorable partners will crush your reputation.

#6 – Remain Alert

Beware of greedy, lazy, or arrogant partners. At the beginning of any JV, the parties are all smiles, back-slapping, promises, and big dreams, but when reality bites, people will reveal who they really are. When you see the red flags, don’t bury your head in the sand – confront them immediately.

#7 – Know Where You Stand with Your Partners

Always be aware of the priority your JV enjoys in the mind of your JV partners.

• Have they lost interest?
• Are they lowering the priority of your JV?
• Do they have new, hidden agendas?

#8 – Make Sure Partners Maintain Integrity Too

Finally, don’t allow your JV partner to delegate important aspects of the JV to incompetent, uncaring employees who will agree to anything to keep their jobs. Their incompetence will cost you money.

At any given time, I have about 22 income streams for my JV’s, and managing 90% of them takes me about an hour a day. Keep your finger on the pulse!